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There’s Still Trouble Ahead for The Tech Sector

September 19, 2008
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

Yes, it sure is nice to see stock prices flashing green. But despite the market’s historic two-day move, there are still reasons to worry about what happens to technology shares over the next several quarters.

There are several negative factors at work here. Start with currency: One of the more eye-opening aspects of Oracle’s (ORCL) well-received earnings report last night was the company’s comment that revenues in its fiscal third quarter ending October will see a serious drag from currency factors. Oracle expects a 10 percentage point swing on a year-over-year basis: Currency boosted revenue by 7 points in the year-ago quarter, but will cut revenue growth by 3 percentage points this year, assuming exchange rates stay about where they are now.

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