Honeywell on a good track
Last week Honeywell reported an 8% increase in Q3 profits ($372m vs.
$344m), with double-digit growth in sales for 3 of 4 business divisions.
Sales were $6.4b for the quarter, compared with $5.8b for the year-ago
period. For the first 9 months of 2003, revenue was $17.5b, up from
$15.6b.
After a 5-year stretch of shrinking profits, this quarter marked the third
in a row of an upward trend. "This is another quarter that just feels
really good," said Dave Cote, CEO, who has lived up to high expectations.
Sales in the Automation and Control Solutions division (which includes
commercial and residential Building Solutions, and industrial Process
Solutions) increased 6% over the third quarter of 2003. Numbers were not
quoted separately for the Industrial Process Solutions business, which
(in my view) is the piece that Siemens is interested in acquiring. From
the latest scuttlebutt, that ball is still in play.
The only item reported that relates to Process Solutions was that ION
(Integrated Operator Node) was introduced, to allow industrial customers
who use Honeywell's process control technology to continue to utilize
existing infrastructure while upgrading to the latest Experion solution.
It is interesting to note that Jack Welch of GE delayed his retirement
in 2000 to launch a bid for Honeywell. The merger was then dropped,
ostensibly due to inability to get European approval. In the past 3-4
years since, Honeywell stock has advanced by some 10-20% compared to
GE stock, indicating that departing CEO Larry Bossidy did well in
selecting David Cote as his successor, after dumping previous CEO
Mike Bonsignore.
,p.
Stay tuned...
The complete Honeywell-GE aborted merger story
David Cote: The Sweet Spot at Honeywell
Log your own Honeywell comments on the weblog
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Superior digital downloads with 'Swarming Distribution'
Despite the efforts to litigate away file-sharing threats, new
peer-to-peer (P2P) programs are replacing older, lawsuit-targeted
models. A new program called BitTorrent is now facilitating more
downloads than any other P2P network worldwide. With several
significant advantages, the use of this technology is growing fast.
BitTorrent was created 3 years ago by Seattle programmer Bram Cohen.
It relies on a concept called "swarming distribution", in which files
(MP3 music, software packages or DVD movies) are not transferred in
one piece from one person's hard drive to another. Rather, small bits
of a file are pulled from many users' hard drives and reassembled by
the program on the downloader's computer.
If you want to download a movie, a BitTorrent-related website such as
Filesoup or TVTorrents, will allow you to click on the movie's link.
Instead of that click facilitating a transfer of the file from any one
person's computer to your own (which is how Kazaa and other P2P programs
work), BitTorrent "swarms" its network to pull small pieces of the file
from many, many computers, sometimes thousands. This enormous collection
effort is invisible to the user. The only difference you may notice is
that the file arrives a lot faster than on most file-sharing services,
since it comes as a collection of short bursts instead of in one long,
tedious transfer. It's as if thousands of jigsaw puzzle pieces were
downloaded and magically put together on your computer.
Unlike Kazaa, or Napster before that, BitTorrent has no central user
interface through which users can search for files. Instead of typing
in the name of a song, or movie you wish to download, you simply search
through BitTorrent-related sites. Once you find the right file, you start
downloading it from multiple users at once.
The interesting feature of BitTorrent is that, as soon as you download
a piece of a file to your computer, that piece becomes available for
others to download as well. This increases the size of the network,
and the speed of downloading.
BitTorrent's growing popularity, and the way in which it works, spells
serious trouble the recording industry's efforts to crack down on file
swapping. Perhaps most troubling is that BitTorrent is optimized to
handle large files - which means movies and big software packages.
If the file you want is a 2-gigabyte movie, it can take an awfully long
time to transfer from just one source. With BitTorrent, each user only
has to upload a small segment of a file. This not only takes far less
time, it is also less prone to interruption - like a user turning off
his computer in the middle of a transfer, which ruins the file.
BitTorrent software has already been downloaded more than 10 million
times. While the primary use has been swapping copyrighted material,
legitimate uses of swarming distribution are also evident.
The music and movie companies have not yet launched any anti-BitTorrent
efforts, as they had against Napster and Kazaa. But they'll probably
start as soon as they discover the magnitude of the problem.
