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Fear of rising interest rates caused by inflation hammered the market last week. However, the Market Leading Technology Stocks came back stongly on Friday as Investors recognized buying opportunities. This week is full of reports on the US economy and the market will be watching closely.
I bought Broadcom on Friday for $95. It started the week at 107 and I was pleased to aquire while it was down. Like the rest of the bandwidth builders (Cisco, ATT, MCI Worldcom, Lucent, Qwest) Broadcom will continue its impressive growth as the consumers embrace Broadband solutions.
There is much talk about Broadband and its effect on the internet and electronic commerce for good reason. Simply, Broadband is about speed or the amount of data that moves over the internet. Currently most consumers use a dial up modem to access the internet. In the future, Broadband solutions like cablemodems (@Home, RoadRunner, WebTV), DSL (new technology that operates on standard phone lines but at much higher speeds. Most BabyBells will offer this service in the future) and wireless (DirectTV) will allow for much faster access to the internet.
How will this effect the the technology market? Everything will change. Convergence of Internet, TV, and Phone will create huge opportunities for many companies. The ones to bet on now are the companies that are creating the infrastructure for Broadband solutions. Broadcom is the leading provider of chips for these solutions. ATT, MCI Worldcom and Qwest provide the bandwidth or pipes that will carry the data. CISCO and Lucent will provide the networking/telecommunications hardware that makes Broadband solutions work. All of these Market Leading Technology Stocks will benefit from the Broadband explosion.
The bottom line is to buy these companies now and hold for the long term. With the market in a correction right now, it's a good time to buy, if you have guts.
I'm taking Disney off my list of Market Leading Technology Companies. I still believe that Disney's internet properties (go.com, disney.com, ESPN.com) are still undervalued by Wall Street. However, it seems that Disney's leadership is more interested in maximizing their executive compensation vs. their share holder's value.
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