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To: Jim Willie CB who wrote (12021)	1/22/2003 11:47:58 PM
From: stockman_scott	Respond to of 89467

Message 18478547

To: Jim Willie CB who wrote (12021)	1/22/2003 11:52:58 PM
From: stockman_scott	Respond to of 89467

More investors succumbing to gold's allure 21 Jan 2003 buffalonews.com

To: Jim Willie CB who wrote (12021)	1/23/2003 8:54:01 AM
From: stockman_scott	Read Replies (1) \| Respond to of 89467

Rah-rah CNBC had the suckers going for a ride By Martha Smilgis The San Francisco Examiner January 22, 2003 THERE IS NO doubt in my mind that we fools who have religiously watched CBNC over the past three years have lost money in the stock market. My proof comes from the network's ratings. When the Nasdaq zoomed to astronomical highs, CNBC's viewership soared as well. Now, with the Nasdaq in free-fall, we remorseful investors click off the tube. The network of promise has become the network of pain. History, however, teaches us to behave differently. The more scholarly sages of Wall Street tell us that the 6 percent of investors who buy at the bottom of the market make money and the 80 percent of us who fell for the CNBC daily drumbeat of casino hype -- and bought tech stocks near the top ---- are, simply put, suckers. We suckers are now turning away from what was our favorite feel-good network, disgusted at the sinking value of our once-beloved stocks. Back during the tech boom, we usually sober and circumspect investors were snookered by CNBC's happy-faced anchors and climbing green ticker tape set to a background of pulsing music. At the dawn of 2000, CNBC was suddenly everywhere. It became the wallpaper network. The familiar gang of personality-plus anchors appeared in offices, kitchens, barrooms, liquor stores and even gas stations. Elevators and gyms were lit up by the dancing ticker tape under those ebullient faces. Just a year ago, in powerhouse urban centers, sophisticated dinner conversation actually focused on how in the world Joe Kernen's tousled hair and lopsided grin got him a Playboy layout. (In case you don't recognize the name, he's CNBC's wiseacre stock specialist who looks like he's falling off his chair.) Intelligent career women debated whether or not Sue Herera wore too much makeup and speculated as to which Wall Street mogul Maria Bartiromo, the Sophia Loren lookalike, had married. And no one can deny that the boyish charm of Bill Griffeth is infectious, while the broad-shouldered Ted David relates his diet woes in an amusing manner. WHAT WE HAVE here is a colorful cast of television characters with distinctive personalities and entertaining cross chat. What we don't have is a group of serious business journalists. OK, save maybe Ron Insana with his skeptical and quizzical asides, but overall, as a group, we are talking about a parade of bubbleheaded television readers. Herein lies the problem: We foolish viewers and equally naive investors attributed some type of critical skill to their performance. What a mistake! The CNBC bubbleheads are simply unquestioning promoters who created a friendly platform for every con artist analyst to come aboard and hawk his or her bogus stock estimates. And were they bogus! The reward for most outrageous performance goes to Walter Piecky, tech analyst for Paine Webber, who issued a BUY on Qualcom at $420 a share with a target price of $1,000! This with a straight face, no less. (Today Qualcom hands on at $61) The BUY-BUY-BUY mantra of these guest analysts spouted on CNBC would be humorous if we investors hadn't lost so much money. Checking the stats, one now realizes that 98 percent of all stocks mentioned were BUYS with a paltry 2 percent SELLS. What's even more amazing is that, even now the Nasdaq scraping bottom, these charlatan magpies are still crowing BUY, this time on Value stocks, many of which have already hit new 52 week highs! Of course, what you don't learn from the cheerleader network is that each guest analyst on the show is paid by a brokerage house that makes money off the stock the analyst promotes. (Mary Meeker, tech anlayst for Morgan Stanley made $15 million in 1999 going on CNBC telling viewers to buy Priceline at $165 a share ---- now down to $2.) Along with not bringing these critical behind-the-scene details to the viewer's attention, our happy-faced anchors don't even question those with obviously vested interest in the companies they are promoting. Too often, eager-beaver mutual fund managers come on to pump (and then later dump) stocks they own. NOW THAT TECH is in the toilet, it is curious how the cheerleader network has changed. When you do hear a "downgrade," it is practically a whisper. Natch. Analysts don't get paid to downgrade a stock, for all we know they probably get a salary deduction. The real joke is that the few downgrades that you do hear come in after the horse is out of the barn. Downgrading a stock that is at a 52-week low, takes brains? Pulease! The sooner CNBC banishes analysts and the annoying static they create, the better. But there's a fat chance of that happening, because the network relies on them for news. Our happy-faced anchors aren't about to do any investigative reporting and actually give us an objective account of market conditions. Instead, they are too often shills for the financial industry ---- one often known to fleece the investor. Those of us with long careers in journalism know that traditionally those with the least talent go into biz reporting. It is a place to start, like writing obits. But now with the brainpower of the baby boomers swerving over to business, thanks to their once-plump IRA accounts, you would think we could get some top-notch biz journalists front and center instead of a lineup of Wall Street manipulators out to pad the pockets of brokers, analysts, fund managers and yes, the silver-tongued anchors. Viewers beware: Watch at your own risk! Send e-mail to MSmilgis@aol.com

