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Technology Stocks : How high will Microsoft fly?
MSFT 501.90-1.9%3:20 PM EST
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To: Frank Ellis Morris who wrote (35459)12/14/1999 9:36:00 PM
From: John F. Dowd  Read Replies (1) of 74651
 
Frank: There is nothing to be concerned about as far as inflation is concerned as the CPI was lower than expected and the overall inflation for this year is running at an annualized 2% vs. last years 2.3%. The sky is falling fear was all built around the fact that retail sales were up. Does this surprise anyone given the state of the economy? What we see there fore is that more goods are being offered to slightly fewer dollars as prices must be falling if we are to believe the CPI numbers.

Of course none of this has anything to do with MSFT. I believe that a few savvy Wall Street guys are buying up options as a means of getting back into MSFT as they feel that the risk reward calculus is way over on the side of being long at least for the balance of the month MSFT is announcing new initiatives and deals all over the place and who wants to be short MSFT in any eventuality especially with W2K looming large. Also dealers maybe buying these options to lock in positions s the expiry period draws near. Others see this huge option activity and buy the stock. But the pundits, especially the ever fallacious CNBC, attempted to divine a dramatic reason other than the ones cited above for MSFT's strength and came up with a simple MSFT/DOJ accord scenario which according to DOJ is not true. In the final analysis, it really doesn't matter what the reasons postulated are, there is just too much pressure building up under the fundamentals of MSFT to hold it down any longer. JFD
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