I'm Back! Top Wall Street stock-picker says "Sell YHOO"...
News after the close...
Westport, Connecticut, Dec. 10 (Bloomberg) -- Laszlo Birinyi, president of Birinyi Associates Inc., the top-rated stock-picker on ``Wall Street Week With Louis Rukeyser,' recommended selling technology shares.
Birinyi, who oversees $850 million at his own market- research and money management firm, said investors that are expecting a January bounce may be disappointed. Technology shares already have rallied amid optimism that computer companies will weather problems related to the Year 2000 date change.
``You're seeing the Y2K rally now, not then,' said Birinyi in an interview at his Westport, Connecticut, office. ``I'd quite frankly be a little bit of a seller of technology' going into the new year, he said.
The Nasdaq Composite Index, laden with technology stocks, has gained 65 percent this year, and the Bloomberg U.S. Internet Index has more than doubled. Birinyi said he's considering trimming Internet shares such as America Online Inc., CMGI Inc., Yahoo! Inc. and eBay Inc., as well as top performers Cisco Systems Inc. and Sun Microsystems Inc.
``If you've been lucky and you've owned some of these stocks that have doubled and tripled, don't be scared to push yourself away from the table,' he said.
Birinyi said he may buy retailers such as J.C. Penney Co. and Sears, Roebuck & Co. and add to his financial holdings, such as Chase Manhattan Corp., J.P. Morgan & Co., Merrill Lynch & Co. and Morgan Stanley Dean Witter. |
