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Strategies & Market Trends : Sharck Soup
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To: Wes Stevens who wrote (29066)6/22/2001 9:44:10 AM
From: Lane Hall-Witt  Read Replies (1) of 37746
 
The futures probably got a pop pre-market from this, too:

8:02AM Goldman on Fed : Goldman Sachs economists up their rate cut forecast for next Wednesday to 50 bp from 25 bp. (Source: Briefing.com)

Here's my favorite analyst action of the morning:

8:17AM Micron Tech (MU) 37.71: Merrill Lynch reduces FY01 est. to ($0.22) from $0.17 and FY02 to $0.10 from $0.47 following disappointing MayQ report... Prudential calls qtr a mixed bag -- earnings missed, but inventory situation not as worrisome as expected; thinks cyclical bottom is near, which is when the stock should be bought. (Source: Briefing.com)

Okay, so I'm supposed to start buying this $37-38 stock so I can cash in on that huge 0.10 EPS in FY2002. That's a 370-380 P/E for a firm in a commodity business that's suffering from severe oversupply pressure with bigger, better-capitalized overseas competitors who have expressly stated their intention to keep producing and preserving market share, no matter what? That sounds like a good strategy--.
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