To: Paul Engel who wrote (73671 ) 2/15/1999 12:24:00 AM From: Harrison Hickman Read Replies (1) | Respond to of 186894
From Monday's New York Times: "Analyst Who Promoted Intel to Join Tiger Hedge Fund By JOSEPH KAHN NEW YORK -- Thomas Kurlak, a Merrill Lynch analyst whose bullish forecasts helped promote the Intel Corp.'s stock price into the stratosphere but who changed his mind too soon, has resigned to join a leading hedge fund. Tiger Management LLC said Kurlak would manage the giant fund's portfolio of technology stocks beginning later this month. Merrill did not announce a replacement for Kurlak, who worked at the brokerage firm for 20 years and became one of Wall Street's most respected technology experts. For years, Kurlak made unerringly accurate calls on Intel stock, promoting it to Merrill's large base of retail and institutional clients as it grew from a little-known chip maker into one of America's most profitable companies. He also foresaw the glut of world chip-making capacity that sapped profits in the semiconductor industry in 1997. But Kurlak's increasingly cautious predictions about Intel last year proved overly bearish, hurting his reputation, fund managers said. Though his downgrading of Intel stock last spring initially proved prescient when the stock price slumped, a further downgrade in August -- Kurlak's reduced Merrill's rating from "accumulate" to "neutral" - backfired. Intel's stock shot up by nearly half soon after he made that call and its earnings proved more resilient than expected. Tiger, the hedge fund run by Julian Robertson, has recently lured several well-known analysts from investment banks to bolster its fund management." Hmmm, "For years, . . . unerringly accurate calls." I must've been out. Harrison Hickman