There's an expression on Wall Street that "every dog has its day." It's that moment when the most beaten up company stops getting beaten up, and starts getting appreciated.
This is that moment for AT&T. It was given up for dead little more than a year ago, then scooped up by one of its spun off Baby Bells, SBC Communications, which kept the Ma Bell name, and added some renewed luster Monday with the eye-popping $67 billion offer for BellSouth.
AT&T is just the latest to return from the dead.
Apple Computer's done it too. Pre-iPod, pre-Steve Jobs, Apple looked rotten to the core. Not now.
It happens with individuals as well: Back during the Monica Lewinsky crisis, Bill Clinton looked like damaged political goods. Now, he's a rock star.
And I'm old enough to remember when George Foreman scowled. Now he's a teddy bear, and a rich one at that.
My point is, individuals and companies can reinvent themselves.
It's what helped Richard Nixon come back, then later fall back.
History is fickle that way. But history proves change is always the way.
Never assume the image you're looking at one moment is much more than a snapshot. Once snapped. Soon…shot.
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