Ralph Acampora today....QCOM being his #1 pick.
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From RA's daily column at the Prudential website:
April 03, 2000, 9:49 AM EST
Prices as of close on 03/31/2000
U.S. Stock Market Outlook
Near-Term
We believe that the stock market will continue its rotational behavior as investors question the action of many technology and biotech stocks. As a result of this change in perception, the NASDAQ Composite had a very difficult time last week. This choppy activity in the OTC arena is expected to continue as investors sort their way through the maze of value stocks versus technology names.
The best advice that we can give is to stay with the technically attractive issues and to rotate into those names that are bottoming out. Don?t be inflexible?sector changes are taking place and your portfolio must reflect these changes. We also caution that you should not lump all technology stocks into one category?they are not all unattractive. Be very selective.
See below for attractive buy ideas:
Qualcomm (QCOM-149 1/2, rated ?STRONG BUY? by Prudential Securities Equity Research)
IDT Corp. (IDTC-41 1/2, not rated by Prudential Securities Equity Research)
Sun Microsystems (SUNW- 93 3/4, rated ?ACCUMULATE? by Prudential Securities Equity Research)
Nortel Networks (NT- 126, not rated by Prudential Securities Equity Research)
American Power Conversion (APCC-42 7/8, not rated by Prudential Securities Equity Research)
America Online (AOL-67 1/4, rated ?STRONG BUY? by Prudential Securities Equity Research)
Convergys Corp. (CVG-38 11/16, rated ?STRONG BUY? by Prudential Securities Equity Research)
SCI Systems Inc. (SCI-53 3/4, rated ?STRONG BUY? & ?SBI? by Prudential Securities Equity Research)
Chase Manhattan Corp. (CMB-87 3/16, not rated by Prudential Securities Equity Research)
Kellogg Co. (K-25 3/4, rated ?HOLD? by Prudential Securities Equity Research)
Safeway Inc. (SWY-45 1/4, rated ?ACCUMULATE? by Prudential Securities Equity Research)
General Mills Inc. (GIS-36 3/16, rated ?ACCUMULATE? by Prudential Securities Equity Research)
Honeywell International (HON-52 11/16, rated ?STRONG BUY? by Prudential Securities Equity Research
............
Intermediate Term
The choppy activity of the past several weeks is all part of the bigger picture. Hesitation in long term up trends is normal and healthy. If you believe, as we do, that this is a major bull market, then use these ebbing and flowing price swings as buying opportunities.
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Long-Term
We are in the process of researching market history and our country's history-both will give us an insight as to the future of the stock market. All of this will be incorporated in a book that hopefully will be published/released in September of this year. The theme is "Mega Bull Markets". Hence our very long term market opinion is very optimistic. The above comments regarding near and intermediate term moves must be taken within the context of a major bull run and must be used by those who are most affected by shorter term market swings.
Here are the technical levels that we believe, if broken, will indicate further upside or downside momentum: |
