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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (39500)	5/21/2003 5:22:04 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69810

Smith Barney sees signs of life in capex spending by Julie Rannazzisi Smith Barney surveyed its analysts and looked at about 670 companies to gauge capital spending plans for 2003 and 2004. The firm said the results revealed a "muted capital investment environment" overall. Capex expectations for 2003 are down 6.6 percent year-over-year while 2004 projections are up slightly. However, when excluding the utilities and telecom Services sector, which are saddled with overcapacity, 2003 spending intentions would actually be up 3.5 percent, according to Smith Barney. "The economy could be undergoing a nascent capex recovery, but doubting investors appear to be ignoring the changes," commented strategist Tobias Levkovich. He notes that spending restraint of the past could lead to pricing power, particularly in sectors such as the semis and lodging.