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User Info	If a big recession is coming (starting), what's your ad; entered at 2007-12-01 15:00:40
Aztrader Posts: 6138 Registered: 2007-09-10 Scottsdale, AZ	November 30, 2007, 4:25 pm Goldman Turns Wary On Tech Sector; Cuts Estimates, Targets For Dozens Of Stocks Posted by Eric Savitz Wary comments by Goldman Sachs this morning on the outlook for enterprise technology spending are apparently weighing on tech shares. Goldman analysts Jim Covello, Sarah Friar and Derek Bingham wrote that they have become “incrementally more cautious on tech fundamentals given the current macroeconomic backdrop,” which suggests soft capital spending in 2008, in particular for the U.S. “We believe CIOs may delay their purchases in the early part of 2008,”they wrote. The Goldman analysts write that “this is not a call to sell all tech stocks,” and that “while there is likely little upside for some areas of tech,” in particular software, on which the firm turned cautious earlier this week, other areas have underperformed this year, including hardware and semis, and “already likely reflect the pending fundamental weakness.” That said, Goldman reduced estimates and cut price price targets for many names, “with particular focus on companies with large enterprise exposure and significant dependence on the U.S. consumer.” The list of companies affected by today’s Goldman call is long: In the communications sector, they cut estimates and/or price targets for: Netgear Corning Cisco Nortel Aruba Juniper In the hardware sector, Goldman cut estimates and/or price targets for: Dell Directed Electronics EMC Emulex IBM Intevac Isilon Lexmark Network Appliance Sun Microsystems Brocade Payment processing companies affected by estimate and/or price target changes include: ADP Paychex Global Cash Access Global Payments Master Card MoneyGram Amdocs Convergys CSG Systems Synchronoss IT services companies affected include: Accenture Bearing Point Sapient Affiliated Computer Services Computer Sciences EDS Unisys Cognizant ExlService Infosys Patini Satyam Witpro Chip stocks affected by estimate cuts and/or price target changes include: Advanced Micro Devices ATMI Broadcom Entegris FormFactor International Rectifier Intel Intersil Microchip Micrel Marvell Micron Maxim National Semi Nvidia Teradyne Texas Instruments Volterra Goldman earlier this week made similar moves on software and analog semis. Today’s Goldman calls helps explain the relative underperformance of tech stocks today; while the Dow gained almost 60 points or 0.45%; the Nasdaq Composite is off 7 points, or 0.3%. 2007-12-01 15:00:40