To: Jim Willie CB who wrote (12021)	1/23/2003 9:10:32 AM
From: stockman_scott	Respond to of 89467

Nice companies can finish on top... Xilinx Seeking Profit by Keeping Staff THE ASSOCIATED PRESS Thursday, January 23, 2003 · Last updated 4:51 a.m. PT NEW YORK -- Nice companies can finish on top - at least that's what Xilinx Inc. hopes. At a time when semiconductor companies were slashing costs and booting workers in droves, the Silicon Valley chip maker bucked the trend and avoided layoffs. Now Xilinx is betting the loyalty it showed employees will result in a lucrative payoff - cold hard cash. While the jury is still out, the company says its market share in programmable logic devices, chips that can be customized for different purposes, has climbed to about 50 percent from 35 percent since the start of the sector's slump. For more than two years, the semiconductor industry has been suffering from its worst plunge ever. Falling sales have forced many chip makers to shed workers and shut down operations. Consider competitor Altera Corp. In June of 2001, the chip maker axed 7 percent of its work force, 152 employees, amid a 30 percent drop in sales. Xilinx saw its sales cut in half during the same period. Nevertheless, the chip maker held steady with its unspoken policy that layoffs would be a last resort. If Xilinx could avoid cutting its staff of 2,600, reasoned the company, it would be better positioned once the industry recovered. With almost three-quarters of its staff working on future products, letting go of employees would delay that recovery. Instead of sweeping headcount reductions, a common action during tough business times, Xilinx, which is based in San Jose, Calif., relied on pay cuts and other creative means to reduce costs. Chief executive Willem "Wim" Roelandts said employees were allowed to go back to school on part of their salary. "We urged people to take sabbaticals or part-time work, everything to reduce costs except layoffs," he said. Salary cuts at Xilinx were also structured in a way that would undoubtedly breed loyalty among employees. Cuts were on a sliding scale, where the highest paid employees, including Roelandts, got cuts of 20 percent and the lowest paid saw no reductions. Xilinx outsources manufacturing of its chips, used in everything from plasma displays to data-storage devices. The company has fewer fixed costs than other semiconductor makers, but its bread and butter comes mainly from new product designs. The staff moves, which earned it the No. 4 slot in Fortune Magazine's "The Best 100 Companies To Work For" ranking, increased morale and productivity during a very tough time, Roelandts said. "Most people were not worried about losing their job so they focused on their work," he said. Steve Douglas, director of new product development for the chip maker, said the company's actions have fostered stronger team spirit among employees. And from a purely business standpoint, he said keeping workers, especially in key business units like research and development, will pay off in the long run. Retraining employees could take several quarters. "Xilinx has one of the lowest turnover rates within the semiconductor industry ... (it has) a spirit of loyalty whether times are bad or good," Douglas said. Still, while Xilinx's ability to avert layoffs may have provoked loyalty among employees, was it in the best interest of shareholders? Xilinx thinks so. "Companies that avoid layoffs do better after the recession is over," said Roelandts. "My view of what's best is to look more at the long term." On Tuesday, Xilinx reported a small loss for its latest quarter, despite a 24 percent jump in revenue. The loss came to $3.4 million, or 1 cent a share, for the period that ended Dec. 28, compared with net income of $9.7 million, or 3 cents a share, a year earlier. Revenue rose to $282.7 million from $228.1 million. Excluding $62.9 million in noncash impairment charges related mostly to vacant office space and equity investments, Xilinx said it earned $43.2 million, or 12 cents a share. The results were in line with Wall Street estimates. seattlepi.nwsource.com

