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To: BigBull who wrote (34768)	1/11/1999 11:27:00 AM
From: The Ox	Respond to of 95453

See bold comments below: Pinatton Gestion's Feri Mayer: U.S. Stock Market Comment Paris, Jan. 11 (Bloomberg) -- The following is a comment on the U.S. stock market by Feri Mayer, who helps manage about $700 million at Pinatton Gestion. ''After the recent gains we've seen, I'm very ill at ease with the U.S. stock market. Still, I am surprised to see how companies are coming up with such effective cost cutting measures to improve their earnings.'' ''Look at Alcoa, which announced higher profit even with the lowest aluminum prices for years. When I see companies announcing substantial earnings growth linked to cost cutting, that confirms my idea that U.S. companies are capable of adapting.'' ''We could see the market gaining for some time to come. There's a lot of liquidity around at the beginning of the year and that's led to a bull market recently.'' ''The Dow could go 100 points higher before people start to take profits.'' ''The U.S. economy is strong, with a lot of employment being created in services. Other parts of the world are in crisis but in the U.S., certain sectors, such as computer equipment and the Internet, are booming.'' ''Slowing growth in Germany may pull back Europe, and affect the U.S. in turn. Many investors are underweight on the U.S. market, even though it's been surging. If full-year results are good, that could pull more money into the U.S. market.'' ''The euro is good news. It will reunify the continent in terms of trade, but won't solve the problem of 11 percent unemployment. The single currency will highlight a lack of competitiveness in Europe, and may even create more unemployment.'' ''I have taken profits on the recent gain in oil companies. I had Schlumberger, R&B Falcon and Transocean Offshore. I had kept them because they were so low anyway, but there have been contracts canceled by Mobil, and the industry is likely to suffer before things get better. I don't think OPEC is able to solve the problem of low prices for the moment.'' ''I've reinforced my media sector holdings, such as CBS. I am keen to build up my holdings in medical services companies such as Guidant. I have been buying Immunex, which should have success with its Enbrel arthritis drug.'' ''I added to my America Online holding after the shares dipped recently. I bought some Lycos before it gained 50 percent, and maybe I should sell that now.'' 07:55:32 01/11/1999 Any redistribution of Bloomberg content, including by framing or similar means, is expressly prohibited without the prior written consent of Bloomberg L.P. Any reference to the material must be properly attributed to Bloomberg News. The information herein was obtained from sources which Bloomberg L.P. and its suppliers believe reliable, but they do not guarantee its accuracy. Neither the information, nor any opinion expressed, constitutes a solicitation of the purchase or sale of any securities or commodities.(C) Copyright 1999 Bloomberg L.P. BLOOMBERG, Bloomberg News, Bloomberg Financial Markets, Bloomberg Television, Bloomberg News Radio are trademarks, tradenames and service marks of Bloomberg L.P.