G'day Julien,
Quoth you:
"If you want to see what's happening to the bubble, don't watch any index,
watch the mighty CSCO who used to be America's biggest corporation (in terms
of market capitalization)."
Quoth Bloomberg at lunch-time today their time
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Top%20Financial%20News&s1=blk&tp=ad_topright_topfin&refer=topsum&T=markets_bfgcgi_content99.ht&s2=blk&bt=ad_position1_topfin&middle=ad_frame2_topfin&s=AOq0APBQaVS5TLiBT
Cisco's Decline
Cisco fell $1.69 to $18.94 and was the most-active
stock with more than 92 million shares changing hands. All but one of the 25
most-active stocks were lower.
Analysts at Credit Suisse First Boston, Merrill
Lynch & Co. and other firms cut their profit forecasts for
Cisco, the biggest maker of networking equipment. The company said late Friday
it will shed as many as 8,000 jobs, some through firings, to trim costs amid a
slowdown in spending by customers.
Cisco Chief Executive John Chambers said the
company took the steps ``because of the continuing slowdown in the U.S.
economy and initial signs of a slowdown expanding to other parts of the
world.'' The slowdown in spending by businesses could extend beyond two
quarters, he said.
``We are particularly concerned about business
trends in Europe, which heretofore has been one of the
bright spots for Cisco,'' Merrill analyst Michael Ching wrote in a report to
clients.
Other makers of networking equipment also fell.
Ciena Corp. dropped $8.94 to $56.19. Nortel Networks Corp. dropped $1.35 to
$16.55. Juniper Networks Inc. declined $4.56 to $50.31.
...
Still Irrational
U.S. stocks have lost about $4 trillion in value as
the Nasdaq plunged 59 percent from its March 10 peak a
year ago Saturday. Some analysts see it falling more.
Robert Shiller, the Yale University economist whose
book ``Irrational Exuberance'' warned investors last
year that stocks might be overvalued, said the speculative bubble he wrote
about is intact and investors remain too confident for their own good.
``The market's come a long way down, but it's still
too high,'' Shiller said by telephone from his New Haven,
Connecticut, office. ``I see it going down from here.''
And Quoth Julien again:
> BTW Rob, please tell us what's happening with the Indonesian rupiah.
Down to 10500 per greenback, I believe they've lost about 300 rupiah since
yesterday, but I'm no chartwonk.
Cheers,
Rob.
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