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Non-Tech : Wal-Mart
WMT 103.22+0.7%11:58 AM EST
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To: Leo Francis who wrote (36)7/1/1997 2:34:00 PM
From: Jack L. Dlugach   of 1166
 
Agreed, Leo: The stock is overvalued but so is most of the
market. GE is a great company but is it really worth this kind
of "irrational exuberance" that Greenspan mentioned about the
market in general? I'm not worried about WMT "LONG" term but
the broader market short term is a concern--it's really getting
kind of crazy, just too much of a rise in too short of a time.

I don't know if WMT has been touting that 40% figure but a lot
of retail analysts have estimates that Wal-Mart's overseas growth
is going to be up there somewhere in the not-too-distant future,
that is to say, over the next few years or so.

Short term, though, I do agree that the stock could be in for
some volatility just as I believe that most of these stocks
can end up like Intel--up and down on speculation, momentum,
and finally hard news that earnings will be hurt for the short
term by the transition.

However, I still say that WMT is a dangerous stock to short at
this time; it is enjoying a lot of investor euphoria whether it
is warranted or not.
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