To: Jim Willie CB who wrote (12021)	1/23/2003 10:50:18 AM
From: stockman_scott	Respond to of 89467

Message 18480131

To: Jim Willie CB who wrote (12021)	1/23/2003 11:46:15 AM
From: stockman_scott	Read Replies (1) \| Respond to of 89467

Leading indicators edge up Research group's basket of economic measures posts small gain in December. January 23, 2003: 10:21 AM EST NEW YORK (CNN/Money) - A basket of leading U.S. economic indicators increased slightly in December, a research group said Friday, hinting at a slow recovery for the economy from its soft patch in late 2002. The Conference Board, a private research group, said its index of leading economic indicators edged up 0.1 percent to 111.3 after rising a revised 0.5 percent in November. Economists, on average, expected the index to be unchanged, according to Briefing.com. "After declining from May through September 2002, the leading index has now improved for three straight months, suggesting a stronger economic recovery in the first half of 2003," the Conference Board said in a release. The report had little impact on U.S. stock prices, which were mixed in early trading. Treasury bond prices fell. Eight of the ten indicators that make up the leading index rose in December, including permits for new construction, average weekly labor hours in the manufacturing industry and the index of consumer expectations derived from the firm's monthly consumer confidence survey. The two indicators showing weakness were rising weekly jobless claims and falling stock prices. Following a recession that began in March 2001, the U.S. economy seemed to find its footing in early 2002 before stumbling again late in the year. Many economists believe economic growth, as measured by gross domestic product (GDP) was nearly non-existent in the fourth quarter. Most economists are expecting some improvement in 2003, though President Bush and Congress are working on a package of tax cuts and spending programs they hope will give the economy a shot in the arm. The Federal Reserve is also keeping a watchful eye on developments; the central bank's policy makers are scheduled to convene a two-day meeting next week. They are expected to leave their target for a key short-term interest rate alone -- it's already at its lowest level since 1961 -- but could step in if signs of weakness continue. Many economists believe tensions in Iraq will need to be resolved before the economy can really start to grow with any gusto. Many businesses are delaying spending and hiring plans until they see how the United States handles the situation.

To: Jim Willie CB who wrote (12021)	1/23/2003 1:14:45 PM
From: stockman_scott	Respond to of 89467

