5 Stocks Poised for Breakouts
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Barron's: The Rupee Index
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07.21.07Views:
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From Barron's 7-23-07:"...the cause is India's currency, the rupee. Once one of the most enfeebled currencies in Asia, it has been on a tear in recent months, appreciating by an unprecedented 7.1% in the second quarter alone...The rising rupee is dampening earnings at India's leading tech companies, most of which derive more than half their sales from clients in the U.S. A further drag on industry leaders is surging salaries -- a worrying new phenomenon caused, perhaps inevitably, by the increasing size, wealth and power of India's tech sector. Both factors have hit stock prices."
Nonetheless, the basic themes in India's remarkable recent run haven't been shaken. The country's top technology companies are among the most aggressive in the world, keeping costs low, reinvesting heavily and continually pushing into non-U.S. markets. And despite the robust rupee's fiscal-first-quarter toll, the broader earnings outlook remains bright..."Currency is the overriding near-term issue -- it's going to be choppy trading for a while, but that may create opportunities for investors."
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