Rodent Regatta

AND IBM’S AT $56 AND CHANGE

Canadian Phone Giant Trims Forecast. The telecom company BCE Inc. said that third-quarter earnings were at the bottom of its projected range because of slow sales of Internet services. By Bloomberg News. [New York Times: Business]

This slide is likely to progress through the first six months of 2003. Should interest rates suddenly get some upward pressure, we could see another year or two of doldrums. The telecom depression won’t start a recovery until the rest of the economy perks up.