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To: Donald Wennerstrom who wrote (3391)	6/4/2002 9:18:32 AM
From: Sarmad Y. Hermiz	Respond to of 95963

>> One of these days however, it will decide enough is enough, and a good recovery will happen.:) Don, Maybe I have not subjected this thread to my notion that US stock prices will keep dropping as long as the Euro keeps rising (relative to the dollar). Well, the Euro is up again today (to multi-year high) - So another bad karma day for us here. When will it stop ? The answer to that question is unrelated to P/E or revenues or 300 mm wafers or stepper motors. It is political/economic and therefore OT for this thread. Sarmad

To: Donald Wennerstrom who wrote (3391)	6/4/2002 9:46:52 AM
From: Return to Sender	Respond to of 95963

Agreed! A high volume reversal must change the direction! Once that happens and I do mean total capitulation the market can truly rally. However right now the VIX just went over 27. A short term rally will be coming in my opinion. This will most likely be seen as just another chance to sell stocks. From Briefing.com: 8:52AM Hewlett-Packard sees slower industry growth (HPQ) 18.85: -- Update -- On conference call, co now projecting slower industry growth; sees 4-6% revenue growth in '03 and 7-9% in '04. 8:45AM Hewlett-Packard cost reductions ahead of target (HPQ) 18.85: On conference call, CEO says will achieve its $2.5 bln cost savings target one year earlier than projected; will benefit from an acceleration of job cuts; sees 10K job reductions by Nov. 1, with remaining 5K in cuts taken in fiscal 2003. 8:43AM Solectron, Sanmina estimates are at risk-- Deutsche Bank : Deutsche Bank believes that consensus ests for both SLR and SANM are at significant risk due to the belief that EMS vendors will exhibit little to no pricing power for an extended period; firm is particularly concerned regarding SANM, saying the co is ripe for a massive overhaul of its manufacturing footprint due to its growing high-cost structure from recent asset acquisitions from IBM, HPQ, ALA, and SI. Also, firm cuts FLEX's Q1, CY02, and CY03 ests after the co warned last night. 8:25AM SoundView ups EMC and downgrades VRTS : Hearing that SoundView upgrades EMC (EMC 6.84) to BUY from Hold, citing company's commitment to provide open, heterogeneous storage management software, which analyst believes can succeed in boosting software sales to 26% of revenue by 2004. SoundView downgrades Veritas (VRTS 21.02) to BUY from Strong Buy and cuts target to $26 from $34, citing concerns about slower growth in its core market and increasing competition. 8:08AM FLEX falls 15.5% on warning; SANM falls 7% in sympathy; NITE off 24% : 7:37AM AOL Time Warner: Levin forced out by Turner-- NY Post (AOL) 18.09: -- Update -- The New York Post reports that Ted Turner forced Jerry Levin out of office as CEO for AOL after Turner threw a "table-pounding temper tantrum" at a board meeting last fall, according to a new Vanity Fair story. 7:07AM AOL Time Warner estimates lowered by Lehman (AOL) 18.09: Lehman reducing estimates on AOL in anticipation of a more sustained downturn in online advertising than most investors currently expect. Reduces 2002 ad revenue est. by $147 mln to $1.79 bln and trims divisional EBITDA est by $129 mln to $1.79 bln 6:51AM Knight Trading accused by former exec of improper trading -- WSJ (NITE) 5.92: The Wall Street Journal reports that co is the subject of an SEC and NASD probe into allegations by a former senior executive that it engaged in improper trading during the tech boom. The former head of Knight's institutional trading desk alleges an elaborate system of trading-rule violations (including front running) at the company that cost investors millions of dollars. The filing claims that most of the questionable trading was done by two employees. finance.yahoo.com RtS