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Politics : Formerly About Applied Materials

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To: StanX Long who wrote (63524)	5/7/2002 11:28:50 PM
From: StanX Long	Read Replies (2) of 70976

IBM chief warns of dismal outlook for tech sector Reuters May 7, 2002 (10:33 a.m. EST) eetimes.com >NEW YORK — IBM Corp.'s new chief executive Samuel Palmisano told employees last month that the industry was not showing signs of recovery this year and hinted at cost-cutting at the world's largest computer maker, The Wall Street Journal reported on Tuesday (May 7). In an internal broadcast to employees, Palmisano said, "it's clear that the industry isn't bouncing back this year," the paper said. He added that the technology sector is "not going to be growing at 10 or 11 percent next year either,"i.e., it would remain below its historical growth rate, the paper reported. Palmisano also said IBM will have to "pare back" its operations, given the outlook, the paper said.

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