Look's like MSFT might be dragged screaming and yelling into positive territory on this latest NASDAQ rally. And we have Ballmer mouthing off again,give me a break.
Friday July 14 2:00 PM ET
Microsoft CEO Says People Overinvest in Dot-Coms
ATLANTA (Reuters) - Microsoft Corp. (NasdaqNM:MSFT - news) President and Chief Executive Officer Steve Ballmer on Friday said that many people were overinvesting in so-called dot-com startup companies.
``Even with the collapse in the sort of dot-com stock marketplace, I still think you have a lot of people who are over-investing...in dot-com startups,'' Ballmer told a Technology Association of Georgia meeting in Atlanta.
Ballmer, the U.S. software giant's No. 2 executive after company Chairman Bill Gates, added that there was too much money ``chasing Internet ideas today.'' Redmond, Wash.-based Microsoft is the maker of the Windows operating system found on about 80 percent of personal computers.
In the past three months, investors have lost billions as the value of Internet-based companies plummeted on fears that the profit outlook for many dot-coms had been wildly exaggerated.
The craze, dubbed the ``Great Internet Bubble'' by the Wall Street Journal on Friday, has pushed the stocks of almost half of existing Internet companies to below their initial public offering (IPO) prices, the Journal said.
Despite the shakeout, Ballmer said he had an optimistic view of business opportunities on the Internet. ``I think there will be some very good, very sustainable businesses that start up out of this Internet fever,'' Ballmer said.
He added that Microsoft would play a pivotal role in developing the next generation of the Internet.
Last month, the company unveiled its so-called ``dot-net'' strategy to integrate its software with the Internet and simplify the swapping of information between computing devices.
When asked about Microsoft's recent financial performance, Ballmer refused to comment ahead of the company's release of fourth-quarter results next week. Microsoft has said sales of its flagship Windows 2000 operating system are strong.
Microsoft fell 1-2/16 to 78-13/16 a share in midday trading on Friday on the technology-heavy Nasdaq stock exchange. |
