(AT&T) soured the tone. People are trying to get a sense of how bad things will be (with Microsoft) and they're stepping aside to see if technology is still accelerating on a profitability basis. |
[But Salomon portfolio strategist John Manley points out that one big reason that third quarter gain looks so good is that the third quarter last year, which included the immediate aftermath of Sept. 11, was so incredibly bad.] These are not outrageous numbers, ... You just have very easy comparisons from a terrible point in time. |
[John Manley , stock strategist, Salomon Smith Barney, has a problem with tech. Sort of.] Here's the problem, ... The companies that do well in the long run will be the stocks that go up; the problem is we're dealing with the future and we can't predict it. I think a lot of these guys will deliver on their numbers. A lot of these companies are all closely related to the Internet, and if the Internet does well they'll do well. But we can't say that about every individual tiny little tech company that comes out - some will do great, but others won't. |
Abbott . . . we just upgraded, ... Abbott is actually accelerating its earnings - (it's a) very strong story at a very good multiple. |
And no influence from nowhere will keep me from doing what's right. |
And that certainly is frustrating. |
Both cream and scum can rise to the top, unfortunately. This lower-quality stuff that's going higher isn't doing it on fundamentals. |
December, as the last month of the quarter and the last month of the year, is true- confessions month. For the first time we are seeing real, numerical signs that Asia is having a bigger impact on earnings than we expected. |
Despite higher interest rates, we're seeing an economy that is not slowing down, |
Earnings can be bad and the market can do very well, |
Everyone knew the Fed was going to come in and do something sooner or later, ... We're no longer speculating on whether the Fed is going to cut rates. My guess is we are at the point where every move by the market will be answered by the Fed. |
Fear, greed, loathing aside, (the question is) does the economy slow down before inflation shows up. The trick is to watch these things continuing. |
Get the car number, get the officer's name and tell the truth, ... We are trying to do something about this, but we have to do things peacefully. |
Greg is at home, and he's improving, |
He's doing much better, ... He's coming along very well, considering. I went to see him (Sunday), and he was in good spirits. |