Heavy Machinery. CAT DE CSE DDC CUM Message Board

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Non-Tech : Heavy Machinery. CAT DE CSE DDC CUM

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To: Stormweaver who wrote (35)	3/17/1999 4:28:00 PM
From: Paul Berliner	Read Replies (3) of 190

I'd like to let you know that I got slaughtered today by the upgrade to the sector given by Salomon Smith Barney. Irrespective of what positions I'm holding, I think it's quite irresponsible of them to put out buys on these guys, especially companies which have only fairly recently begun to report weak results, such as CAT and NH. I gave back all the gains and more since CAT's blow-up, mainly because my positions are in its' peers and not the goliath itself. However, I think most institutions are not falling for the upgrade and will take the strength over the next few days as an opportunity to unload any leftovers - AGs comments about the farm outlook yesterday were not exactly bullish, either. Today's surge can be traced primarily to short covering ignited by fear rather than old fashion buying. I didn't see any block trades. I can assure you that more downgrades are on the way considering the wide brokerage coverage that CAT has and its considering its awful announcement earlier this week.

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