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Technology Stocks : How high will Microsoft fly? -- Ignore unavailable to you. Want to Upgrade?

To: Jill who wrote (27096)	7/22/1999 11:12:00 AM
From: Teflon	Read Replies (1) \| Respond to of 74651

<OT>First off, Jill, I do not believe the Street has to buy QCOM on a specific day to add it to a S&P 500 fund. They probably have the remainder of the Quarter (or some other extended period of time) to add it to their S&P holdings, as long as they have the required percentage of the security by the end of the Quarter. I do not know the exact mechanics behind the buying requirements of Index Funds when new stocks are added to an Index --- if someone could clarify this point for the Group it would be greatly appreciated. Having said this, I think the Street/Institutional Houses have a lot a maneuvering room to work the stock over the next few weeks. There are a lot of parts in motion to consider, but I am pretty certain QCOM's current stock price is a little higher than most Index Funds want to pay for it. Given that the Fund Managers have some time, and given that there was a significant amount of expectation built into the stock price as we entered this week, the ability of the Street to capitalize on these expectations, AG's speech (the text of which was just released and is currently killing the market) and a general "overbought" condition in the Markets should not be underestimated. When it seems almost too good to be true, it usually is... Teflon