Technology Stocks Cheapest Since 1998 Amid IPO Bubble Fear

June 1 (Bloomberg) -- Mo Koyfman, principal at Spark Capital, talks about LinkedIn Corp.'s initial public offering and the valuation of social-media companies. Koyfman, speaking with Deirdre Bolton on Bloomberg Television's "InsideTrack," also discusses the outlook for Apple Inc.'s iCloud and new ventures in the technology industry. (Source: Bloomberg)

May 31 (Bloomberg) -- Jeffrey Lindsey, a portfolio manager at BlackRock Advisors Inc., discusses the planned public appearance June 6 by Apple Inc. Chief Executive Officer Steve Jobs and outlook for the company. Jobs, who the company said Jan. 17 would take his third medical leave since 2004 to battle a rare form of cancer, will deliver a keynote address at Apple’s Worldwide Developers Conference, the company said today. Lindsey, speaking with Betty Liu, Jon Erlichman and Dominic Chu on Bloomberg Television's "In the Loop," also talks about LinkedIn Corp.'s initial public offering. (Source: Bloomberg)

The five-week drop in U.S. stocks has driven technology company valuations to the lowest level in more than a decade, making them too cheap to pass up for some of the nation’s biggest money managers.

The largest group in the benchmark gauge for American equities lost 7 percent through June 3, or about $190 billion in value, since the market peaked on Feb. 18, falling more than any industry outside financials. Computer stocks trade for 9.3 times reported earnings before interest, taxes, depreciation and amortization, 1.3 times the index’s multiple, data compiled by Bloomberg show as of June 3. The ratio is the smallest since at least 1998.

While signs of a slowing recovery and the initial public offering of LinkedIn Corp. have spurred concern the industry has entered a speculative bubble, the numbers show something different. Profits will rise 35 percent faster than the Standard & Poor’s 500 Index in 2011, and executives are boosting computer and software spending, data from Bank of America Corp. and Bloomberg show.

“We see the best supply-demand trend in technology,” said Michael Sansoterra, a money manager at RidgeWorth Capital Management in Atlanta, which oversees $48.5 billion including Broadcom Corp. (BRCM) and Google Inc. (GOOG) shares. “You can measure it pretty much every way you want and it looks attractive.”

Computer-industry earnings are almost double the level at the peak of the Internet bubble. Profits for technology makers in the S&P 500 totaled $135.6 billion last year, compared with $72.9 billion in 2000, when the S&P 500 Information Technology Index reached an all-time high, according to data compiled by Bloomberg. Bank of America says corporate expenditures on equipment and software will increase 10 percent this year, about four times faster than U.S. gross domestic product.

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