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Strategies & Market Trends : The Amateur Traders Corner

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To: Kelvin Taylor who wrote (17858)	1/2/2002 11:41:39 AM
From: Tom Hua	Read Replies (2) of 19633

Kelvin, the Naz is still a big bubble at this level. It has come back strong on perceived good news in the pipeline. Most recent economic data have been better than expected but the bubble is so bloated it couldn't manage to suck in any more air. SP 500 is trading at 02 PE of 31, VIX is sitting near 21-23. All signs point toward a deflating bubble ahead. Positive war news will at best provide a short-lived spike to sell into. Morgan Stanley thumbs down on SONS, thumbs up on RBAK. 09:40 ET Redback Ntwrks (RBAK) 4.25 +0.30 (+7.5%): Morgan Stanley is positive on RBAK, sees gross margins well ahead of expections in the mid-to-high-30% range due to improving inventory turns; Q4 appears to be on track, and firm believes co should have a modestly positive outlook for Q1. Firm maintains Outperform rating and $5 price target. 11:20 ET Sonus Networks (SONS) 4.69 +0.07 (+1.5%): Recent preannouncements lead Morgan Stanley to believe that SONS may fail to meet firm's estimates of ($0.06) and $37.4 mln Firm maintains its Neutral rating on the stk; puts fair value around $3, with stk trading in a range from the low single digits to $7. Regards, Tom

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