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Technology Stocks : IBM
IBM 305.75+0.3%3:59 PM EST
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To: Jim Koch who wrote (5675)10/20/1999 8:30:00 PM
From: Narotham Reddy  Read Replies (2) of 8218
 
BB Robertson Stephens comments

From Cnn..

"It's a disaster," said Dan Niles, technology analyst at BancBoston Robertson Stephens. "They told us three months ago that Y2K isn't going to have any effect on them at all. They miss this quarter, now they're saying the next quarter is going to be even worse and that the first quarter will have even more losses."
BancBoston's Dan Niles, who previously downgraded his rating on IBM's stock to "long-term attractive," said the company should not have been taken by surprise by a Y2K-related slowdown.
"Our stance has been in big enterprise applications, it was obvious that people were buying ahead to get their systems ready for Y2K," Niles said. "The mainframe business is a dying business, and our feeling was IBM would see it in the third and fourth quarters because the growth patterns weren't normal."
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