Newspaper article St Louis Post-Dispatch (MO)

Losers: Technology Funds Have Fallen Hard

Newspaper article St Louis Post-Dispatch (MO)

Losers: Technology Funds Have Fallen Hard

Article excerpt

Mutual funds investing in computer and telecommunications stocks fell in the latest three-month period amid concern about the industries' earnings outlook and rising interest rates.

"Call it a bear, a cub, or a correction; it all feels the same to investors," said Jennifer Newport, an analyst at Morningstar Inc. "Technology stocks have fallen and fallen hard."

The 20 technology funds tracked by Morningstar declined by an average of 12.5 percent in the past three months. By comparison, the average world stock fund was down 3.7 percent and the average world bond fund was down 3.9 percent, according to Morningstar.

Digital Equipment Corp., Lotus Development Corp. and AST Research Inc. were among the companies to warn analysts that earnings will fall below expectations

"These companies, and some others, caught investors by surprise," said Jay Stevens, an analyst at Dean Witter Reynolds Inc. For example, AST Research said earnings will be below consensus estimates because of production problems in Europe. …

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