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Strategies & Market Trends : Technical analysis for shorts & longs

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Nov 21 4:00 PM EST

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To: Clint E. who wrote (15688)	4/27/1998 2:10:00 PM
From: Johnny Canuck	Read Replies (1) of 68217

briefing.com Nokia Corp. (NOK.A) 64 9/16 -1 3/16: Cowen & Co raises EPS estimates on Finnish telecommunications equipment maker on higher revenue growth assumptions for both handsets and infrastructure; rates issue a "strong buy" with a $80 price target based on 28x projected 1999 earnings; raises FY98 EPS from $2.25 to $2.31 and FY99 from $2.70 to $2.85 a share.... 13:18 ET H&Q Conference: Our man at the Hambrecht and Quist Technical Conference reports that the small and mid cap presenters having a difficult time filling the seats, while the large cap presenters are having a difficult time keeping money managers in their seats. For more, see Story Stocks. Sybase Inc. (SYBS) 7 31/32 -3/16: Gruntal & Co. suspends coverage of relational database concern and recommends shareholders liquidate their holdings and the company is viewed to have a hard time growing its core database business; opportunities are shrinking as a result of top-down competition from Oracle Corp and bottom-up pressure from Microsoft Corp.; doesn't expect May 4 analysts meeting to satisfy investors..... H&Q CONFERENCE: The focus of today's Hambrecht and Quist Technical Conference in San Francisco is clearly on the large market capitalization stocks. One money manager told our man at the conference "All we care about is the top ten market caps in technology. They make up 90% of the technology world and we've focused on them exclusively. You can get great gains in the mid and small caps, but the losers there are big. Sticking with the top ten has outperformed the overall tech market." We haven't had a chance to verify this statement, but judging from the initial attendance in each conference room, the interest in large-caps appears to be true. Sun Microsystems outdraws Borland's presentation by about 50-to-1, for example. However, in the back of everyone's mind is the market today, as money managers continually are flocking to their cell phones or numerous computer terminals to check in with the home office and the market. An old adage in the money management business is "Buy at the AEA conference, sell at the H&Q conference," roughly translating to buy tech stocks in the fall, and sell them in the spring. Whether this turns out to be the theme of the conference remains to be seen, but the frequent ducking out of managers to check on the market underscores the uneasiness hanging over the market. We'll post more from the H&Q conference later today.

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