Word: stocking
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Dates: during 2000-2000
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Those numbers only begin to address the carnage. The average NASDAQ stock is down 48%, more even than during the 1987 crash, reports Salomon Smith Barney. Thanks to relative strength in more conservative stocks, broader market measures haven't been as devastated. Still, the Standard & Poor's 500 hit a new low Thursday, bringing its decline to 13%, and the Dow, while still above its spring low, was off 14% from its high nine months...
Wall Street seems equally divided on the issue. "There is more ugliness to come," asserts Stan Nabi, chief investment officer at DLJ Investment Management, who notes that many tech stocks still trade way above the prices warranted by their earnings power. One common measure of value compares a company's projected annual growth rate with its current price-earnings ratio. If the P/E is lower, the stock may be attractive. A lot of tech stocks will grow earnings 35% a year in coming years but have P/Es way above that. Cisco, for example, trades at 148 times trailing earnings even...
...safer route is to look for value either in a value-oriented stock fund or collection of individual stocks. Despite his near-term worries, Nabi advises picking up proven stocks, like Citigroup, Hewlett-Packard, Heinz, 3M, Verizon, Texaco, Emerson Electric and General Dynamics--all of which have below-market P/Es. If the market tumbles, they'll hold up better than most, and if it rallies, they could be the kinds of stocks that come into favor first...
Before moving to Jerusalem, Matt Rees reported on the doings of wall Street, where battles are conducted in boardrooms and raids mean speedy acquisition of a targeted company's stock. But just as Rees was getting used to the demands of his new job as Jerusalem bureau chief, he had a baptism by fire as Israel and the Palestinian territories slid deeper into their worst cycle of bloodshed since the 1987-93 intifadeh. "I've been here since 1996," says the Welsh-born Rees, 33. "While there have been occasional flare-ups in that time, this is certainly the biggest...
ARTHUR BLANK Home Depot CEO watches stock slide, but slow demand slows inflation...we hope