The official BitTorrent website
MIT Tech Review: Digital Movie Forecast: BitTorrential Downpour
BitTorrent frequently-asked-questions and Guide
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Pinto Editorial - making a choice
The presidential election next week is probably the most important
US presidential election ever. Please allow me to give my final pitch
before election day. It is probably the most important sales pitch
I have ever made in my life! If it offends you, simply click it away.
And, please don't bother to send me any complaints.
The debates, and the ensuing noise of the past weeks, have served to
accentuate the stark differences between the candidates. No points have
been left unsaid. Any strong points I have made in these columns during
the past months have been amplified by others, many, many times.
Many Americans are strongly committed to getting rid of GW Bush. And,
it seems that an equal number want four more years. But, there are
still relatively large numbers of voters who don't like Bush, but
cannot comfortably vote for John Kerry. They are acutely uncomfortable
with the status quo and current political party polarization.
In the debates, Kerry presented himself as an articulate, informed and
credible commander-in-chief, and answered all the questions with clarity
and detail. But the critics immediately insisted that they felt he was
too "wooden" or "glib". How could anyone argue against that "feeling"?
Bush frowned and scowled during the first debate. Those who know him
well said it was because he was not used to anyone contradicting him.
His cabinet and close associates have learned to be yes-men, and say
that they have tried to work around the problem.
In the second and third debates, Bush didn't sulk, but still looked like
a schoolboy and his responses matched. In the town hall debate, when he
was asked directly what 3 mistakes he had ever made, he simply dodged.
He still persists in saying that he never made any mistakes because he
receives "guidance from above".
When asked directly about his views on gay marriage, Bush dodged again,
saying he "didn't know". With all those non-responses, I found it
remarkable that his supporters immediately claimed that he had won.
After each debate, the spin meisters all gave their biased views, and it
took a couple of days for the results to emerge. After the first debate,
Kerry wiped out the lead that Bush had gained after the coronation at
the Republican convention. The debates ended with a neck-and-neck race.
And now both candidates are out stumping around for uncommitted voters
in marginal states.
Right now, Iraq is a terrible mess because of the criminal incompetence
of the Bush administration. This week, about 50 US-trained Iraqi soldiers
were massacred and the US was nowhere in sight. Just today, hundreds of
tons of explosives are reported missing from a Baghdad site that was part
of Saddam Hussein's dismantled nuclear arms program but never secured by
the US military. Tell me this - who is accepting responsibility?
Conservatives say they care about the outcome in Iraq, but they dawdled
silently for the last year as the situation deteriorated steadily.
Instead, they participated in a shameful effort to shift the emphasis
to what John Kerry did in Vietnam 30 years ago. It didn't seem to count
that Kerry is a decorated veteran, while Bush dodged his service.
Where were the "conservatives" when both of our own senior Iraq envoys,
Jay Garner and Paul Bremer, said that we never had enough troops to control
Iraq's borders, keep the terrorists out, prevent looting and establish
authority? They simply acted as cheer leaders for a president who insisted
that God was guiding him, applauded his missteps and mocked anyone who
challenged them. Gosh, I can't tell you how many "liberal" epithets I got!
"Conservatives" have failed their own test of patriotism. In the end, it
has been more important for them to defeat "liberals" than to solve the
mess that this president has got America into in Iraq. And all the while,
arch-terrorist Osama bin Forgotten remains free.
In the debates, and in all his follow-on rhetoric, the president did not
answer these concerns. Instead, he keeps trying very clumsily to focus
all his energy on fanning doubts about whether or not John Kerry really
understands "the enemy". And, "we're fighting terrorism there, to keep
it from coming here". Huh? Most people agree that US involvement in Iraq
has multiplied terrorism 100 times!
America is on the wrong track. The thought of four more years of GW Bush
terrifies me. I prepare for the worst by philosophizing that perhaps
significant change can come only after things get worse.
Americans will elect the President they deserve. We deserve better.
God bless America!
NY Times - Tom Friedman - Hunting the Tiger
Electoral Vote Predictor
Pinto Poem - Read it again! The ballad of GW Bush
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