"Sowing the Seeds of Peace" ______________________________________________________ Religious leaders release statement on Iraq trip NEW YORK (UMNS) Here is the full text of the statement released by the delegation of religious leaders who visited Iraq Dec. 29-Jan. 3. "Sowing the Seeds of Peace" We are a delegation of 13 religious leaders and experts visiting Iraq under the auspices of the National Council of Churches (U.S.A.). Ours is a religious and not a political delegation. We came to see the faces of the Iraqi people so that the American people can see the faces of children laughing and singing and also hurting and suffering. We brought with us dozens of pictures drawn by American children. We shared these pictures with Iraqi children who, in turn, gave us messages to take back to children in the United States. We are called by God to be peacemakers. War is not inevitable and can be averted, even at this moment. President Bush reiterated, on New Year's Eve, his desire to reach a peaceful conclusion to this crisis and we are grateful for his words. We came as humanitarian inspectors, not weapons inspectors. We visited schools and hospitals and saw for ourselves the devastating impact of 12 years of sanctions on the people of Iraq. We touched babies suffering illnesses that can be prevented by proper medication currently unavailable to the people of Iraq. We held the cold hands of children in unheated schools with broken windows and underpaid teachers, nurses and doctors. UNICEF officials shared heartbreaking statistics of malnutrition, disease, and hunger with us. We are concerned by the increasing reliance of Iraqi people on the food basket provided through the "oil for food" program, a program not intended to be the primary source of nutrition or a balanced diet. We intend to advocate to our government for changes in the "oil for food" program that will allow for humanitarian, educational, and medical needs to be better met. We understand the cruelty embedded in the "oil for food program" as it affects ordinary Iraqis. We worshiped with Iraqi Christians and in the presence of Muslims; and, we prayed with both. This is the birthplace of Abraham, the father of Judaism, Christianity, and Islam. We acknowledged and celebrated our oneness in God. We attended a New Year's Eve Mass at a Catholic Church and a potluck dinner at a Presbyterian Church - a potluck that would be intimately familiar to American Christians. On the street and in informal settings we experienced the spontaneous warmth, hospitality and openness of the Iraqi people. We feel privileged and honored by these human relationships. We asked pointed questions of Deputy Prime Minister Tariq Aziz regarding the human rights situation in Iraq, the opportunities for dissent and criticism of the government, and choices made by the government with the resources available to it. We want to be clear with the American people and the Iraqi government that we do not support authoritarian governments. We came with "what?" questions... "What's going on?" "What can we discover?" But we were met with "why?" questions..."Why us?" "Why now?" We have concluded that we are opposed to this war because: -A war against Iraq will make the U.S. less secure, not more secure. All wars have unintended consequences. We believe the entire region, including Israel and the United States, will be at greater risk of terrorism if war takes place. -Widespread suffering and death will result for innocent people. So-called "smart bombs" do dumb things like missing their targets and destroying homes, water and sewage treatment plants, schools, churches and mosques. -Pre-emptive war is immoral and illegal. It is theologically illegitimate and profoundly violates our Christian beliefs and religious principles. As disciples of Jesus Christ, the Prince of Peace, we know this war is completely antithetical to his teachings. Jesus Christ taught peace, justice, hope and reconciliation and rejected revenge, war, death and violence. When we return to the United States: 1. We pledge support for the "All Our Children" campaign, a project of the Church World Service and other partners. 2. We will continue to build constructive, positive relationships between our nations and peoples through our ecumenical and interfaith relationships. 3. We will meet with U.S. administration and congressional leaders to urge them to turn away from war. We will ask U.S. government and military leaders to take the time to learn the names and faces of average, ordinary Iraqi people. 4. We will meet with the permanent members of the U.N. Security Council to seek a revamped and more humane "oil for food" program. 5. We will share our photographs and our stories with the people in our 140,000 congregations so that they may see that, like us, our Iraqi brothers and sisters are children of God. The weapons inspectors need to be allowed to do their work. Now, it is time for the humanitarian inspectors to do theirs. In closing, we affirm the words shared with us by the Metropolitan of the Syrian Orthodox Church: "Together, we must sow the seeds of peace and let God water and nurture the seeds." Participants in the mission: The Rev. Robert Edgar, general secretary, National Council of Churches (U.S.A.) and United Methodist minister, New York City; The Rev. Huw Anwyl, minister, United Church of Christ, Laguna Niguel, Calif.; The Rev. Ray Buchanan, president, Stop Hunger Now, and United Methodist minister, Raleigh, N.C.; The Rev. John Buehrens, minister and former president, the Unitarian Universalist Association, Needham, Mass., and a special assistant to the secretary general of the World Conference on Religion and Peace; The Rev. Robert Evans, executive director, Plowshares Institute, Presbyterian pastor, Simsbury, Conn.; Robin Hoecker, legislative assistant, Unitarian Universalist Association, Washington; The Rev. Victor Makari, General Assembly staff, the Presbyterian Church (U.S.A.), Louisville, Ky.; Don Mosley, co-founder of Jubilee Partners, Comer, Ga.; Virginia "Ginger" Paul, Episcopal Church, executive committee, Shreveport, La.; Samer Shehata, assistant professor of Arab Politics, Georgetown University, Washington; Bishop Melvin Talbert, ecumenical officer, United Methodist Church, Brentwood, Tenn.; James Winkler, general secretary, United Methodist Board of Church and Society, Washington; Amy "Kalee" Kreider, Fenton Communications, Washington, media liaison for the delegation. umns.umc.org