Top Financial News
Tue, 02 Feb 1999, 8:06am EST
U.S. Stocks May Fall, Led by Microsoft, Intel on Concern Shares
Overvalued
New York, Feb. 2 (Bloomberg) -- U.S. stocks will likely
decline, led by Microsoft Corp., Intel Corp. and other technology
companies amid growing concern their shares are overvalued given
even the most optimistic profit forecasts.
''At these levels, you're better off going to a casino than
investing your money in Nasdaq or S&P 500 stocks,'' said Erwin
Schulthess, who manages about $32 million at Safeinvest in Basel.
''It's about 98 percent certain these stocks are headed down from
here.'' He's been selling shares in AT&T, Microsoft and IBM.
March futures on the Standard & Poor's 500 Index fell 5.3
points to 1269, about 9.5 points below ''fair value,'' which
takes into account dividends, cost of money and number of days
until expiration. March futures on the Dow Jones Industrial
Average slipped 40 to 9308.
Many U.S. technology shares traded in Europe slipped,
according to Madoff Securities International Ltd.
hmmm...should be an interesting day |
