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Technology Stocks : Jimbo's Playhouse/CPQ -- Ignore unavailable to you. Want to Upgrade?

To: Mao II who wrote (8285)	12/5/2000 10:17:10 AM
From: Night Writer	Read Replies (1) \| Respond to of 12662

M2, Fiber replacing copper telephone wires would be a much great impact then using copper in chips. Lehman stomped on PD this morning. So the TA buy signal isn't worth anything. I will continue to track the TA score card on the buy call but it looks grim at this point. NW Lehman Bros cuts Phelps Dodge NEW YORK, Dec 5 (Reuters) - Lehman Bros. said it cut its rating for mining company Phelps Dodge Corp. <PD.N> Tuesday to neutral from outperform, mostly because copper prices have been lower than expected. It kept its 12-month share price target at $60 for Phelps Dodge, which is the second-largest copper producer in the world, but said short-term weakness was likely. Phelps Dodge stock closed Monday on the New York Stock Exchange at $54-11/16. "We are downgrading the shares of Phelps Dodge to 3-Neutral," Lehman said in a research note. "While these shares have performed very well recently, we believe relative outperformance over the next several months will be more subdued. "We remain bullish on the long term fundamentals for copper. However, copper prices have trended modestly below our expectation this quarter. Accordingly, we are trimming estimates." The note said while it maintains a bullish stance toward copper, "we believe a bullish outlook is now discounted in Phelps Dodge shares. Earnings upside at Phelps Dodge is limited by challenges in the carbon black, molybdenum and wire & cable businesses." Despite maintaining the $60-per-share stock target, Lehman said: "We believe the current valuation is stretched and short-term weakness is likely." ((New York Equities Desk 212-859-1700)) REUTERS * end of story *