We ran the numbers, and that was it, ... Consumer advocates would scream, but it wouldn't serve anyone if Commonwealth Edison went bankrupt.
For (the fourth) quarter, there's just nothing to get excited about. Now, the question is: Where do the companies see things going?
Right now there are just too many cross currents out there to make people feel confident enough and start buying on this value.
Institutions and the smart money out there has been owning a lot of these higher P/E stocks, to participate in the good earnings, and they've been getting the good earnings. But the problem is that the stocks haven't been running up into those earnings. So they're not getting paid for that higher P/E risk.
It's going to take a turnaround in the earnings picture, ... I think the upside begins when we get our next rate cut.
Greenspan is raising rates, and he is targeting the consumer. This is a natural reflection of what is happening out there.
I would be very surprised to see this spill over for a prolonged period of time.
We can not ignore that there are price pressures in the PC, that is sort of a foregone conclusion, everybody has been seeing it.
What you're seeing is these old leaders, which don't have much more downside, come back in favor.
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