Is Cendant On The Ascendant?
IN MID-APRIL, CENDANT CEO Henry Silverman was zapped by bad news. Allegations of accounting irregularities, restated earnings, and a management shakeup sent Cendant's stock down 47%. Now Silverman may be starting his comeback. On Apr. 28, Cendant trading was the heaviest on the Big Board, and the price rose 9%, to 24. The reason: Investors like the news that Cendant, which runs a direct marketing and franchise operation, closed its $1.3 billion deal for a British parking lot company. Silverman also said first-quarter earnings, to be reported May 5, should meet Wall Street's expectations of 25 cents a share.