Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Jim Willie CB who wrote (8587)	10/30/2002 2:42:20 PM
From: stockman_scott	Read Replies (1) \| Respond to of 89467

Comments From IBM Chief Fuel Midday Buying in Tech Sector By Cindy Perman Dow Jones Business News 10/30/02 NEW YORK -- Technology stocks remained higher midday Wednesday following optimistic comments from the head of International Business Machines. At midday, the Nasdaq Composite Index was up 26.90, or 2.1%, to 1327.50, after dropping 15.20, or 1.2%, in the previous session. Morgan Stanley's high-tech index rose 9.70 to 289.10, and the Nasdaq 100 Index of nonfinancial stocks gained 26.60 to 987.40. Techs advanced out of the gate Wednesday amid bargain-hunting and renewed hopes for a rate cut when the Federal Reserve (news - web sites) meets next week. However, gains were modest as some analysts suggest investors were unwilling to place big bets ahead of Thursday's early peek at gross-domestic-product data for the third quarter, which is a key gauge for economic growth. However, then came bullish comments from IBM's new chief, Samuel J. Palmisano, which sent techs firmly higher. Mr. Palmisano suggested that, even though there are short-term pressures on the company, there are signs that the economy may have bottomed. Shares of IBM gained $2.13 to $78.87 on the New York Stock Exchange (news - web sites). Recent gains by tech stocks have left many market watchers wondering if this is a bear-market rally or the beginning of a bull market. "A truly sustainable long-term bull market isn't likely until everyone gives up on tech," said Ed Yardeni, chief investment strategist at Prudential Securities. "In any event, the next bull market is likely to be led by a different sector, in my opinion. My vote is health care in general, and biotech in particular." In keeping with its day-to-day see-saw pattern, the volatile chip sector advanced, making it one of the day's biggest gainers. The Philadelphia Semiconductor Index rose 14.60, or 5.2%, to 297.40, after sliding 9.08, or 3.1%, in the previous session. Dow component Intel gained 66 cents to $17.06 on the Nasdaq Stock Market. Among other blue-chip techs: Software giant Microsoft rose 85 cents to $52.92 on Nasdaq, while AOL Time Warner was flat at $14.43 on the Big Board. Corning climbed 15 cents, or 8%, to $2.03 on the Big Board after the slumping fiber-maker posted a third-quarter loss on a 45% drop in sales and said it plans to cut 2,200 jobs. Amazon.com gained 43 cents to $18.99 on Nasdaq after the online retailer announced that it is developing an online apparel store in partnership with major retailers, including Gap, Lands' End and Nordstrom.

To: Jim Willie CB who wrote (8587)	10/30/2002 2:43:18 PM
From: tonka552000	Read Replies (1) \| Respond to of 89467

JW, Speaking of CEO's I've worked with many...(Fortune 2500 on up)...and my wife, working with a known non-profit org works with many Fortune 500 CEO's via her Board...we both agree -- the public places too much confidence and misguided trust in these people...believing they are bigger-than-life, overly intelligent, street smart, business wizards...when so much of the opposite is true...most are stupid white men sitting in a sweet spot...incapable of making an informed decision -- quickly...most, if not all, have little macro-economic training (let alone understanding), and will do nothing to lose their status...