Intel's blockbuster guidance revision shouldn't have been a surprise -- but it may signal the beginning of the end for whacky techstock valuations.
Donald L. Luskin
Intel: No News is Big News
Friday, June 7, 2002
Return to Normalcy?
Tuesday, June 4, 2002
The equity market has finally returned to a normal level of earnings-based valuation... but what's normal? And will the earnings be there?
WorldCom: Is There Life after Death?
Thursday, May 30, 2002
The regulators and the Fed nearly killed WorldCom -- now they may have to try to save it.
Where Options Belong
Wednesday, May 29, 2002
The current push to "expense" stock options is economically wrong. The right solution is to put them on the company's balance sheet.
Semiconductors: Down By Law
Wednesday, May 22, 2002
Chips aren't just commodities, and it's going to take a lot more than deflation-relief to get the semiconductor industry over the problems created by Moore's Law.
Stock Options Expense: The Big Truth
Wednesday, May 15, 2002
Investors are insisting that options expense be included in income statements -- but they'll be shocked when they learn how big these expenses really are.
Debating the Valuation Conundrum
Monday, May 13, 2002
David Gitlitz doesn't agree that equity valuations got too high in the late 1990s -- but he and Luskin both think they're too high now.
The New High Plateau: The Valuation Conundrum
Friday, May 10, 2002
The best reasons for the current era of high equity valuations aren't very good.
Into the Valley of Death Rides Cisco
Wednesday, May 8, 2002
Cannon to the right of them, cannon to the left of them -- Cisco's report won't be enough to save tech's earnings season.
The "E" in the S&P's "V"
Tuesday, May 7, 2002
Tech stocks may be overpriced relative to earnings forecasts. But for the S&P 500, the earnings forecasts themselves are overblown.