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Technology Stocks : Novell (NOVL) dirt cheap, good buy?
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To: Joe Antol who wrote (16569)8/27/1997 12:27:00 PM
From: vinod Khurana   of 42771
 
Novell falls 8% after shooting down IBM buyout talk

Novell dropped as much as 9 percent Wednesday morning after the networking software company told CNBC it isn't in talks to be acquired by IBM Corp..
The decline ended three days in which the shares gained about 20 percent on speculation that Big Blue would take over the company. Novell shares started their
run even after the troubled company reported that a 75 percent drop in fiscal third-quarter sales left earnings below Wall Street expectations. Novell posted a loss
of 25 cents a share, excluding a charge of 10 cents. Analysts expected a loss of 15 cents, according to First Call. Sales fell to $90 million from $365 million a year
ago because the company didn't release any new products into the indirect sales channel. Novell has been struggling as businesses increasingly turn to Microsoft's
Windows NT for their network software. Novell shares slid 23/32 to 9 1/4 on heavy early trading volume of 10 million shares, while IBM edged up 1/4 to 103
5/8.
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