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Technology Stocks : Softbank Group Corp -- Ignore unavailable to you. Want to Upgrade?

To: Seeker of Truth who wrote (3145)	1/9/2000 9:58:00 AM
From: swisstrader	Read Replies (1) \| Respond to of 6018

Tokyo Tech Stocks Expected to Recover By Ritsuko Ando Jan 8 8:17pm ET TOKYO (Reuters) - Tokyo's battered high-tech stocks are expected to regain their poise this week, boosted after U.S. markets rallied on Friday despite a stronger-than-expected jobs report. The Nikkei closed on Friday at 18,193.41, slightly firmer than Thursday, but the capital-weighted TOPIX index of all first-section shares closed down 10.58 points or 0.66 percent at 1,599.01, suffering from selling pressure in large-cap issues. Japan's high-tech stocks suffered last week after sharp falls on the Nasdaq market -- which was down as much as 10 percent from last Monday's record close -- and a comment by Sony Corp's president that his company's shares were overvalued, which dragged down the whole sector. Most traders see the Nikkei trading around 17,500 to 18,500 this week. The market is closed on Monday for a national holiday. ``It all depends on what happens in New York, really,' said Toshihiko Matsuno, investment advisory manager at Yamatane Securities. ``That, and when high-techs like Sony, Softbank, and Kyocera bottom out.' HI-TECHS SHOULD COME BACK INTO FAVOR While buying in Tokyo last week seemed to be rotating into defensive stocks such as pharmaceuticals, chemicals, and other basic material makers, traders said high-techs would again come back into favor once the U.S. equity market came to terms with the prospect of rising interest rates. The U.S. jobs report on Friday, which highlighted a strong rise in wages, seemed to reassure investors that the Federal Reserve's rate-setting committee will raise rates only slightly when it meets Feb 1 and 2. Most analysts expect a hike of 25 basis points or 0.25 percentage points. The Dow Jones Industrial Average closed at a record high of 11,522.56, up 269.30 points. The Nasdaq composite index finished up 155.49 points -- the biggest point gain in its 28-year history. That increase of 4.17 percent drove the Nasdaq up to close at 3,882.62. CORRECTION WAS NEEDED Most players in Japan said last week's losses were part of a temporary and necessary correction after buying concentrated heavily in high-tech shares over the past few months. ``Some infotech stocks like Fujitsu have finally hit their 25-day moving averages, and are now ready to make a comeback,' said Hiroichi Nishi, deputy general manager at Nikko Securities. Sony Corp shares plunged by their daily limit for two straight days last week, closing at 23,700, a loss of more than 25 percent since it surged on the first trading day of the year to 32,250. In addition to concerns over the Nasdaq, Sony shares came under selling pressure after President Nobuyuki Idei told Reuters during Thursday's market break that 20,000 yen was an appropriate share price and anything higher would be a 'bubble.' Idei's comments sparked selling in other hightech and electronics stocks such as Fujitsu Ltd, Hitachi Ltd, and Internet investor Softbank Corp Softbank shares finished down by their daily limit of 5,000 yen or 6.13 percent at 76,600 on Friday. Kyocera, a well-known maker of semiconductor components, also closed down by its daily limit on Friday, ending 2,000 yen or 9.76 percent weaker at 18,500. On the technical front, traders say they would be watching a gap on the downside between 17,450 and 17,740. There is also a gap on the upside between 18,580 and 18,940, created when the market fell heavily last Wednesday.

To: Seeker of Truth who wrote (3145)	1/9/2000 10:40:00 AM
From: manohar kanuri	Read Replies (2) \| Respond to of 6018

Malcolm, There's a reality out there; I'm struggling to present it. There is a reality only to the extent that you see it, the way you see it. Not everybody sees it that way. An entire herd can and does move in one direction simply because the mechanisms of the market are such that an individual decision has no significance apart from its role in determining the collective move. Foot-draggers and skeptics raise the level of friction and slow down the moves but in the aggregate we cannot know that all foot-draggers were tardy for the same reason. And on the flip side, all those in sync with the herd are not all in sync for the same reason either. There are fundamentalists galore who own Softbank. Can you justify owning Softbank on an earnings basis? Can you give me a fundamentals case that does not involve using precisely the same tools as TA: averages, standard deviations, guesswork and heuristics projecting the past into the future beyond the right edge? Are the unrealized gains of a Softbank qualitatively similar to the unrealized gains of a Berkshire Hathaway? The mere name of Berkshire has a magic that can be summoned up, the pixie dust rubbing off onto whatever and whoever is sharing that magical moment. The particular fictions we choose to believe or act upon are not important - as long as the balance isn't too far tilted in one direction there is enough play for everyone. For some the Softbank crutch is Berkshire Hathaway, for others it's tea leaves or TA or faith and prayer. The glue that holds your reality together is only of marginal value. No matter which way you go, as Borges says (paraphrased): we have dreamt the world, dreamt it as firm, ubiquitous in space and durable in time, but in its architecture we have allowed eternal crevices of unreason that tell us it must be false. And more pertinently, Katherine Derbyshire over on the semi-equip thread is fond of saying: It's better to be rich than right.