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Strategies & Market Trends : APMP (formerly APM)
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To: greenboy who wrote (5219)10/1/1997 6:22:00 PM
From: Richard Haugland   of 13456
 
TECH STOCKS FALL AS EARNINGS DISAPPOINTMENTS HURT SECTOR

NEW YORK (Dow Jones)--Technology stocks tumbled Wednesday as a wave of earnings disappointments took its toll.

Among technology-oriented issues, Cypress Semiconductor Corp. (CY recently was trading at 14 1/16, down 1 7/16. Triquint Semiconductor Inc. (TQNT) was trading at 28, down 8 7/16. Western Digital Corp. (WDC) was down 2 7/16 at 37 9/16. Applied Magnetics Corp. (APM) was down 2 5/16 at 29 5/16.[APM closed at 29 1/2 after a very last minute trade at 4:27 lowered it back down 1/16]. Advanced Micro Devices Inc. (AMD) was trading at 27, down 5 9/16. Applied Materials Inc. (AMAT) was down 1/2 at 94 3/4.

Michael Geran, an analyst at Donaldson Lufkin & Jenrette Securities Corp.'s Pershing unit, blamed the downturn on a slew of earnings disappointments coming out of the sector. Triquint, Western Digital and Advanced Micro have all recently warned Wall Street analysts that earnings will be below expectations.

Argent Securities Inc. analyst Rick Berry agreed with Geran's assessment and added that many technology stocks had become overheated lately, with valuations running excessively high. Geran said the technology stocks were also suffering from high expectations. Assessment of the sector has grown more critical as investors expect high rates of growth. While the outlook appears to be solid, that isn't enough to match the market's high expectations, the analyst said.

FOR APM: What high valuation? What overheating?
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