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Techs Halt Their Lengthy Slide As Business Spending Picks Up "Caution Is Advisable'.(A)
Byline: BRIAN DEAGON
The long-awaited recovery in tech stocks may be under way.
Indicators of industry health have improved in the last few months. IBM Corp., Hewlett-Packard Co. and other bellwethers beat third-quarter earnings forecasts and presented a wholesome near-term outlook.
As confidence in their prospects rose, tech stocks began to gain favor. The tech-laden Nasdaq 100 index has risen 25% since Oct. 10.
Given that stock values reflect investors' views of future earnings, the rise suggests a full-fledged tech recovery is about six to nine months off. That's also the view of industry-watchers.
"The stock market looks out six months or so, which implies a pickup in (business) spending, but I think caution is advisable," said Chuck Hill, research director at Thomson First Call.
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