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Politics : High Tolerance Plasticity

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To: kodiak_bull who started this subject	1/4/2003 1:54:55 PM
From: Steven C. Vartan	of 23153

Barron's has an article on weak IT spending for 2003. Staff writer Mark Veverka indicates reliable estimates from IT managers budgeting sessions now have growth at negative 1% compared to some earlier estimates of plus 5% to 15%. It is also interesting that this year saw IT managers significantly underspending their IT budgets. As a veteran of a fortune 100 budgets are not the same as the approval to spend just the first step. In August 16% of the IT manageras though there would be a decline in 2003 this grew to 23% in October and to 37% in December. The earnings estimates for IT are also all back loaded with flat for first half and 7% for second. Goldman Sachs comments below: On the heels of stabilization in our prior IT survey, our latest results take a nasty turn for the worse. Our IT managers’ sentiment emerging from budgeting season coincides with our view of weak end markets and makes 2003 estimates more suspect than before. With faltering end demand, an absence of ’ game-changing’ technologies, and little pent-up demand, we do not currently see catalysts to propel IT spending in early 2003. Furthermore, tech valuations remain at lofty levels relative to the S&P 500.

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