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Technology Stocks : IBM

IBM 312.17

+2.6%

Jan 12 3:59 PM EST

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To: John A. Stoops who wrote (7895)	2/11/2003 7:41:19 PM
From: Arrow Hd.	Read Replies (2) of 8220

Seems to be a fairly measured report. My concern is not long term but the present. Virtually every tech company that has a macro view is concerned about a continuing slow-down in IT spending and with the current events issues I don't see much happening this quarter other than on-going services contracts. The best face that could possibly be painted would be by Elix and he is concerned with the inability to leverage any component of his business model other than more cost cutting which is a defensive maneuver. The hardware and software sectors are going to be under pressure since no one is making much in the line of decisions pending Iraq, terrorist attacks, and then N. Korea. And they have another three quarters to spend their IT budgets so why not keep their powder dry. If Iraq becomes a quick, short term success then the conventional wisdom is for a quick rally but I think come April there is going to be a lot of angst regarding how well the quarter actually turned out for companies in the tech sector. IBM may not be immune to this environment. I have no position in any tech company at this time.

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