You have Taiwan Semi saying that future orders look weak and that's indicative of a lot of companies. You just had Sun Microsystems return to profitability, but then take it back for the next quarter. All these comments show that any tech recovery is probably pushed back until 2003.
More Quotes from Walter Winnitzki:
What we're seeing with tech is consistent with the last few weeks and before. There's a lot of red out there and it doesn't seem to be any one sector in particular.Walter Winnitzki
The general tech market has recalibrated their investment view that there's going to be very little tech recovery, very little pick-up in IT (information technology) spending in 2002 they're putting it off until at least 2003. So people figure, why buy these companies now
Walter Winnitzki
Investors are looking at tech and saying that any gains in the industry will lag a broader recovery. That's true generally, and it's maybe especially prominent right now.
Walter Winnitzki
Dell had some very good numbers in what has been a weak quarter for tech, but the results are more indicative of their success in gaining market share. There is nothing in their statement that implies IT (information technology) spending has picked up.
Walter Winnitzki
These stocks are pretty much earnings driven. If the earnings come through, I think the stocks are going to move higher and, on balance, I think we are in a healthy environment, which bodes well for stocks in this whole group.
Walter Winnitzki
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