A big sigh of relief.
If AT&T, for example, is any indication, the shareholders have a lot to gain (from this effort). The executives?have the belief that the parts are worth more than the whole. And to get one piece of that sexy Internet business in this kind of a market, they could very well be right.
I still think we're in a consolidation mode. I think you'll see some profit taking still for the next couple of weeks, but then we're in line for a summer rally.
That will surprise the Street and lead to a higher stock price.
It's an under-followed classy insurance stock.
This Microsoft news is going to be terrific for all those PC companies that have been taking it on the chin lately -- Intel being one, but Dell and Compaq and others, I think, will certainly benefit today.
You're fighting to a stalemate between those people worried about interest rates and high valuations and those people excited about truly good earnings. I think you're going to be in a trading range for most of the summer until some event that we don't yet see takes us out of that - either the Fed stops raising (rates) or there's bad inflation news.
We are still not cheap enough yet. These excess have not worked themselves out yet.