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To: techanalyst1 who wrote (12761)	7/17/2002 2:18:20 PM
From: Lizzie Tudor	Read Replies (3) \| Respond to of 57684

But you know the problem is there were a whole set of conservative analysts/pundits/fundmgrs what have you (including Buffet) who missed the entire tech bull of the 90s starting with 95 because things were overvalued. Now these same people are quoted as if the first time they "called the top" was March 2000. L

To: techanalyst1 who wrote (12761)	7/18/2002 12:29:49 PM
From: stockman_scott	Read Replies (1) \| Respond to of 57684

DJ MARKET TALK: More Job Cuts Will Help Big Blue: UBS 18 Jul 11:06 Edited by Thomas Granahan Of DOW JONES NEWSWIRES (Call Us: 201-938-5299; All Times Eastern) MARKET TALK can be found using code N/DJMT 11:06 (Dow Jones) The "empire is striking back" and delivering superior financial performance with its enhanced portfolio, and remains well positioned to continue gaining share, UBS Warburg says of IBM. Keeps strong buy rating with a $120 price target. "We believe the company's work-force reduction will far exceed earlier disclosures which will begin to materially reduce operating expenses in 3Q," firm says. "The restructuring of aluminum semiconductor capacity (lost $913 million in 2Q) should also benefit 3Q results, making it very likely IBM can make solid EPS progress in 3Q despite the bad macro-setting." IBM up 2% at $72.11. (YZH)