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Technology Stocks : EMC How high can it go?
EMC 29.050.0%Sep 15 5:00 PM EST
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To: Dr. Jeff who wrote (6720)6/14/1999 6:18:00 PM
From: space cadet  Read Replies (2) of 17183
 
On the contrary, that's just what I want management to be doing: supporting the stock. Believe me, the one thing much much worse than "hyping the stock" is saying nothing. That way lies disaster, as I can vouch from personal experience. Clearly emc is not anywhere near as good a buy now as it was last year in Oct. That much is clear and nobody would say otherwise. However, it's 60 p/e is actually a 40 p/e with a 50% premium for how sure and stable and certain emc's earnings have become. That doesn't seem totally unreasonable to me, though I will grant you it does seem a mite bit high and makes me a little nervous. But you seldom can buy great companies after everybody already knows they are great for a p/e equal to their growth rate. You have to pay some kind of premium for them. If we get some good news on Wednesday and then some good news from emc (personally I would like to see them push up the earnings date to before Jul 16, options expiration deadline, or preannounce that earnings are solid) then I think we are close to a bottom. But we could see some more sliding from here. It's clear that emc won't avoid punishment if the market is getting punished. I just don't want to see emc leading the punishment (like today).
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