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To: Techplayer who wrote (15316)	12/4/2002 2:37:56 PM
From: Techplayer	Respond to of 57110

Morgan Stanley Cuts Technology Sector View, Cites Valuation The Associated Press NEW YORK (Dow Jones/AP) - Morgan Stanley downgraded four technology sectors Wednesday, including computer hardware, semiconductors, semiconductor equipment and electronic manufacturing services, the recent stock run-up in the sectors. Computer hardware and electronic manufacturing services were cut to "cautious" from "in-line," while semiconductors and their manufacturing equipment were lowered to "in-line" from "attractive." According to analyst Rebecca Runkle, stocks in the computer hardware sector "in many cases have run too far, too fast in the latest market rally." She said the group will likely lag the broader indexes over the next 12 plus months. Runkle noted that without much change to the outlook, valuation ranges on certain computer stocks are back at historical peaks. AP-ES-12-04-02 1417EST