Ten Companies That Will Never Trade at Their All-Time Highs

5. Innovation-in-Motion Innovation-in-Motion Ltd. is down in accordance with $30.00 now, afterwards having traded at a peak of over $140 in the summer of 2008. RIM was the predicted winner of the smartphone wars as its corporate and enterprise handsets created an addiction among business users. At that time, it hit the fan The recession's financial damage was one thing, however the introduction of Apple's iPhone and the rise of Google's Android have single-handedly brutalized the Blackberry culture of smartphones and the company has never been able to be thought of as "cool" again. There are some, even now, who hope that RIM can pass as a value stock; or  that it might restructure and trim fat; or like as not that it can find a merger partner. Sadly, our most recent market share data show that at the current rate of erosion it will be about seven quarters earlier RIM has no market share at all.

7. Google Google Inc's shares reached $747 in October 2007, pushed to that level as global stock markets rallied to all time highs and as the search company's sales rose 60% to $16.6 billion. Net income rose near as much to $4.2 billion in 2007. Google has become a victim of its own success. Investors, who have come to expect hyper-growth, now hold shares in a company that saw revenue growth of "only" 32% to $9 billion in the last quarter. Google has entered some businesses that appear successful, for the moment on the surface. Its Android mobile operating system has gained market share in the smartphone business, however it is not clear how Google makes money. The same is true of its huge video-sharing service - YouTube.

Google's ability to get back to its all-time high would depend on for the time being three things, none of which likely to happen. The first is that Google's U.S. market share would increase from its 65% level. Microsoft and Yahoo! have built their businesses enough so in other words not likely to happen.  Google would as well need to grow its market share in China - the world's largest nation based on Internet population, with 463 million users. Google has a less than 20% market share there, where the dominant firm is Baidu. Google would as well need to show large profits on businesses outside its core search franchise, which is something it has not be able to do.

9. Microsoft Microsoft Corporation continues to be the largest and probably most profitable software company in the world. Shares reached nearly $60 late in 1999.  The problem is it no longer grows anywhere nearly the rate it did a decade ago. At $27, its share price is about the same as it was when CEO Steve Ballmer took over in 2000. Microsoft is however remarkably profitable. It had record net income of $18.7 billion in its last fiscal year on revenue of $62.5 billion. The firm's three traditional product lines - Windows, Services, and Business - continue to have high margins. Microsoft's devices business, which makes and markets the Xbox, and its online search and content operations, do not.

For Microsoft's share to reach their all-time high, one of two thing would have to happen. First, it could spin off its weaker game and search divisions and pay out a large portion of its $50 billion cash balance to shareholders to share the highly profitable software portion of the company. The other, less likely alternative, is that a number of Microsoft's new initiatives would work perfectly. This would include its joint venture with Nokia to become a leading provider of smartphone operating software, and a rapid revenue growth of its newly acquired VoIP (Voice over Internet Protocol) operation - Skype.

10. Gannett Shares of Gannett Co. Inc trade for slightly below $14. The country's largest newspaper company and the owner of USA Today reported Tuesday a 2% revenue drop to $1.3 billion. Digital advertising rose 13% to $173 million, nevertheless that was not near enough to offset battered print sales. Gannett's shares traded just above $86 in early 2004, previously online ad sales had become a significant revenue stream in comparison to newspapers or TV. By March 2009, when print advertising was in free fall, they've reached a low of $2. Gannett continues to cut jobs, and recently laid off 700 workers, but in the long run it will run out of people. The company cannot compete effectively in a world in which firms like Facebook have 700 million users and control a lion's share of the online market. Print advertising has become an inefficient way to reach people who can be targeted by demography and product preferences online. It is hard to imagine how any newspaper company could reach previous highs. Gannett has cable and broadcast TV operations. Yet neither is considered undervalued because each is a part of old media. Even broken into parts, Gannett is not worth terribly more than is reflected in its stock price.

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