Steve Milunovich
Steve Milunovich
circumstance companies continue drive expect gain internal internet revenue web worst
The Internet infrastructure build-out should continue in all but the worst circumstances, ... We expect companies to use Web technologies more to gain internal efficiencies than drive new revenue streams in 2001.
concerns continued mostly negative networking october parts psychology spending technology weakest
I think there's a negative psychology in technology, and we're not out of October yet. I think there are mostly continued concerns on technology in general, but particularly on spending on telecom. When you look at which parts of technology are the weakest today, you see networking first.
earnings fourth improve momentum
Earnings momentum bottomed in (the fourth quarter) and will improve in 2000,
competition government ibm mostly remains seeing strength sun
Sun is seeing some strength in government and healthcare, but competition -- mostly with IBM -- remains acute,
difficult expect half improving landing prices question second soft stock versus
We expect the first half of 2001 could be difficult with fundamentals and stock prices improving in the second half, ... The question now is: 'Hard landing versus soft landing?'
call premature
We think it's premature to call the turn.
gun smoking
There is no smoking gun in IBM's 10K.
consumer driven move objective price results second solid stock strong thesis
Or thesis has been that HP would have a solid second half, driven by strong results in the consumer market, which should move the stock back up to our price objective of $140.
fifth
Then again, Lou Gerstner was IBM's fifth choice.
concerned details downside easy exposure face half ibm income less property quarter relatively shows
Details on the intellectual property income by quarter shows that IBM will face relatively easy comparisons for intellectual property income in the first half of 2002, making us less concerned about the downside exposure near-term,
allow gauge impact income investors
should allow investors to better gauge the impact from a potentially lumpy income stream.
april call color conference
No color was provided, and there is no conference call before the April 17 release,
bit business fact life showing unix ways
The fact that the UNIX business is showing a little bit of life here is encouraging. They've still got a little ways to go, but they actually did a little better than I would have thought.
companies fourth hardware ibm light possible quarter sales saw seeing software weakness
It's possible that end-of-quarter mainframe sales were light for IBM. It's also possible that software lags hardware and that the software companies are seeing the weakness IBM saw in fourth quarter of 1999 and the first quarter of 2000.