For tragic tales, look to entries on the competitive local exchange carriers (CLEC), especially those pertaining to once-shining star Covad Communications. The company began 2000 full of bravado, from an extraordinary 1,148% revenue growth in 1999 and 10% share -- larger than any other CLEC -- in the DSL market. But trouble began midway through 2000, and by the third quarter earnings were so abysmal that CEO Bob Knowling resigned, and the company trimmed its workforce by 13% and halted construction of a third operations center. As November closed, Covad stock fell to an all-time low of $1.81 per share, down from a 52-week high of $66.63

Of course, power fluctuation in the service provider market was not limited to CLECs. Telecom giants AT&T and WorldCom ran into their own power shortages -- of the earnings variety -- that led to their respective dissections. Blame a stagnant voice market, they say. But top that off with acquisition and integration problems. Such bobbles aren't enough to knock AT&T and WorldCom from their places among the mightiest network companies, but, as our grid shows, no future is certain in this electrifying industry.

For joyful news, go no farther than the traditional big power-mongers Cisco and Microsoft. Both companies started and ended 2000 on high notes, despite some setbacks. For Cisco, those setbacks included key executive leave-takings and significant encroachment in the WAN router market by upstart Juniper Networks. For Microsoft, it was the dire antitrust ruling handed down by U.S. District Judge Thomas Penfield Jackson. Respective CEOs John Chambers and Steve Ballmer remain as gung-ho as ever, and revenue and stocks as buoyant, too.

Sit back and reminisce while you can. The power plays are already being formulated for 2001.