Mci Is Coming Through Loud And ClearMark Lewyn
Three years ago, MCI Communications Corp. was on the run. Long-distance giant American Telephone & Telegraph Co. unleashed an ad blitz showing how MCI's rates weren't much of a bargain, and follow-up calls by AT&T's phone reps won back thousands of MCI customers. MCI's market share slumped to 13% in the second half of 1990, from 14% earlier that year. With revenue growth slowing, the No. 2 long-distance company laid off 1,000 workers and consolidated operations. Wall Street, worried that one of its favorite growth stocks had topped out, dumped MCI shares, which slipped from an all-time high of 48 1/2 in October, 1989, to less than 18 in January, 1991. "We were getting clobbered," recalls Gerald H. Taylor, MCI's president of consumer markets.
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