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

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To: Earlie who wrote (107831)	6/9/2001 12:15:42 PM
From: ild	Read Replies (1) of 436258

Abelson reports: "For that matter, it was rather weird the way bulls seized on such limp straws as Intel's assurance it would have as crummy a quarter as it had predicted it would and that things aren't likely to get any worse unless they do as a harbinger of better times acomin' for tech. All it took to dispel the gust of euphoria was a touch of reality in the form of Juniper Networks' downbeat projections. As Ed Hyman points out, the nosedive in tech has been darn near unbelievable: DRAM prices have fallen 45% in the past eight weeks; semi orders in the past six months plunged an astounding 74%, while chip equipment orders are running 50% below last year's levels. The business is not going to zero (call us recklessly optimistic), so obviously at some point it will bottom out. Just as obviously, that point hasn't yet been reached. And even when tech does hit bottom, it's by no means clear how rapid and muscular the recovery will prove. But a number of things, anemic profits and a steep decline in capital investment not least among them, suggest that a return to the wonderful, mad years of the late 'Nineties simply isn't in the cards. Not that we blame investors for dreaming."

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