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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 685.66

+0.2%

Dec 5 4:00 PM EST

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To: Haim R. Branisteanu who wrote (35416)	12/19/1999 8:13:00 PM
From: Dwight E. Karlsen	Read Replies (2) of 99985

Haim, IMO you are mistaken to place NOK in the same group as AMZN & YHOO, since you went on to state that "..as there are no earnings.." NOK earnings: After-Tax Income (ttm) $2.39B That's after tax, and corp taxes are much higher in Finland than in the USA. NOK is not an internet stock at all, as their primary businesses are cell phones, and also a very big chunk comes from setting up cellular broadcast stations, for which they supply both the hardware and software. And quote.yahoo.com lists NOK's 12 month forward P/E as 74, which is historically high, but doesn't hold a candle to the fundamental valuations of YHOO. AMZN, RHAT, EXDS indeed have no earnings, and I don't think those three companies have ever had earnings. So if you want to include the likes of NOK in your group, it would be fair to note that MSFT is also in that group (overvalued by historical measures).

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