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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: energyplay who wrote (32273)4/24/2003 1:42:27 AM
From: energyplay   of 74559
 
Telecom's Temperature Rises
By James J. Cramer

04/23/2003 04:47 PM EDT
URL: thestreet.com

Telecommunications had been the Achilles heel of this market. Because the end markets -- the regional bells and the long distance companies and the wireless companies -- had been doing poorly, a whole host of companies, from Cisco (CSCO:Nasdaq - news - commentary) to TriQuint (TQNT:Nasdaq - news - commentary) , have stunk up the joint.

You don't get good component-buying and infrastructure if you don't have liquid companies that can be clients.

Today was the day that thesis seemed a bit frayed. Nextel (NXTL:Nasdaq - news - commentary) reported great numbers, nothing new there. But so did AT&T (T:NYSE - news - commentary) before the bell and AT&T Wireless (AWE:NYSE - news - commentary) after the bell. Rather amazing, when you think about it.

Remember my thesis: We are not going back to 1999. We are thawing, however. Money frozen in cash is slowing melting back into stock. If the telecom group gets hot, the thaw could turn into a real stream, if not a flood.

Today was a day the mercury rose nicely to above freezing in the telecom area. That was what mattered today. That was the most important takeaway.

Getting hot in here.
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