Word: teche
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Forget the profitless dotcoms. Better to hunt for beaten-up telecom stocks like Verizon and WorldCom, which are now popping up on the screens of dyed-in-the-wool value managers. The tech tortured can seek solace among energy services, banks and insurers, consumer staples and health care. Stay diversified and somewhat conservative. An all-purpose growth-and-income fund might be just the thing. Bonds are also a decent place to hide while the market is seeing a dark cloud behind every silver lining...
Does that make sense? Not on the face of it. But some investors evidently took a second look at what they owned and found a slew of tech stocks that have been sinking since last spring. Worse, even at these new lows the stocks remain priced for perfection in an environment rapidly turning anything...
More worrisome is a broad slowdown in the crucial area of tech spending. It's no secret that tech is the ox that for years has pulled the market higher. Other industries, including retail and autos, are already in profit recessions. Without a vibrant tech sector, there is little to drive overall corporate profits higher...
...beneficiaries of that backwardness is the U.S., which has attracted top-flight Indian techies and entrepreneurs with minimal effort to feed its hungry high-tech sector. But the Internet has begun to sneak through the barriers India erected against the outside world. Now the largest national pool of engineering talent in the developing world, a good proportion of which speaks English, is able to set up shop at home. Those engineers' underemployed sisters and cousins have proved willing to work cheaply at a new crop of labor-intensive jobs made possible by the distance-bridging technology of the Net. "Finally...
India's prowess in information technology isn't a new phenomenon. For years, the southern city of Bangalore has been a high-tech oasis where Indians write code for international tech giants and export software to the world. But the Net promises to push the IT boom into India's mainstream. Cities like Hyderabad, Bombay and New Delhi are promising telecom links and tax holidays to prospective business investors. "India always had the talent, but with the Internet, we've found the delivery mechanism to transport this talent around the globe," says Prakash Gurbaxani, who set up his own dotcom...