We're at a funny point in the cycle. The companies have reported that they're seeing some growth for the next quarter, but it's not robust growth, and the valuations on a historic basis are still pretty full. What's driving these stocks is sentiment -- people are afraid that if they miss them now they'll miss a big run-up.
More Quotes from Ray Rund:
I tend to think we're in for some period of weak growth, and I'm not talking about a quarter or two. I think for all of 2003 maybe into 2004 we'll continue to see weak growth.Ray Rund
These aren't decisions you make on a day or two basis. Capacity utilization in the industry is low enough that there would have to be a sustained increase in demand to see people start placing new equipment orders.
Ray Rund
Dell is still a company that can grow, ... They have the cash. They can buy back shares.
Ray Rund
Today is the opening day of the Consumer Electronics Show in Las Vegas, and there's a lot of buzz about new products for home and digital entertainment. They're taking up a larger share of the semiconductor market.
Ray Rund
Intel is the leader in the semiconductor market. They're No. 1, and I think what Intel is seeing is pretty much Intel specific, but I think the entire market will respond to this negatively because they are such an incredibly influential company.
Ray Rund
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