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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject	7/5/2001 7:40:59 PM
From: Softechie	of 37746

EMC Corp. EMC Corp. (EMC-NYSE) By Pacific Growth Equities ($30.60, July 3, 2001) Having been away for roughly a month, we have come back to a demand environment that remains relatively anemic in North America and is deteriorating in Europe. The recession has clearly affected Main Street, and while pocketbooks are not completely closed, buyers are being conservative until visibility in their own businesses improves. Also impinging on EMC is enhanced competition from Hitachi, IBM and Network Appliance. While we believe that the market is large enough to comfortably support these players in their respective areas of focus, in the current environment each is making EMC's revenue generation task harder. We are reducing our second quarter revenue estimate from $2.48 billion to $2.38 billion but leaving our $0.18 per share earnings estimate unchanged. Several aggressive EMC pricing actions during the quarter did encourage transaction activity and added to revenue. Our guess is that gross margins may have declined 1% to 1.5% points from the first quarter's 55.1% figure. Nonetheless, we continue to strongly recommend EMC, believing the shares will be a rewarding holding during an economic recovery. -- Thomas Mancino

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