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Strategies & Market Trends : The New Millenium Portfolio

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To: Mrjns who wrote (58)	1/17/2000 3:40:00 PM
From: John Pitera	of 540

IBM is certainly focusing on the internet... no question. They have a trailing pe of 28 and a projected forward pe of 27. I was surprised that the street is not seeing more bottom line growth. IBM does have some accounting gimmickry that the WSJ reminds us of every 4 or 6 months. JDSU is the gorilla of the three, I was surprised to see that ETEK's mkt cap of 9.157 billion is higher than SDLI's 6.5 billion. both are potential take-over candidates. This group is may be becoming overloved after the price appreciation of the past year. I don't know if we have arrived to that point just yet. but Lu and WCOM, GBLX and QWST, were examples of some overloved stocks during Q2 of 1999, and all have had declines at least for a while in the ensuing 6 to 8 months. John

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