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Technology Stocks : Trimble Navigation

TRMB 83.51

+1.5%

Dec 5 9:30 AM EST

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To: Altaf Amin Jadavji who wrote (2712)	8/21/1998 10:06:00 AM
From: arun gera	of 3506

Altaf: I would rate TRMB as Hold. The picture right now is too fuzzy to buy TRMB. It is not clear who is in charge or will be in charge. Also, I am not sure if Charlie was as wrong about his management style as it is being made out. He definitely is a stabilizing force. Trying to compare Trimble to Apple (not an Apple to Apple comparison really), the loss of Steve Jobs at Apple practically ceased the strategic technical advances at Apple. John Scully from Pepsi did improve marketing, but surrendered technical leadership to Microsoft. Also, Apple under Scully launched several visionary projects that never went anywhere. Jobs knows the industry better and the kind of innovation needed. And the results are already showing after he returned to Apple. The impression that many investors have is that a new CEO will do what Gerstner did to IBM. I don't think that is the solution for TRMB. IBM is huge and an entrenched monopoly in many of its businesses. There were great inefficiencies in IBM. And IBM employees were too comfortable. Trimble employees are not that well paid. In fact they may be underpaid by Silicon Valley standards. The common Trimble employee will be happiest if Trimble's stock went up, as options are a significant part of the compensation. On the positive side, a new CEO could be more Wall-Street conscious. Has to be an outsider obviously. Also, may not have as much sympathy for non-performers. That can improve overall performance. However, I would recommend a minor tweaking of the organization and not a major overhaul at this point. It is not clear what kind of company TRMB will be without Charles Trimble at the helm. So I am ready to completely re-evaluate my long-term investment in TRMB as soon as some more information becomes available. Arun

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