and Calgene eventually sold itself to Monsanto Company (NYSE:MON).
The early failure of Flavr Savr didn’t stop the rise of GMOs, and it certainly didn’t stop Monsanto Company (NYSE:MON), which is now the world’s largest producer of genetically modified seeds. Today, roughly 10% of all planted crops are genetically modified, with the preponderance of these crops composed of soybeans, corn, cotton, and canola.
Charge it on Wall Street
Strange as it may seem, some of the most durable companies on the market have spent most of their corporate lives traded as over-the-counter stocks — if they’re publicly traded at all. One of the longest big-name existences apart from the big-time exchanges might be that of American Express Company (NYSE:AXP) Express , which was founded in 1850 but only made it to the New York Stock Exchange on May 18, 1977.
By 1977, American Express Company (NYSE:AXP) was already far down the road to success, with 8 million cardholders generating nearly $400 million in annual fees. Its two primary competitors, Visa Inc (NYSE:V) and Mastercard Inc (NYSE:MA), were still struggling to find both their footing and their identity — Visa Inc (NYSE:V) had adopted its current name only a year before American Express Company (NYSE:AXP) stepped up to the Big Board, and Mastercard Inc (NYSE:MA) would go by “Master Charge” until 1979. As both competing issuers relied on banks to broaden their membership base at a time when banks sagged under the weights of regulatory pressure and persistent stagflation, American Express Company (NYSE:AXP) could offer a compelling charge-card alternative at favorable terms, which helped it build its brand as the “elite” card — you could charge as much as you wanted, as long as you paid it back at the end of the month. This strength through difficult financial conditions earned American Express Company (NYSE:AXP) a spot on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) just five years after it joined the NYSE, making it the first financial company in the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI)’s history.
An investment on that day in 1977 would have brought you returns of almost 4,000% over the next 35 years. By that point, nearly 100 million AmEx cardmembers were spending more than $800 billion each year.
The article Remembering the Biggest IPO Flop of All Time originally appeared on Fool.com is written by Alex Planes.
Fool contributor Alex Planes holds no financial position in any company mentioned here. Add him on Google+ or follow him on Twitter, @TMFBiggles, for more insight into markets, history, and technology.The Motley Fool recommends American Express, Facebook, MasterCard, NYSE Euronext, and Visa and owns shares of Facebook and MasterCard.
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