Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 177.78

-2.2%

Jan 9 9:30 AM EST

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To: Jeffry K. Smith who wrote (65045)	1/28/2000 5:48:00 PM
From: A.L. Reagan	Read Replies (2) of 152472

Re: Yield Curve. Jon, who watches these things, will tell you that the inverted curve happened fairly recently with the 2's and 5's versus the 30's. Maybe not the 10's. IMO, increasing S/T with decreasing L/T rates do not, on the whole, hurt techs. Why? (a) most techs don't carry a whole lot of S/T or floating rate debt; (b) most discounted cash flow valuation models use a longer-term T-note rate as the "risk-free" return rate. If an increase in S/T rates wrings some of the speculative excesses out of the market (by increasing margin costs), that's a good thing.

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