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October 24, 2000|Reuters, Times Staff

The pullback in tech stocks probably isn't over, Microsoft Corp. CEO Steve Ballmer said Monday. As if on cue, Microsoft's own shares fell $3.06 to $62.13 after rebounding sharply late last week. Ballmer, who in September 1999, derided what he referred to as an "absurd" overvaluation of tech stocks--and that was before their dramatic October 1999 through March 2000 run-up--said in Italy that he believes that the market, "with some exceptions, is now very rational." But he added: "I do think there are some companies that are dramatically overvalued, and that we can expect to see more correction."

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