Eugene David ...The One-Minute Pundit |
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Friday, July 07, 2006
Sales -- er, ANALYST PITCH, er, RECOMMENDATION OF THE WEEK:
Talk about lousy timing. Stephen Tusa, an analyst at JPMorgan, upgraded 3M Co. to ``overweight'' today, saying the maker of everything from screen coatings to Post-It notes, is a safe investment during an economic slowdown. Unfortunately for Tusa, the upgrade came hours before the company said it will miss its forecasts for second-quarter earnings. The news drove the shares down as much as 8.6 percent, the biggest decline in more than eight years. The Big 3 (and Corning) seems to have tanked because LCD TV and monitor manufacturers aren't requiring its screen coatings (or Corning's glass) because they have lots of "inventory", which tells us with any luck HD-set prices may really be coming down. The industry also overestimated demand for LCD televisions ahead of this summer's World Cup soccer tournament in Germany. Pffffffffffffffffffffffffffffffffft!!!!!
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