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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 688.98

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Jan 22 4:00 PM EST

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To: Johnny Canuck who wrote (39994)	7/31/2003 11:42:36 AM
From: Johnny Canuck	Read Replies (1) of 69956

08:28 ET CIBC cuts Restaurant sector to Market Weight from Overweight The downgrade is based on a combination of 1) slowing relative earnings growth to the S&P 500 in the 2nd-half, 2) rising commodity costs and, 3) view that profit taking/rotation are likely to hamper group upside in the 2nd-half. Firm believes that best 2H performance likely to come from fast food due to stronger relative earnings growth, easy comps and more leverage to an economic recovery. MCD and YUM are top picks... Other ways to find outperformance: turn arounds (MCD), growth stories (SBUX) and strong franchise models (APPB). Also believes that Small cap/growth names (KKD, PFCB) are likely to stay in favor. [Harry: First analyst pointing to a slow down as opposed to an increase in profits for the index stocks. Goes against economic data released today.]

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