What is current prediction since 2003 she was pretty close to mark if not just lucky
Wall Street slips at open 10/9/2002 7:13:54 PM IST
US indices pulled back after Tuesday's rally as negative news on big companies like Hewlett-Packard (HP) and General Electric (GE) sparked fresh selling. Moreover, bleak comments from Goldman Sachs' strategist Abbey Cohen on S&P 500 and Dow Jones also added fuel to the fire.
The Nasdaq Composite Index opened at 1117.14, while the Dow Jones Industrial Average opened at 7499.96. The Nasdaq is currently trading at 1116, down 1.13%, or 13 points. The Dow Jones is currently trading at 7374, down 1.6%, or 117 points.
A top executive at technology bellwether Hewlett-Packard (HP) said that the Company was not banking on a rebound in 2003 as customers' IT spending remained flat. "Technology buying has not recovered the way people had hoped for, and the survivors are going to be the ones that have very lean cost structures," the HP executive was quoted as saying.
Morgan Stanley cut its 2003 earnings estimate for General Electric (GE) to $1.70 per share from $1.79 on concerns over continued weakness in the Company's short-cycle business, deterioration in its power and aerospace businesses and losses in GE Capital's portfolio. The brokerage reiterated his "equal-weight" rating, but said that the risk of a "perfect storm" was rising.
Adding to the gloom was Goldman Sachs' influential analyst Abbey Joseph Cohen, who cut her S&P 500 price target to 1150 from 1300. She also slashed Dow Jones' target to 10,800 from 11,300, saying stocks remained undervalued amid weakness in investor confidence.
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