Subject: [NEXTEL-1] Nextel's Rise Fuels Bullish Feelings

From: Marcel <[email-masked]>
Date: Mon, 04 Nov 2002 18:36:07 -0500

RealCommentary from TheStreet.com
Nextel's Rise Fuels Bullish Feelings
Friday November 1, 12:13 pm ET
By James J. Cramer,

Something has changed. We have stocks that go up and keep going up.
They don't go up and then go right back down. This matters. It is
what the bulls are feeling. It is a new feeling, unlike what we have
had for the last couple of years.
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How do I articulate this? Perhaps it is best to do with an example:
Nextel (NasdaqNM:NXTL - News). Ever since the market peak in 2000,
we've had incredible weakness in all telecom stocks. No matter what
happened, no matter how many cuts in rates -- 11, count 'em, 11 --
no matter how much money has been pumped in by the Fed, nothing
seemed to matter to this all-important group.

It was perceived to have too much debt, and it was believed it never
could grow out of that debt, that it was dead.

Nextel, this year, has broken that pattern. It has proven that you
can grow out of your debt problem. The fact that Nextel has not come
in, that it has continued to rally, is a sign that things finally
have become different.

Does that mean there are lots of companies about to turn? Nope. Not
at all. But the simple fact that one company in this beaten-down
segment can make you money makes a huge amount of difference.

It's hard to stay as negative as you have been about the sector,
given Nextel's climb.

But it's not just Nextel. Forest Labs (NYSE:FRX - News) says that
there can be a winner in pharma. UnitedHealth (NYSE:UNH - News) says
there can be a winner in health care cost containment. So does Aetna
(NYSE:AET - News). IBM (NYSE:IBM - News) says there can be a winner
in IT spending.

It's that bullishness that we are feeling, the bullishness that
comes from realizing that not everything is futile in the stock-
picking business.

This positive emboldens us to find others. What a delicious change
from the last two years.

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