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To: KevinMark who wrote (29299)	11/8/2001 9:22:50 AM
From: Bob Biersack	Read Replies (2) \| Respond to of 208838

As the Bubble Turns!!

To: KevinMark who wrote (29299)	11/8/2001 9:26:20 AM
From: Mike E.	Read Replies (1) \| Respond to of 208838

The faster they rise, the harder they'll fall. And on that note, keep your eye on the Storage Sector. Out of control with the likes of QLGC and EMLX more than tripling off their lows in a little over a month. (No statement about the companies here, just that kind of climb is unreal. QLGC trading at, like, 60 times estimated next year's earnings right now.) Mike

To: KevinMark who wrote (29299)	11/8/2001 9:26:53 AM
From: 2MAR$	Read Replies (1) \| Respond to of 208838

I like this pan of JNPR : But money managers, well aware that the Nasdaq topped 5,000 last spring, are watching this run with a jaundiced eye. "These are probably just trading rallies," says Derek Felske, portfolio manager of the Strong Technology 100 Fund. Still, some big names have made some huge moves: Amazon.com has tripled from its 52week low on October 1 at 5.51; Dell Computer has risen 26% from its year low, and chip giant Intel has rallied 28% from its lows, too. (All remain well off their 52week highs, however.) And shares of one former high flyer, Juniper Networks, have been partying like it's 1999. Trading late Wednesday at 23, the shares have risen almost 160% since hitting their 52week low of 8.90 on September 27. (The stock, however, is still 89% off its 52week high of 221.75 last November.) Juniper makes highend routers that act as a traffic light for Internet traffic. It's the kind of gear that was flying off the shelves from sales to corporations and phone companies until the music stopped late last year. Now, big customers like Qwest Communications are retrenching, causing demand to dry up. The Sunnyvale, Calif.based company beat Wall Street's expectations by three cents a share in the third quarter, yet it warned that fourthquarter sales would be flat. That may be one reason Juniper's big run hasn't impressed some money managers. "We stepped out of [Juniper] a few months ago," says Link, who sees it as more expensive than its larger rival Cisco Systems, and would sell Juniper stock above 20. After all, its valuation looks pretty steep. Juniper shares trade at 42 times Wall Street's 2001 consensus estimate of 53 cents a share and at 38 times the 45 cents analysts look for it to earn in 2002, according to Thomson Financial/First Call. Earnings growth hasn't been gangbusters, either: In 2001 Juniper should report the same 53 cents a share it earned last year, and its earnings are expected to fall to 45 cents per share in 2002. Juniper is trading at 1.4 times its projected longterm annual earnings growth of 30%. But that looks like a rosy estimate indeed, since analysts don't expect growth to kick in again until at least 2003. Furthermore, Juniper is changing hands at almost eight times estimated sales for 2001. Juniper isn't the only tech stock that's come back from the dead. At 46.97 Wednesday, QLogic has shot up more than 170% from its 52week low of 17.21 on September 27. The Aliso Viejo, Calif. company makes infrastructure for Storage Area Networks (SANs) for customers like Sun Microsystems, as well as computer networking equipment, an area that has been hit hard by the disappearance of spending on information technology. No recovery is expected until 2003. While QLogic did offer a few crumbs of hope by meeting Wall Street's expectations in its second quarter, Shebly Seyrafi, analyst at A.G. Edwards, cut his rating on the shares to Buy from Strong Buy, because he thought the stock was just getting ahead of itself. . we would be sellers of JNPR in the $20's .... ho ho ho ;-)