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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: IQBAL LATIF who wrote (43068)	7/31/2002 6:48:44 PM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

How about some good news? Something pulled the Dow up! Goldman Sachs increased its global equity allocation 5% to 65%, with the announcement that stocks are "very attractively valued" relative to bonds. This follows Morgan Stanley's increase of its global equity allocation yesterday. It sounds like these banks are ready for the stock market to pick up. Goldman cited moderate economic growth, a rebound in profitability, low interest rates, and signs that some U.S. pension funds will shift asset allocations into equities. Goldman strategists also say they're counting on tech, telecom, and insurance to lead the turnaround... Verizon's service was loud and clear -- the stock (VZ) leaped $2.80 to $33.00 after posting an in-line operating profit and paring 2002 targets. The company now expects sales to be flat to down 1%, rather than flat to up1% as previously expected. Dow stock SBC Communications added $1.35 to close at $27.66-- particularly impressive considering that Fitch downgraded its outlook on SBC's long-term debt rating to "negative" from "stable." American Express gained $1.34 to $35.26 on news of a Lehman upgrade. Credit card firm Providian Financial jumped $1.27 (33.9%) to $5.02 after reporting late Tuesday better than expected results and plans to layoff 1,300 employees.