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TECH STOCKS Bearish Analysts Say They'll Remain Gloomy For Now.(INTERNET & TECHNOLOGY)
Byline: Jed Graham
If investors have to start ignoring bad news for tech stocks to rally, they'll get plenty of opportunities in the coming weeks.
The bleak midquarter updates last week from Sun Microsystems Inc. and Novellus Systems Inc. suggest that the earnings warning season will be a doozy.
"Multiply that times five," said Fred Hickey, author of the bearish High-Tech Strategist market newsletter out of Nashua, N.H. "You're going to get bombarded with warnings."
It's no wonder that tech investors have been heading for the exits. The Nasdaq has given up most of the gains from its spring rebound, falling 22% since May 22.
Bears like Hickey -- who's been on the money for more than a year -- see plenty more downside. Valuations are still excessive and the global economy is getting worse, he says. But those who are somewhat bullish argue that tech spending is beginning to stabilize and inventories are being worked off. While there won't be a quick return to rapid growth, some strategists already see the makings of a modest recovery.
But the voices of doom and gloom have been louder of late. And last week gave them plenty to crow about.
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