Poll - Fund Managers Cool On Tech Stocks
Gee, now we can by stocks using Gallup Polls - do we include this as TA? Merry
By Dick Kelsey, Newsbytes
NEW YORK, NEW YORK, U.S.A.,
13 Oct 2000, 5:28 PM CST
New profit warnings have cooled fund managers toward tech stocks, the one-time darlings of Wall Street, a Merrill Lynch poll has found.
Now the managers, believing that the warnings show technology stocks to be growth stocks with cyclical earnings, put the banking sector at the top of their hit parade for the first time since January, according to Merrill Lynch's Fund Manager Survey: October 2000.
"Investor sentiment is depressed and fund managers are starting to say the markets are undervalued," Merrill Lynch global strategist Trevor Greetham said in a research note, "but cash levels are not high and most expect an inflation-free "soft landing" with rate cuts setting the scene for the next economic recovery."
Gallup pollsters commissioned by Merrill Lynch canvassed 247 global fund managers from Sept. 29 to Oct. 4.
Merrill Lynch is on the Web at ml.com
Reported by Newsbytes.com, newsbytes.com
17:28 CST
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