More Goldman Tech Conference info.
Goldman Conference: Big Crush
By Eric Moskowitz
Senior Writer
2/9/99 5:19 PM ET
The scene at the Goldman Sachs
Technology Investment
Symposium closely resembles
another New York phenom, replayed
every night outside Soho's velvet-rope
lounges. The much ballyhooed
conference, which started Tuesday in New York's Grand
Hyatt Hotel, is packed to the rafters. And outside the
conference-room doors, exasperated money managers
huddle like expectant club patrons, literally straining to hear
anything.
"You know what's a sign of a market top? It's when there are
100 people standing outside the @Home (ATHM:Nasdaq)
presentation," says one West Coast-based money manager,
who requested anonymity. "There are too many people in
technology," grumbled another as he walked away from an
overcrowded room to listen to, of all companies, Xerox
(XRX:NYSE).
At Compaq (CPQ:NYSE), a packed house listened quietly
as CFO Earl Mason spelled out some 1999 financial
guidelines. It wasn't riveting, but analysts ate it up. "I think
the fact that Compaq is comfortable with some pretty
aggressive revenue estimates is evidence that they have
turned things around," says a money manager, who
requested anonymity because he plans on buying as much
of the stock as he can. Mason said he was comfortable with
1999 annual revenue estimates of $43.5 billion, up
dramatically from $31 billion in 1998.
Using new buzzwords, Mason says that what was formerly a
PC company is now an enterprise outfit. He sees substantial
upside to the company's server and storage businesses.
Currently, Compaq sells about $15 million a day online.
"Stay tuned to watch us grow Altavista with new shopping
and e-commerce alternatives," pitched Mason. (For the
record, Mason pronounced the soon-to-be portal Altaveesta,
not Altavista.)
|
