Word: teche
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...heard all the bad news about third-quarter earnings," says tech investor Kevin Landis, portfolio manager at Firsthand Funds. "The good news comes next." Landis expects investors to come back into tech stocks fairly soon, though he doubts they'll flock back into the old bellwethers Intel and Microsoft, which in the minds of some of the tech savvy are on the verge of becoming also-rans. A new list of tech bellwethers is developing, agrees Jeff Applegate, market strategist at Lehman Brothers. It includes networking and e-commerce facilitators like EMC, JDS Uniphase, BEA Systems, Corning and Siebel Systems...
...that growing disquiet add the recurrence of warfare and terrorism in the Middle East last week. Result: a full-fledged panic on Wall Street. By the time the rout ended, the Dow Jones average had plunged 379 points on Thursday and the tech-heavy NASDAQ index stood at its lowest level of the year. Though both markets rebounded on Friday, that did little to dispel the underlying unease that the economy may be a Ford Explorer speeding along on Firestones...
...that efficiency includes, it turns out, funding new businesses and laying waste to those that disappoint. On Wall Street, day traders and fund managers continue to smart over this year's natural--even desirable--bursting of the speculative tech-stock bubble. "The Internet really turbocharged everything," says Marshall Acuff, chief equities analyst for Salomon Smith Barney. "It was the infinite expectations for the Internet that pushed excitement to the ultimate level...
...technology sector as a whole, like the rest of the economy, remains financially vibrant. Sinai estimates that earnings for U.S. tech companies will grow a healthy 18% a year for the next three to five years. While that would pale in comparison with the phenomenal 25%-to-30% annual increases the companies have chalked up since 1995, it would be more than enough to lead the economy...
Wall Street seems equally divided on the issue. "There is more ugliness to come," asserts Stan Nabi, chief investment officer at DLJ Investment Management, who notes that many tech stocks still trade way above the prices warranted by their earnings power. One common measure of value compares a company's projected annual growth rate with its current price-earnings ratio. If the P/E is lower, the stock may be attractive. A lot of tech stocks will grow earnings 35% a year in coming years but have P/Es way above that. Cisco, for example, trades at 148 times trailing earnings even...