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The Market Leading Tech Stocks are riding high. Welcome to the summer rally the Fed jumpstarted and strong earnings continue to fuel.
The Nasdaq has been setting new highs almost daily. The only downside is that if your looking for a place to park your cash, now isn't the best time for most of these recent high flyers.
However, MCI Worldcom and Qwest represent good buys at their current price levels. For more on MCI, see the July 6 Update.
Qwest is in a bidding war with Global Crossing to acquire US West and Frontier (click here for cnet's latest story on the bidding war). In general, Wall Street doesn't like the deal. This has caused Qwest's once soaring stock price of 52 3/8 down to the mid 30s. In other words, a buying opportunity!
Whether Qwest succeeds in it's ambitious plans to take over the world or not, they will be one of the few remaining dominant bandwidth providers when the dust clears (Along with MCI Worldcom & ATT). Qwest has been busy building a state of the art 18,000 mile fiber optic network. This advanced bandwidth superhighway will carry data, voice and video at very fast speeds. With the explosion of the internet and electronic commerce, Qwest is well positioned to profit heavily from its advanced network capacity.
Along with MCI Worldcom, it's a good buy now for the long term.
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