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| Subject: Tech was the worst-performing sector with a decline of 1.3%. The move was all the | |
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Author: November 11 2003--Standard and Poors. |
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Date Posted: Wednesday, November 12, 01:49:03am Tech was the worst-performing sector with a decline of 1.3%. The move was all the more noteworthy given that Morgan Stanley, Bear Stearns, Deutsche and JP Morgan all had positive comments in various areas. Overall, it is no surprise to see this sector take the biggest hit on profit-taking, as it is the top-performing sector from the March low. Weakness was led by chip stocks – a move encouraged by negative comments from First Albany and a warning from German firm Infineon (IFX-not in index). Adobe (ADBE) dropped nearly 4% on a downgrade from JP Morgan. Hewlett-Packard (HPQ) declined over 4% on negative comments from Goldman. We would also note that investors are realizing a lot of good news is "baked into the cake," with Forrester today revealing a new IT spending survey suggests growth in 2004 at an underwhelming 4%. But, two stocks to limit weakness were IBM (IBM) and Tellabs (TLB). IBM jumped 2% on a favorable Barron’s article, while TLAB rose 2.5% on an upgrade from Morgan Stanley. [ Next Thread | Previous Thread | Next Message | Previous Message ] |