Friday January 8, 3:36 pm Eastern Time
Acampora sees bank, broker shrs hitting old highs
NEW YORK, Jan 8 (Reuters) - One of Wall Street's most respected technical analysts, Ralph
Acampora, said on Friday recent price moves in bank and broker stocks indicate the shares
should regain last year's highs.
''I want people to barrel into those stocks,'' said Acampora, Prudential Securities' director of
technical research, in an interview. ''They're playing a game of catch-up (to the broader market's
rise).''
Acampora's top picks include newly formed financial services giants Citigroup Inc. (NYSE:C - news) and BankAmerica Corp.
(NYSE:BAC - news), and regional banking company Bank One Corp. (NYSE:ONE - news).
''Internet stocks are only for certain people but Citigroup is a stock for everyone. It is moving up, and it is not speculation,''
Acampora said. ''These stocks are finally coming back and that's what's so powerful about this market right now, the rotation is real
quality.''
Of the major brokerages, the analyst likes Morgan Stanley Dean Witter & Co (NYSE:MWD - news), Donaldson Lufkin & Jenrette
(NYSE:DLJ - news), and Merrill Lynch and Co. Inc. (NYSE:MER - news), which should regain its 109-1/8 high from 77-7/16
now, Acampora said.
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