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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 230.84-0.7%Dec 31 3:59 PM EST

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To: GST who wrote (70787)7/30/1999 1:04:00 PM
From: John Donahoe  Read Replies (1) of 164684
 
by Joe Battipaglia
Chairman of Investment Policy
Monday, July 26, 1999

No Change in Our DJIA 12,000 Year-End Target

gruntal.com

--snippet--

Our viewpoint once again is that there will be no meaningful change in interest rates going forward for the rest of the year. Mr. Greenspan's testimony this Wednesday and the FOMC meeting to follow on August 24 th will not signify a higher level for interest rates. The Federal Reserve is happy to jawbone the bond and stock markets while doing actually nothing about it. Meanwhile on the earnings front, the second half should be explosive, given that comparisons with last year will be easier and the dollar's relative level is lower. We continue to forecast outsized gains in earnings once again. The market is partially anticipating this, but what the market is not anticipating, is a very strong year 2000. That is the new story we are going to address.
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