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Technology Stocks : Network Appliance

NTAP 109.43

-0.2%

Nov 14 9:30 AM EST

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To: quidditch who wrote (10198)	5/31/2002 12:59:06 PM
From: Wyätt Gwyön	Read Replies (1) of 10934

JPM has huge derivatives exposure. i also am long some financials like WM, so i look at JPM as something of a hedge for me there. Currency risk? For the multinationals, that will mean non-US source income will contribute more to net income. the other side of the coin is that foreigners, who own our securities in record amounts, will be less interested in owning them as the dollar declines. my feeling is that whatever profit increase results from foreign exchange benefits will be overwhelmed by multiple contraction as foreigners leave our markets. also keep in mind that many transnationals hedge their currency exposure, so the flow-through to their income statement is not linear.

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