n acquisition costs zapped right out of operating earnings. The difference between Nortel's operating earnings and standard earnings for 1999 was almost entirely attributable to Nortel's acquisitions of Bay Networks, Shasta, Cambrian, Periphonics, et al.
             Raytheon also has been heavily involved in acquisitions. The biggest acquisition occurred in 1997 with the purchase of Hughes Electronics. It's interesting to note that this purchase was the defense arm of Hughes Electronics. GM kept the Satellite branch of Hughes and although the company has not been profitable the stock has done very well since the sale to Raytheon. The company has done well based on impressive subscription growth for Hughes' satellite system -Direct TV.
             Like other defense companies (Lockheed Martin), Raytheon has been buying other
             businesses amid an industry wide consolidation. And like others, such as
             Lockheed Martin, it has had trouble integrating those new units. This trouble shows in the growth of their debt position and the performance
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