Steve Milunovich Quotations

We're expecting a pretty tough first half of the year -- tech profits will be up about 10 percent this year compared to 30 percent last year, ... But by the second half of the year, the economy may brighten, earnings comparisons are easier and we could start to see an easier tech tape.

should allow investors to better gauge the impact from a potentially lumpy income stream.

No color was provided, and there is no conference call before the April 17 release,

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.

Users will be under pressure to show the benefits of these new technologies, ... Executives will want measurable results.

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.

We view the rate cut positively for the technology sector for the short term. Looking back to 1998, when the Fed unexpectedly cut interest rates, the tech sector outperformed thereafter. We believe the rate cut may be the catalyst for better performance in technology stocks that many investors have been looking for.

We view the rate cut positively for the technology sector for the short term, ... Looking back to 1998, when the Fed unexpectedly cut interest rates, the tech sector outperformed thereafter. We believe the rate cut may be the catalyst for better performance in technology stocks that many investors have been looking for.

With that being said, we do not think this will cause a dramatic change in terms of the outlook for technology earnings for the next six months, and perhaps the next 12 months. The rate hikes from last year will probably affect technology spending over the next six months.

There is no smoking gun in IBM's 10K.

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?'

We think it's premature to call the turn.

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.

Then again, Lou Gerstner was IBM's fifth choice.

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,

Although there was some improvements in the PC chain in February/March, April is showing 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.

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.

The news should improve in the second half as likely Fed rate cuts begin to affect the economy and earnings momentum improves on easy comparison,

That is a swing factor for them going forward. And it's pointing in the right direction for them.

Earnings momentum bottomed in (the fourth quarter) and will improve in 2000,

Sun is seeing some strength in government and healthcare, but competition -- mostly with IBM -- remains acute,

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.

In fact, increased disclosure paints IBM's financial position in a somewhat more positive light.

The impression is that Compaq couldn't attract a heavy hitter from the outside.