Ticker Talk

It’s not over, one of Wall Street’s biggest bulls says of the tech-stock rebound of recent weeks. Tom Galvin, chief investment officer at Donaldson, Lufkin & Jenrette Inc., on Monday repeated his bullish stance on tech stocks, which make up 70% of the Nasdaq composite. Galvin said in a report to clients that he forecasts “a return to new highs between 5,000 and 6,000, or over 30% appreciation for the Nasdaq, by year end.” The index closed at 3,821.76 on Monday, still far below its record high of 5,048.62. . . .

The Chicago Mercantile Exchange has a “good chance” of getting the approval of its members today to convert the futures exchange into a shareholder-owned company, CME President James J. McNulty said Monday. Members of the second-largest U.S. futures exchange, which is home to contracts linked to the Standard & Poor’s 500 stock index, livestock and other investments, will vote this afternoon on a plan to end more than a century of membership control. Approval requires a two-thirds majority of the CME’s 2,725 members.

The CME has had less opposition to its conversion than its rival, the Chicago Board of Trade. The CBOT, also seeking to become shareholder-owned, is battling with its offspring, the Chicago Board Options Exchange, over trading rights.