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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: pater tenebrarum who wrote (107374)	6/8/2001 2:11:42 PM
From: John Pitera	Read Replies (1) of 436258

Heinz, I hear ya....more inventory overhangs to be dealt with How big is the overhang? The aggregate inventory-sales ratio cited above masks problems in manufacturing and wholesale trade. New data, collected under the North American Industry Classification System (NAICS) and benchmarked to the latest census, show that manufacturing and wholesale inventory-sales ratios were higher in March than previously thought, and rocketed in April to a 33-month high. Ironically, inventories in technology products as of April were still way too high in relation to sales; especially in computers and electronic parts. On a more timely basis, Shelby Fleck, Morgan Stanley's electronic manufacturing services (EMS) analyst, suggests that EMS inventory-sales ratios stopped rising recently, but have a long way to go before they are comfortably in line with sales. Likewise, the new data show that wholesale I/S ratios jumped to a two-year high in April. Our estimates suggest that companies will have to liquidate stocks through the fourth quarter to restore the old low ratios, let alone establish new lows. morganstanley.com

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