Heard in the street .. wsj
Robert Turner, the aggressive manager of Turner Technology Fund and
Turner Top 20 Fund, is never one to get caught on the defensive. He was
boosting his tech holdings Wednesday before the Fed acted, in part because
he expected a rate cut and believes it will likely help technology companies'
growth rates.
Wednesday morning, Mr. Turner sold some shares of El Paso Energy to
make room for newly purchased, beaten-down tech and telecom stocks such
as Ciena, Cisco Systems, JDS Uniphase and Qualcomm. "I was figuring
they had strong fundamentals, and it seemed they couldn't go down a lot
more, and they'd be the first to go up in a rate cut," he says. Indeed, all four
stocks rallied more than 10% yesterday, with JDS Uniphase, for instance, up
a stunning 37%. |
