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Technology Stocks : Lucent Technologies (LU)
LU 2.760+3.0%Jan 5 3:59 PM EST
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To: bill c. who wrote (9626)9/23/1999 5:32:00 PM
From: Kenneth E. Phillipps   of 21876
 
The market was due for a correction because the Naz index was 15% ahead of the 200 MDA. Then Steve Ballmer from Microsoft called tech stock values "absurd".

Microsoft Pres. calls tech stock values "absurd"

SEATTLE (Reuters) - Microsoft Corp. President Steve
Ballmer on Thursday said valuations on technology stocks
have reached "absurd" levels, and even his own company's
shares may be overvalued.

"There is such an overvaluation of technology stocks, it is absurd," Ballmer said to a group of
journalists here at a technology conference being given by the Society of American Business
Editors and Writers. "I could put our own company and others in that category."

Ballmer's comment came in response to a question about which stories are undercovered by
the business media.

Asked then what Microsoft's stock price should be, he said, "less."

"I used to believe in the theory of perfect markets, but I no longer believe that," he added.

Microsoft shares were off $4 at $92.06 in late-afternoon trading on the Nasdaq market.

Ballmer's presentation to business writers included a general overview of Microsoft and the
growing importance of the Internet in its future business strategy. He said he saw the office
software business evolving to a service model in which users would take only certain
features over the Internet.
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