It's possible that end-of-quarter mainframe sales were light for IBM. It's also possible that software lags hardware and that the software companies are seeing the weakness IBM saw in fourth quarter of 1999 and the first quarter of 2000.
More Quotes from Steve Milunovich:
We view the rate cut positively for the technology sector for the short term. Looking back to 1998, when the Fed unexpectedly cut interest rates, the tech sector outperformed thereafter. We believe the rate cut may be the catalyst for better performance in technology stocks that many investors have been looking for.Steve Milunovich
No color was provided, and there is no conference call before the April 17 release,
Steve Milunovich
The Internet infrastructure build-out should continue in all but the worst circumstances, ... We expect companies to use Web technologies more to gain internal efficiencies than drive new revenue streams in 2001.
Steve Milunovich
The news should improve in the second half as likely Fed rate cuts begin to affect the economy and earnings momentum improves on easy comparison,
Steve Milunovich
Then again, Lou Gerstner was IBM's fifth choice.
Steve Milunovich
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