BofA Securities 29th annual investment conference. Note one of the topics covered is opportunities in the "longest-ever semiconductor cycle." I wonder how they know it is the longest? Wish I was there to take it all in. Jeff
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Among the topics to be covered by the analysts include: Internet stocks - what's "hot.com?" -- Where are the opportunities in the longest-ever semiconductor cycle? --
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BANC OF AMERICA SECURITIES OPENS 29TH ANNUAL INVESTMENT CONFERENCE FORMER MONTGOMERY MULTI-INDUSTRY CONFERENCE FEATURES MORE THAN 240 Leading U.S. Companies
PR NEWSWIRE - September 27, 1999 09:00
SAN FRANCISCO, Sep 27, 1999 /PRNewswire via COMTEX/ -- Banc of America Securities' 29th Annual Investment Conference opens today at the Ritz-Carlton Hotel in San Francisco. This former Montgomery Securities' conference bears a new name but boasts a program that lives up to its impressive reputation. The five-day conference, which runs until October 1st, will feature 250 presentations from companies that are driving the Business Services, Consumer & Retail, Energy, Entertainment, Media & Telecom, Financial Services, Health Care, Industrial Growth, Real Estate & Lodging and Technology industries.
(Photo: newscom.com ) Companies scheduled to make presentations at the conference include: America Online Inc., Applied Materials, Inc., Best Buy Co., Inc., Cardinal Health, Inc., Chase Manhattan Corporation, Chevron Corporation, Cisco Systems, Inc., Clear Channel Communications, Inc., Dell Computer Corporation, The Home Depot, Inc., JDS Uniphase Corporation, Microsoft Corporation and Siebel Systems.
All told, the companies presenting this year have a combined market capitalization of $4.2 trillion. Their mean growth rate is 26%, and their mean price-to-earnings ratio is 27.1x. Throughout the course of the week, these companies will have the opportunity to present to 1,100 buyside representatives.
"Unlike the conventional wisdom, we don't believe the market is overvalued, because we do not believe the S&P 500 is the market," said John Skeen, Managing Director and Director of Portfolio Strategy for Banc of America Securities. "There are tens of thousands of businesses in the market portfolio that are not included in the S&P 500."
Skeen noted that the median price-to-earnings ratio of the Value Line Index, at 15.7x, is up a bit from 14.9x a year ago. "These valuations remain abundantly attractive even in an environment of 2.25-2.75 percent inflation," said Skeen.
Skeen remains optimistic about several industries that will be represented at this year's conference. In the technology space, he favors: semiconductor and semiconductor capital equipment companies; Internet software companies that help businesses build Web sites; electronic manufacturing/outsourcing companies; and optical network stocks. Skeen also believes that some of the specialty retailers offer sound investment opportunities.
Skeen's "Fresh Money" stock list currently includes: AnnTaylor Stores* (ANN); BroadVision* (BVSN); Celestica* (CLS); Ciena* (CIEN); Darden Restaurants (DRI); Flextronics* (FLEX); Novellus Systems* (NVLS); Sanmina* (SANM); Texas Instruments (TXN); and Wells Fargo* (WFC).
In addition to the company presentations, Banc of America Securities' highly rated research analysts will lead more than 40 workshops in which they will analyze the latest trends and issues in their sectors. Among the topics to be covered by the analysts include: Internet stocks - what's "hot.com?" -- Where are the opportunities in the longest-ever semiconductor cycle? -- How can investors take advantage of the current oil and gas up-cycle? -- Do health insurers and HMOs add value and can they grow? -- Where should investors "tune in" for free cash flow in the broadcast media sector? -- Where value becomes vogue: What are the best opportunities in the specialty retailing space?
Attendees will also hear a variety of perspectives from a series of distinguished keynote speakers, including: Tim Koogle, Chairman & CEO of Yahoo! Inc.; Lou Dobbs, Chairman and CEO of Space.com and award-winning business news journalist; James Q. Crowe, President and CEO of Level 3 Communications, Inc.; and political pundits, Mark Shields and Alan Simpson.
Banc of America Securities LLC (BAS), a subsidiary of Bank of America Corporation, is a full-service investment bank and brokerage firm. With principal offices in San Francisco, New York City and Charlotte, BAS employs more than 4,000 associates in offices around the country, and with affiliates, offers capabilities worldwide. |
