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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: habitrail who wrote (2432)	7/17/2002 4:25:25 PM
From: Jim Willie CB	Read Replies (2) \| Respond to of 89467

could get Dow ugly tomorrow: IBM Q2 eps down 97% (or 27%) IBM Posts Sharp Drop in Quarterly Profits ARMONKey, N.Y. (Reuters) - International Business Machines Corp. (NYSE:IBM - News) on Wednesday said its profit fell sharply for the fourth quarter in a row, as corporations worried about their own stagnant bottom lines spent less on technology. IBM, which sells everything from computer software to microchips to computer services, said it earned 3 cents per share in the second quarter, down from $1.15 per share a year earlier. The No. 1 computer maker said it earned 84 cents per share excluding charges of 81 cents per share to cover job cuts, a reorganization of its microelectronics division and for its money-losing hard disk drive business. The Armonk, New York-based company, whose results are a bellwether for the influential technology industry, announced plans to sell most of its hard-disk drive assets to Hitachi Ltd. for $2.05 billion at the beginning of June. -end-

To: habitrail who wrote (2432)	7/17/2002 4:46:59 PM
From: Jim Willie CB	Read Replies (6) \| Respond to of 89467

article: Bubble Bubbles, Plenty More Troubles... by Mark M. Rostenko (really brilliant guy, former futures trader) Editor, The Sovereign Strategist www.sovereignstrategist.com gold-eagle.com excerpts: Bottoming process? Based on what? Hopes? Expectations? The incessant need to believe that the 401k simply must come back because it's just not "fair" to have such big losses? There is nothing, I repeat, NOTHING about the market that is even remotely indicative of a bottom. Nothing. Not one thing. Have I made my point? It's simply unbelievable, illogical and totally absurd. All throughout this bear market these clowns have continued to search for bottoms, to continually contrive "evidence" for the bottom. Why? It's a BEAR market. Why not look for where to sell the damn thing, and not where to buy it? ..... YOU CAN'T SOLVE THE PROBLEM WITH THE SAME TOOLS THAT CREATED THE PROBLEM IN THE FIRST PLACE. Let me put it you very simply: You can't lose weight by stuffing yourself with Twinkies and Ho-Hos. And you can't fix a deflating bubble by stuffing it with the same vapid, nutrition-less garbage that created the bubble in the first place. "Oh but wait! Housing is still strong! Folks won't stop spending because their housing gains offset their market losses!" Yeah. Tell that to housing stocks. Take a look at any handful of home builders. You'll note that most of their stocks have completed tops after extended climbs and have turned lower. Fannie Mae and Freddie Mac broke down big-time in recent weeks. Yeah, yeah, the government housing data still looks great. Then why are the housing stocks tanking? / jim