Word: telecoms
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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...
Barton Biggs, chief global strategist at Morgan Stanley Dean Witter, notes that spending on telecom equipment will be down in 2001, after rising steadily for years. A number of big carriers have already disappointed Wall Street with weak sales of their goods and services. Spending on PCs and by cable systems is falling too, Biggs says. Meanwhile, recent dotcom failures and near failures, from Pets.com to Drkoop.com highlight that industry's capital crunch, which will take a big bite out of revenues at suppliers such as Sun and Oracle; the latter's stock is down more than 40% in three...
...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 consultancy, 24/7 Customer.com, five months ago in Bangalore...
...future. In the past quarter-century, the economy has stagnated behind varying degrees of industrial protectionism that left the country undercapitalized, uncompetitive and underemployed. The country of 1 billion people has only 4.3 million PCs; the phone network is Third World at its worst. India's capacity for international telecom traffic will this year reach 780 megabits per second, a mere 1.4% of what's available in China. E-commerce is but a distant dream...
...million cable connections--compared with 20 million telephone lines; 2 million people in Bombay have high-speed access to the Internet, often by way of a television set, not an expensive PC. (There are 75 million TVs in India.) A slew of companies, including Enron and Hughes Telecom, are building fiber-optic networks to boost those numbers...