A nice mention for WDC on NBR on Friday night...
nightlybusiness.org
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ROBERT MORROW, EDITOR, INSTITUTIONAL ADVISORY SERVICE: Well my background Paul, was mainly in the area of vibration analysis. All the patents were in electronics related to that. What I did was take the body of mathematics related to vibration analysis, cycle analysis, and applied it to the market and I was quite amazed to find that the market, that that deterministic by that methodology.
KANGAS: Interesting and you've made some good calls. We have records of that. On your last interview with us back in December of 1997, with the Dow at 8150, you did predict trouble by mid '98 and of course by late August, the Dow
tumbled all the way down to the 7400 level, whereupon you said a new bull market would lift the Dow above 11,000. Did the vibrations on the downside this week change your mind about that?
MORROW: No, no. These are just short term turbulations in the market. I think that the market will rise about 22 percent into the third quarter in terms of the Dow.
KANGAS: That does put us at 11,000, doesn't it Bob?
MORROW: That's right. It puts us a 11,244. But a correction will ensue
there. There'll be a minor peak in the bull market. The last bull market we had three minor peaks. This is the first. I think it'll be a decline of about 13 percent. At the end of the year I expect the Dow to be up about 15 percent. The S&P won't fare quite as well. I think the S&P at the end of the year will be up about 9 percent.
KANGAS: How about the NASDAQ?
MORROW: Haven't forecast that. The variations, the volatility of the NASDAQ really hasn't permitted me to come up with an accurate forecast.
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KANGAS: Well, most of your recommendations on individual selections have been high-tech stocks as indicated by the name of your letter. What do you like now? Let me just give our viewers a sampling of the stocks you'd liked in the past. Cisco Systems and you have yet to put out a "sell" on it, right?
MORROW: That's right.
KANGAS: Cadence Design (NYSE:CDN), Parametric Technology (NASDAQ:PMTC), Novell (NASDAQ:NOVL), just all kinds of winners in there and you're staying with them all?
MORROW: Right. There's none of those that I would delete at this moment. Some new ideas that I like are Lam Research (NASDAQ:LRCX). They're in the semiconductor processing equipment.
KANGAS: Trades NASDAQ?
MORROW: It's NASDAQ. Its symbol LRCX.
KANGAS: OK.
MORROW: Adaptec (NASDAQ:ADPT). They're in the hardware and software products,
symbol ADPT, again
NASDAQ. Komag (NASDAQ:KMAG). They make the thin film for the computer hard disk.
KANGAS: That's KMAG I believe.
MORROW: Yes. KMAG is the symbol for that. Informix (NASDAQ:IFMX) doing a very high- performance software data technology. This'll be good. And I think Quantum (NASDAQ:QNTM) information storage products, QNTM. Scientific-Atlanta (NYSE:SFA) and just general communications satellite networks.
KANGAS: OK.
MORROW: And Western Digital (NYSE:WDC) would be in the hard drive...
KANGAS: You've liked that for quite some time.
MORROW: Oh, yes.
KANGAS: And it's been a winner too.
MORROW: Yes it has.
KANGAS: Now you're talking about 11,000 by next year.
MORROW: Right.
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