CONTACT: GEORGE MCCRORY
100 Old Public Library
Iowa City IA 52242
(319) 384-0012; fax (319) 384-0024
Release: July 15, 1999
TECH STOCKS/ NASDAQ MARKET
Reporters and editors looking for comments about the
recent upswing in technology stocks and the all-time high of the NASDAQ market,
which rose 39.9 points Wednesday, closing at 2818.13, may contact the following
University of Iowa expert:
Anand Vijh, associate
professor of finance, (319) 335-0921.
Vijh said he was surprised at Wednesday's rally in technology
stocks which pushed the NASDAQ market to an all-time high. Vijh said recent
technology company earnings reports have been mixed. But reports from Intel
and Apple Computer have been favorable, he said, while Advanced Micro Devices'
report of second quarter per share losses were not so positive.
"It looks like the market is quite exuberant and is tending
to ignore bad news," Vijh said. "The market seems fully priced and has already
gone quite high."