Word: salomons
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...March. Yet to bulls, these stockpiles represent buying power ready to push prices higher. "I've never seen so many people on Wall Street talking to so many other people on Wall Street trying to figure out what's happening," confesses John Manley, a market strategist at Salomon Smith Barney...
...stock plunged 13%, to its lowest level in a decade. And it tumbled 5.5% more by week's end. David Lefkowitz, an analyst at Credit Suisse Asset Management, had some different advice for Armstrong's aunt, saying that AT&T stock is "probably dead money for some time." Salomon Smith Barney analyst Jack Grubman downgraded the stock for the second time in two weeks and declared it to be "melting down...
...last week to present it as consistent with his previous efforts. "Structure serves strategy, and at least in my view, our strategy has been consistent," he said. But not everyone was buying it. "AT&T made a big deal about creating an integrated communications company selling bundled services," says Salomon Smith Barney's Grubman. "That is being abandoned after less than two years of trying...
Those numbers only begin to address the carnage. The average NASDAQ stock is down 48%, more even than during the 1987 crash, reports Salomon Smith Barney. Thanks to relative strength in more conservative stocks, broader market measures haven't been as devastated. Still, the Standard & Poor's 500 hit a new low Thursday, bringing its decline to 13%, and the Dow, while still above its spring low, was off 14% from its high nine months...
Vince Farrell, chief investment officer at Spears Benzak Salomon & Farrell, worries that fund managers have a lot more tax selling to do, looking to realize losses to offset gains they took early this year. "You don't give the client a negative return and a tax bill in the same year if you can help it," he says. The stocks most likely to come under further pressure are the big liquid names, the Ciscos and Microsofts. Tax selling by individuals may barely have started. They tend to hold losers into November hoping for a rebound, and then sell...