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Technology Stocks : Hewlett-Packard (HPQ)

HPQ 23.67

-3.1%

10:40 AM EST

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To: Kirk © who wrote (2320)	11/21/2002 3:37:58 PM
From: Oeconomicus	Read Replies (1) of 4345

That's the way recoveries work - profits grow faster than sales for a while because companies have cut back, increasing operating leverage, and then remain cautious about spending for a while after the recovery starts. BTW, that's a big part of the reason the bears are wrong to look at current PE ratios to support their valuation arguments.

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