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To: pallmer who wrote (4491)	1/2/2003 12:15:01 PM
From: pallmer	Respond to of 29599

-- Technology spending to fall in '03 - Goldman Sachs -- NEW YORK, Jan 2 (Reuters) - Goldman Sachs on Thursday lowered its expectations for the technology sector in 2003, saying corporations will spend even less on hardware and software than they did in 2002. Goldman Sachs analysts Laura Conigliaro and Rick Sherlund said in a research report that, based on a survey of chief investment officers during the month of December, they expect a 1 percent decline in spending in 2003, compared with a previous outlook for growth of 2 percent to 3 percent. Goldman said the survey's outlook for long-term growth also dropped to an all-time low of about 5 percent, down from a previous range of 6 percent to 7 percent. In the survey, two-thirds of the respondents expected budget tightening, with 43 percent of technology managers not expecting any sort of acceleration in spending until 2004 or later. Goldman also said financial results for the companies that make technology could be at risk for the current quarter ending in March. ((Reporting by Caroline Humer; Reuters Messaging: caroline.humer.reuters.com@reuters.net; 646 223 6181; caroline.humer@reuters.com)) (C) Reuters 2003. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world. nN02378144 Symbols: US;IBM US;ORCL US;HPQ US;SUNW XE;MSFT GB;MSF US;MSFT DE;MSFF DE;MSFX XE;ORCL XE;SUNW 02-Jan-2003 14:35:06 GMT