Solly strikes again. For the second time in less than a week, Salomon Smith Barney shook a thin summertime stock market with a renegade negative call. Last Thursday, analyst Richard Gardner took apart the PC sector when he
'Nothing Call'?Some jaws were dropping along with the stocks. But most pros were yawning over the meat of Joseph's note. "It's a nothing call," says Bruce Lupatkin, porftolio manager at North Bay Technology Partners, which doesn't hold any of the names mentioned in the Solly report. "It has no teeth. What it basically said is that commodity semiconductors are still a cyclical business, and at some point this year the cycle will peak. And even though I have no data today to back that up, I'm just going to downgrade the stocks because I have nothing better to do."
| Darn SOX |
Chip stocks take a hit after long rally