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Technology Stocks : PSFT - Fiscal 1998 - Discussion for the next year -- Ignore unavailable to you. Want to Upgrade?

To: V3 who wrote (2629)	10/13/1998 11:08:00 AM
From: Tom Smith	Respond to of 4509

PSFT is probably down in reaction to Merrill Lynch announcing it's own loss and downsizing in the technology area. Here is the relevant quote from Merrill's press release -- Merrill Tuesday outlined the cuts, saying it would reduce its 65,000-member global work force by 3,400 people through layoffs and attrition. The company also said it would lay off about 900 consultants, most of them involved in technology projects. I don't know offhand if any PeopleSoft projects are underway at ML, but the financial services industry has been a strong market for PeopleSoft. I think the perception is that weakness in this industry will negatively affect PSFT. Here is the full story -- dailynews.yahoo.com Tom P.S. I just checked the PeopleSoft web site and Merrill Lynch is not listed as a customer, so maybe this is just a coincidence. Still, I see no other reason for the drop today.