Word: cisco
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Your house seems to be acting like Cisco in early 2000. Home values surged 17% or more during the past year in cities hardly known for their flash, such as Tucson, Ariz., and Topeka, Kans. Many buyers are waving bids around without even inspecting the property. And money is flooding into McMansions and vacation homes, reminiscent of the cash that rushed into technology-stock funds that were all the rage a few years back. So the bubble police are on full alert, sensing another NASDAQ-like flameout...
...SERIAL ACQUIRERS" Great companies grow mainly from within, while those that gobble up lots of other companies almost always end up with a nasty bout of nausea. Tyco is only the latest case; earlier came Conseco and others all the way back to the notorious LTV in the 1960s. Cisco, which has eaten dozens of other tech firms in recent years, hasn't quite gagged yet, but I'll be surprised if it doesn...
...good news is that investors have shown they are willing to overlook the bad climate when specific company fundamentals improve. Last week tech giant Cisco reported a quarterly profit that was 1[cent] a share better than expected--and the market soared for a day. Especially encouraging were Cisco's wider profit margin and depleted inventory. But it will take a drumbeat of such news to turn around negative market psychology...
...good news is that investors have shown they are willing to overlook the bad climate when specific company fundamentals improve. Last week tech giant Cisco reported a quarterly profit that was 1[cent] a share better than expected - and the market soared for a day. Especially encouraging were Cisco's wider profit margin and depleted inventory. But it will take a drumbeat of such news to turn around negative market psychology...
...With so much advice swirling around - and so much of it cooked, corrupt or just plain bad - even the companies themselves get to play oracle. For weeks, Wall Street has been a chastened bettor, placing few bets and admitting its ignorance. Then Cisco announced after the bell Tuesday that the year in tech looked pretty good - and Wednesday the casino was jumping again with a furious rally that added 122 points to the NASDAQ and 305 points to the Dow, the biggest daily gains of 2002. Nobody even complained about Cisco's obvious conflict of interest as a company that...