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To: Oral Roberts who wrote (15324)	12/4/2002 2:56:21 PM
From: quote 007	Respond to of 57110

here's one for you!! DJ Microsoft CFO -2: Some Tech Stks Still Have Lofty P/Es By Marcelo Prince Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--John Connors, Microsoft Corp.'s (MSFT) chief financial officer, said Wednesday that investor sentiment toward technology stocks should continue to improve as valuations and profits stabilize. Price-to-earnings ratios "have started to move to more normal and sane levels," Connors said in a keynote address at an investor conference hosted by Credit Suisse First Boston in Scottsdale, Ariz. The Nasdaq Composite Index has fallen 26% this year and remains more than 70% off its March 2000 high. But the tech-laden index has rallied about 30% since early October as investors purchased battered high-tech and telecommunications stocks. The market psychology will be lifted as restructurings and layoffs produce improved operating profits at tech leaders, like Cisco Systems Inc. (CSCO), Connors said. Sentiment could also improve as some technology stocks start to eclipse their 52-week highs as the market stabilizes, he added. "Psychologically it's likely to improve even more than it has recently," Connors said. However, he warned some technology companies still carry P/E ratios that "would be difficult to sustain or justify." (MORE) DOW JONES NEWS 12-04-02 02:54 PM