Philip Morris - A Stock For Wealth Or Poverty (MO) Message Board

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Non-Tech : Philip Morris - A Stock For Wealth Or Poverty (MO)

MO 58.52

+0.8%

2:48 PM EST

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To: md1derful who wrote (6147)	3/13/2001 8:40:19 PM
From: Xianming Liu	Read Replies (1) of 6439

Doc: Last year tech and drug stocks shown very significant negative correlation. Drug stocks would generally move up when tech stocks dropped and vis versa. What probably happened was growth fund managers were switching between drug and tech sectors in response to market news. However, I have noticed that both drug and tech sector are down significantly in this year. I am wondering where the cash raised by the growth funds has gone. Before tech stocks became growth stocks 10 years ago, companies such as MRK and MO were considered high quality growth stocks. 10 years ago, big MO accounted for 2%-3% of market cap of S&P 500. Today, it is around 1%. If we just simply return to good old days, MO would move up significantly (assuming, of course, that S&P 500 does not drop sharply from here). For this to happen, growth funds have to court MO.

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