Sign in Subscribe
Aerospace industry

Brown & Brown Expands in Georgia, Investment Banks See Decreased Earnings, and Tech Sector Sees Major Merger

Strategic Insights

— 2 min read

Brown & Brown Inc. has expanded its presence in Georgia with the acquisition of two related companies, WMH Inc. and Huffman & Associates Inc., from William M. Huffman Jr. The company will maintain Huffman's current offices in Rome and Canton, Ga., as freestanding Brown operations. Meanwhile, Morgan Stanley Dean Witter and Goldman Sachs Group experienced lower fourth-quarter earnings due to increased competition for merger and acquisition business and stock market volatility. Additionally, Ciena Corp. plans to acquire networking-equipment manufacturer Cyras Systems Inc. in a deal worth $2.6 billion, while the Environmental Protection Agency reported a 20-year low in national fuel economy, averaging 24 miles per gallon for 2000 model year passenger vehicles. Airbus Industrie has cleared a plan to build the world's largest passenger plane, the A380, with 50 firm orders and 42 options. Microsoft Corp. CEO Steve Ballmer is aiming to reduce costs, sharpen focus, and offer higher pay for top performers.

Key Takeaways:

  • Brown & Brown Inc. has expanded its presence in Georgia with the acquisition of WMH Inc. and Huffman & Associates Inc., which will continue to operate as freestanding Brown operations.
  • Morgan Stanley Dean Witter and Goldman Sachs Group experienced lower fourth-quarter earnings due to increased competition for merger and acquisition business and stock market volatility.
  • Ciena Corp. plans to acquire networking-equipment manufacturer Cyras Systems Inc. in a deal worth $2.6 billion.
  • America's love for gas-guzzling sport utility vehicles and pickups has contributed to a 20-year low in national fuel economy, averaging 24 miles per gallon for 2000 model year passenger vehicles.
  • Airbus Industrie has cleared a plan to build the world's largest passenger plane, the A380, which has received 50 firm orders and 42 options.
  • Microsoft Corp. CEO Steve Ballmer is aiming to reduce costs, sharpen focus, and offer higher pay for top performers.

Statistics:

  • National fuel economy for 2000 model year passenger vehicles is 24 miles per gallon, the lowest since 1980.
  • Light trucks, including vans, pickup trucks, and sport utility vehicles, account for 46 percent of all U.S. passenger vehicle sales.
  • Morgan Stanley Dean Witter's fourth-quarter net income fell to $1.21 billion, or $1.06 per share, compared to $1.63 billion, or $1.42 per share, a year earlier.
  • Goldman Sachs Group's fourth-quarter net income was $601 million, or $1.16 per share, compared to $756 million, or $1.54 per share, a year earlier.
  • Ciena Corp. plans to acquire networking-equipment manufacturer Cyras Systems Inc. in a deal worth $2.6 billion, including $150 million of Cyras debt.

Sources:

  • Brown & Brown Inc.'s press release announcing the acquisition of WMH Inc. and Huffman & Associates Inc.
  • Morgan Stanley Dean Witter's fourth-quarter earnings report.
  • Goldman Sachs Group's fourth-quarter earnings report.
  • Ciena Corp.'s press release announcing the planned acquisition of Cyras Systems Inc.
  • Environmental Protection Agency's report on national fuel economy.
  • Airbus Industrie's statement announcing the approval of the A380 project.
  • Microsoft Corp.'s memo to top executives from CEO Steve Ballmer.

Read more