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Strategies & Market Trends : Guidance and Visibility

AAPL 259.06

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3:59 PM EST

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To: SpinCity1 who wrote (52559)	5/14/2002 1:31:18 PM
From: Jack Hartmann	Read Replies (1) of 208838

From ML note: Fund managers were sour on the tech sector according to Merrill Lynch's latest global fund manager survey. The brokerage found that 29 percent of the 293 fund managers polled for the May survey said they planned to underweight tech stocks in the future, up from just 9 percent in April. The fund managers are keeping a close eye on tech valuations and balance sheets in addition to earnings growth, according to Merrill's chief global investment strategist David Bowers. Kinda late to underweight tech. Morgan Stanley's Steve Galbraith said his chief concerns on stocks remain valuation and equity risk premiums. Still, he feels investors have become too defensive in their portfolios, with excessive holdings in areas like consumer staples and those healthcare companies that have been making their numbers. "We think the best risk-reward is in pro-cyclical areas like basic materials, industrials, consumer discretionary and some media. The next big call is likely to be TMT (tech/media/telecom). Telco, for example, has reached a 19-year low in terms of market cap. It appears that we've about reached the point where investors are throwing in the towel on these stocks," Galbraith told clinets in a research note. Jack

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