Post says fund manager still optimistic on Nortel
2004-07-16 08:16 ET - In the News
The Financial Post reports in its Friday edition that growth manager Nereo Piticco, a partner at money manager PCJ Investment Counsel Ltd., took some money off the table in the Canadian tech sector in May and June and remains underweight in Nortel Networks. The Post's Sonita Horvitch, writing in the Buy & Sell column, quotes Mr. Piticco as saying, "We trimmed our holdings across the board in the tech sector, after a number of the leading companies came out with better-than-expected results and the stocks rose sharply on the back of investor enthusiasm." Even after this reduction, the firm remains overweight in tech, saying tech companies have good revenue and earnings-per-share growth prospects. Mr. Piticco remains underweight in Nortel Networks, recently $5.97. It has a 52-week range of $11.94 and $3.88. "The fate of this company is being debated on a daily basis in the media." Investors still do not have concrete information about its financial statements, but this should be remedied in mid-August, he says. "The good news is that the telecom equipment industry is doing well, Nortel is signing good contracts and the company is still considered to be a leader in its field."
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