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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: MythMan who wrote (252941)	7/30/2003 7:33:46 AM
From: Giordano Bruno	Read Replies (1) of 436258

Danger Will Robinson! Tech stock summer fun might not last Commentary: Key volatility indicator hints of danger Perhaps the biggest fundamental problem is that tech companies are meeting or even beating earnings targets with sales that stay all but flat. Adjusting for currency effects and letting companies exclude one-time charges, second quarter, earnings among the 80 tech companies that trade on the S& P 500 ($SPX: news, chart, profile) rose 15 percent, while sales were unchanged from last year, according to research by Thomson First Call. It was about the same in the first quarter: Earnings rose 19 percent, on average, while sales for the group increased 2 percent. "The tech results so far are based on nothing but cost cutting, and that can only go on for so long," says Chuck Hill, research director at Thomson First Call. "It's more of the same -- we're not really seeing any demand pick-up -- just companies that are doing better by gaining market share." cbs.marketwatch.com

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