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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 690.27

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Dec 26 4:00 PM EST

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To: Johnny Canuck who wrote (41238)	5/29/2004 1:28:17 PM
From: Johnny Canuck	Read Replies (1) of 69260

10:25AM Investors too optimistic on wireless networkers: BofA (ERICY, ANDW, LU, NT, NOK) by Tomi Kilgore NEW YORK (CBS.MW) - Banc of America analyst Tim Long believes investors are "too optimistic" on wireless infrastructure stocks, as expectations for 2004 capital expenditures (capex) remain unchanged, and the outlook for 2005 suggests a decline. He is most concerned about Ericsson (ERICY) and Andrew (ANDW), but thinks Lucent Technologies (LU) and Nortel Networks (NT) will also be affected. Long believes 2005 capex will fall 2.5 percent, as declines in the U.S. and Europe offset growth in most emerging markets. "We think it will be most important to monitor market share shifts based on new network construction, which may lead to positive developments for Nokia and Nortel," Long said in a note to clients. Nortel was up 2 cents at $3.85, Nokia (NOK) slipped 20 cents to $13.53, Lucent lost a nickel to $3.55 and Andrew gave up 27 cents to $19.29.

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