Cohen speaks; stocks tumble

Article Abstract:

The prices of technology stocks plummeted after Goldman Sachs' Abby Joseph Cohen advised clients to reduce their portfolio of these stocks. The Nasdaq Composite Index suffered the most, losing 2.5%, while the Dow Jones Industrial Average fared better, down by 0.8% only. Cohen, one of Wall Street's best-known bulls, reduced the weighting of stocks in her model portfolio from 70 to 65% and raised cash from zero to 5%. She said her decision was in response to a rise in stock prices. However, she cautioned investors not to expect the double and triple-digit gains they have been accustomed to.

Goldman Sachs and Co.

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PaineWebber sees global growth in $10.8B sale to UBS

Article Abstract:

PaineWebber Inc, the fourth-biggest brokerage in the US, is being acquired by UBS of Switzerland for $10.8 billion. PaineWebber, known for its wealthy client base, hopes that the union with the Swiss banking giant will contribute to its accelerating growth rate. UBS' half-cash, half- stock offer for PaineWebber, made at a 47% premium from the company's closing price on Jul 11, 2000, was concluded after three months of negotiations.

Asset sales & divestitures, PaineWebber Inc.

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'Blindness isn't an obstacle'

Article Abstract:

Sloate Weisman, Murray and Co co-founder and CEO Laura Sloate does not let her blindness deter her from doing her job on Wall Street. Aside from heading the company she co-founded in 1974, she also manages the Strong Value fund which gained 13% in 2000, despite the stock market's worst performance in a decade. Not being able to see forces her to rely heavily on technology and other people to get things done. She is not planning on retiring because of her devotion to her job.

Investment Advice, Securities Investment Advice, Sloate, Weisman, Murray and Co.

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