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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: nspolar who wrote (25089)	1/8/2003 5:31:43 PM
From: Art Bechhoefer	Read Replies (1) \| Respond to of 36161

The dividend effect, when it was first publicized a few days ago, caused an immediate gain in relatively high yield stocks, such as utility companies. But now, as you note, there are other factors working to lower stock prices in general. One major negative factor is a large number of lowered earnings estimates coming out. And GM also announced it was adjusting downward the estimated return on its pension fund, sending a signal that the outlook for profits is pretty poor. Not a very good prospect for the new year. Art