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Technology Stocks : Texas Instruments - Good buy now or should we wait? -- Ignore unavailable to you. Want to Upgrade?

To: robert w fain who wrote (3964)	8/2/1998 10:04:00 PM
From: Charlie Smith	Read Replies (2) \| Respond to of 6180

Bob: Are you surviving the heat? Fourth weekend in a row of sunny blue skies and low 80s here in Pittsburgh. Hope you get a cooling trend soon. You're right, breadth is awful and the S&P is vulnerable to continued earnings disappointments. The way I calculate it, if this trend of flattish earnings continues thru the second half of the year instead of the 6% or so growth that analysts expect, S&P could fall another 15 percent to 950 level. P/Es are reasonable and could actually go higher if inflation continues to fall. Long treasuries look awfully good here. Only large-cap stock I've purchased in last year or so (other than TXN) is Alcoa. Lots of great values in small caps, though. As for TXN, upward move by MU last week may be a fakeout. No real sign of life yet in DRAM that I can see. Intel rumors? Who knows. Stock showing decent relative strength last couple of weeks, though, which is a very good sign. Hold tight and watch the gross margins. That's what the Street is focused on. Good luck. Charlie