Poor profit outlook slams tech stocks

Article Abstract:

High-technology stocks are suffering from reports of declining profits in the industry. Microsoft, Motorola, Apple Computer and Bank of America are the laest casualties of the profit pinch. Chip giant Intel added to the misery by reporting that its sales for 4th qtr 2000 would not meet expectations. The gloomy outlook has adversely affected high-technology stocks and has resulted in the Nasdaq composite falling 43.84 points, or 1.6%, to 2752.66.

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Street experts see better days in 2001

Article Abstract:

Stocks are expected to bounce back and post double-digit gains in 2001. Ten investment professionals interviewed by USA Today think the Standard and Poor's 500 index will rise 18% by yearend 2001. Targets for the Dow Jones for yearend 2001 range from 12,000, a 10% gain from 10,869 on Dec 28, 2000, to 13,000, showing a 20% jump. The big factor that is expected to drive rising stock prices is lower interest rates. The Federal Reserve is expected to slash short-term interest rates by at least 1 percentage point by mid-2001.

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