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To: The Freep who wrote (34061)	3/13/2002 9:31:17 AM
From: AllansAlias	Read Replies (5) \| Respond to of 209892

I've been selecting banks for a small shortlist and I find WM very interesting. It's the QCOM of banks in that it trades on a very different rhythm than the others. It went up the weeks after 9/11 and is now underperforming in the recent exuberance for all things banking. Is that a bear flag on the weekly?

To: The Freep who wrote (34061)	3/13/2002 9:31:31 AM
From: The Freep	Read Replies (2) \| Respond to of 209892

Just some of the other news besides retail sales this morning (all tech related). I don't recall another day with this many broad market comments from analysts and such. 07:55 ET Morgan Stanley downgrades Semiconductor Equipment sector : Morgan Stanley downgrades the Semiconductor Equipment group to OUTPERFORM from Strong Buy based on valuation. Individual names downgraded to Outperform from Strong Buy are KLAC NVLS LRCX ACLS LTXX TER VSEA. Firm maintains Strong Buy rating on CYMI ASML AMAT... Believes sector has come too far too fast, and is now trading at peak valuation after just one qtr of up bookings. 07:52 ET Solly cautious on PCs : Salomon Smith Barney is cautious on PC enterprise demand for the following reasons: 1) there has been no pick-up in demand for enterprise PCs, 2) Q1 should decline by the same amount that Q4 rose, and 3) Q2 PC shipments look to be down 3-5% (the Street is expecting a 1-2% decline); firm prefers AAPL and IBM over hardware names SUNW and DELL. 07:19 ET Bernstein sees optical trough in summer, possible growth in Q4 : Bernstein initiates coverage of the optical space with an overweight rating, and initiates JDSU and AGR.A with OUTPERFORM ratings and GLW with MKT PERFORM; analysis suggests a trough of carrier long haul expansion capex this summer, and the resulting photonics rev bottom in Q2 could be followed by an acceleration of sequential growth in Q4. Firm is cautiously optimistic on long term growth, particularly for photonics as it should suffer less price erosion than the semi's. Also, firm initiates semi co's LSI with OUTPERFORM rating, and ALTR and XLNX as MKT PERFORM. 07:32 ET Intel estimates cut at JP Morgan (INTC) 32.99: JP Morgan cuts estimates for Q2 and 2002, believing that the qtr will be more sluggish than previously anticipated due to aggressive price cuts, channel inventory, and channel confusion about competing chipsets, motherboards, and DRAM types; lowers Q2 rev/EPS ests to $6.43 bln/$0.11 from $6.88 bln/$0.14 and lowers FY02 to $28.2 bln/$0.60 from $29.3 bln/$0.69; both lowered ests are below consensus. 08:15 ET Goldman Sachs IT survey: spending unlikely to resume this year : Goldman Sachs's latest IT spending survey indicates that belt-tightening has continued during the first 2 months of the year and a significant spending rebound seems increasingly unlikely, as almost two-thirds said that normal spending would not return until 2003 or beyond. Co's that posted the strongest responses in the survey include CHKP, CSCO, DELL, EMC, IBM, MSFT, and ORCL. 08:32 ET Merrill Lynch on semi capex and PC demand : Merrill Lynch says that comments from Samsung, TSM, and UMC at firm's Asia Pac Tech conference indicated they were likely to raise their capex estimates, as demand for consumer, PLD, and to some extent base station products had strengthened in the past few weeks (strength was particularly evident at UMC). However, while co's seemed confident about the second half of the year it seems that any non-seasonal strength in PCs expected for the second qtr has not materialized yet; also, both MU and Samsung indicated that DRAM pricing expectations have moderated.