BIZ WATCH

By JOHN GREENWALD, DAVID JACKSON, STACY PERMAN AND JOSHUA COOPER RAMO

MOTOROLA IS NOW BACK IN ORBIT

When Paul Galvin entered the electronics business in 1928, he had a simple vision: mobile electronics. The first product, a car radio, gave the company its name, Motorola. For 70 years, from vacuum tubes to microchips, the firm has pursued that mission. And not without risk. For much of the past decade the company has been on a roller coaster, boosted by cell-phones, slammed by radios, skewered by foreign competition. But last week the firm announced earnings high enough to convince Wall Street that Motorola is back.

Credit CEO Chris Galvin, the founder's grandson, who re-engineered the company. Motorola still has some vulnerability. The firm counts on tech-heavy businesses that may tank if spending by telecom firms softens. But Galvin has convinced Wall Street that he can keep revenues growing. Motorola stock hit a new high of $86 last week, and investors snapped up $800 million worth of bonds for Iridium, an ambitious Motorola-backed satellite project. Now that's mobile electronics. Grandpa would surely approve.

POISON APPLE: A BAD DIET FOR CEOS?

This computer company has iced more careers than a Frigidaire

When the executive recruiter calls and asks you to be CEO of Apple Computer, you should politely but firmly say no. Why? Last week the company forced out its third boss since 1993, and with Apple's current problems, "chief executive" isn't a job description, it's a sentence. Gil Amelio, the self-described "transformation manager" from National Semiconductor, lasted only 17 months. He trimmed Apple's confusing product line, slashed costs and pushed new Powerbook and operating-system projects back on schedule. But he couldn't halt Apple's market share slide, from 8% to 4%. The company piled up $1.6 billion in losses, and its stock price fell by half, to $15.19.

Few believe that co-founder Steve Jobs will return. Reviving Apple would be difficult and would not leave him time to run Pixar, his digital-animation company.

BEFORE DURING AFTER

STEVE JOBS April 1976-April 1983

The original garage- Visionary salesman Hyper billionaire band entrepeneur, who leads Apple into revives his reputation more interested in the hearts of users with wins at Next and chips than chicks and onto the stock Pixar market

JOHN SCULLEY April 1983-June 1993

Brilliant Pepsi Peddles the useless Quixotic venture pitchman lured to Newton, while capitalist, still make Apple soda-pop Microsoft eats looking for a hit popular firm's lunch

MICHAEL SPINDLER June 1993-February 1996

Former Europe Apple Passionless Anonymous retirement president. More leadership costs and lucrative Apple facile with politics Apple market share paycheck assure his than PCs and star employees discretion

GIL AMELIO February 1996-July 1997

Self-promoting Visionless leader Greedy genius ($7 turnaround artiste dubs problems million severance). with short, dubious "fixable." Wrong Next challenge: the track record again 18th at Pebble Beach?

A NEARLY SILENT STEEL STRIKE

It's not remarkable that the United Steelworkers has shut down Wheeling-Pittsburgh Steel Corp. for the past nine months. The U.S.W. is no stranger to picket lines. What is really remarkable is that this longest Big Steel walkout since World War II has gone unnoticed by both the nation and the marketplace.

The walkout has kept supplies lean and prices strong despite a flood of metal from foreign firms and new mini-mills. Without Wheeling's 2.5 million tons of annual output, giants like the U.S. Steel Group of USX have been coming up with their best earnings gains in years. At U.S. Steel, profits nearly doubled in the first quarter.

This is old-fashioned industrial hardball, and Wheeling-Pitt has marked some plants for closing or sale. It was also charged with bad-faith bargaining by the National Labor Relations Board. Industry rivals can only hope the impasse lasts.