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Technology Stocks : Western Digital (WDC)

WDC 168.82

-0.6%

10:14 AM EST

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To: Ian@SI who wrote (10078)	1/17/1999 11:21:00 AM
From: Frodo Baxter	of 11057

>If you look at the Semi Equipment performance recently, all it took was a strong desire for the equipment recession to be over before the stock prices have tripled or better off their lows. True enough. Markets are forward-looking, but not necessarily right. It's pretty funny what they consider a recovery in HDs these days. A 4th quarter uptick with moderating price declines? Hello? Historically, there is ALWAYS a 4th quarter uptick. With NO price declines. NONE. Hmmm... As for lower inventories, the $64,000 question is whether they come from excess demand or production cutbacks. How well do production cutbacks work in curtailing price declines? I dunno. Ask the oil companies. BWDIK, Micron is bleeding cash and is poised to trade up to those halcyon $17 eps days.

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