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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 671.91

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Nov 14 4:00 PM EST

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To: Johnny Canuck who wrote (24728)	1/6/2000 11:08:00 PM
From: Suresh	Read Replies (2) of 68034

Hi Harry, check this out (clipping from Smart Money article) regarding LU miss; Price also says that not all the changes in expected spending had to do with Y2K; some, he said, resulted from customers — both telecommunications carriers and private corporations — not getting the funding they expected. He also said the gross margins would improve as the company integrated Ascend's sales force and produced its new gear in greater volume. The warning sounded especially ominous because investors had been so eager to believe that Lucent had transformed itself from a complacent arm of AT&T (T) into a leading supplier of advanced equipment for Internet communications. Investors applauded when Lucent bought data-networking powerhouse Ascend Communications for $24 billion in June, and stocked its arsenal with several more acquisitions throughout the year, always sounding confident that it would beat younger rivals like Cisco Systems (CSCO) in the race to build 21st century networks. One analyst who got blindsided by today's warning is Lehman Brothers' Steve Levy; he had raised his price target on Lucent shares to $95 earlier today. "I saw it coming for 11 months and I must have put on Polaroid glasses or something in November, when we upgraded the stock," Levy said shortly before Lucent convened a conference call with analysts at 5 p.m. "I'm kicking myself because I didn't stick to my guns." ******* that comment should say a lot about some of these analysts. -Suresh

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