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Technology Stocks : Micron Only Forum

MU 236.48

+2.7%

Nov 28 9:30 AM EST

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To: Patrick Koehler who wrote (25187)	12/24/1997 6:36:00 AM
From: Kerry Phineas	Read Replies (1) of 53903

PK, I'm still wondering about where MU's going to go. My bet is a low in the teens some time around March before the nitwits start chasing the shorts. I'll probably cover most everything Jan. 2 and then sit on cash for a while. I've been reading The Alchemy of Finance, and I'm thinking we're due for a big-time bust... if the stock prices go down for a bit its going to really screw up earnings. If you think about it, a lot of tech earnings are tied to their stock prices. Two I can think of right off the bat are the extensive use of options and the fact that tech companies can avoid debt by pumping out equity. A three year period of the doldrums for the tech market like we seem to be c. a third of the way through could really spell trouble if speculative interest becomes dormant. This year, of course, speculative interest definitely pulled things the other way and the stocks went up a lot. The fact the stocks went up of course enabled the companies to cover a lot of debt via offerings and for employee options to regain a lot of value.

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