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Technology Stocks : Intel Corporation (INTC)
INTC 35.94-5.1%3:59 PM EST
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To: Jacob Snyder who wrote (61837)8/5/1998 2:06:00 PM
From: Proud_Infidel  Read Replies (1) of 186894
 
Jacob,

Re your list of negatives:
1. market PE off the top end of the scale For the most part, this has been confined to the large caps and internUt plays
2. P/S, P/B: same thing Same thing
3. dividend yield at historic lowsCompanies more than ever are buying back their stock rather than paying out divs which are taxed at a high rate of 39.6%. Would you prefer 28% or 39.6%? Efficient use of capital

6. market breadth narrowing to almost nothing. Nifty 50.See comments for #1
7. profit growth grinding to a halt.Again, this is largely confined to the large caps or those with significant asian exposure.
8. overcapacity in numerous manufacturing sectors (not just semis). Unless you think people will never buy oil or DRAM again, you probably shouldn't buy stocks.
10. They just elected a leader with a reputation for doing nothing.
So did we, twice!
11. the Fed says (clearly and repeatedly) that the next move will be to tighten. They will
do this pre-emptively, because they're much more worried about inflation than the
slowing economy (or deflation). Jawboning. They cannot tighten a slowing economy when the second larget economy is in recession, as you clearly pointed out.
12. The Fed chairman also says banks are lending money that won't be repaid, and
investors are buying stocks that won't go up.The ones he's referring to are probably buying AMD<GGG>.

BK
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