Wall Street has all but given up on Jonathan Schwartz.The chief executive of Sun Microsystems has been pushing one of the most drastic turnround strategies Silicon Valley has seen. Yet he now also has to contend with a severe economic downturn, the early stages of which have already exposed Sun's vulnerabilities: its reliance on expensive high-end equipment that does not sell well when times are hard, and its large exposure to the financial services industry.At barely $3 a share, Sun's $2.3bn stock market value is 40 per cent below its book value, and little more than 1 per cent of its value at the start of the decade. The announcement earlier this month of job cuts of up to 18 per cent of Sun's workforce has done little to change investors' minds.
