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Technology Stocks : Stanford Communications

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To: Les Shroyer who wrote (34)	10/25/1996 8:40:00 PM
From: Justa Werkenstiff	of 62

I have been following this stock for over four months now and decided not to initiate any position until now. I thought the stock was attractive but too expensive. Now it appears more and more reasonably priced. As for the recent price move downward, there must be an institution or two reducing or elimintaing their position(s). As of 6/30/96, institutions controlled over 60% of this stock. My guess for the downturn is as follows. The company announced that second quarter over first quarter funded orders dropped from $41.1m to $38.2m and that funded orders for the first half year also dropped from $79.8m to $79.3m. Big Mo players don't like even the possibility of slowing business. Can anyone tell me what a "funded" order as compared to just an order? Moreover, I think there is a proposition 211 concern out there that concerns all investors in particularly California based technology companies. Appreciate your thoughts.

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