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Technology Stocks : Advanced Fibre (AFCI) ** IPO
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To: MR. FISH who wrote (3046)7/12/2000 11:21:32 AM
From: lml   of 3299
 
Most investors introducing themselves to AFCI for the first frequently raise this conundrum. Last year AFCI had to report significant extraordinary income from their investment in Cerent Technology acquired by CSCO. I presume the circumstances surrounding the transaction dictated that the swap of Cerent stock for CSCO stock be treated as a taxable transaction. Nevertheless, the result was reported income, a substantial portion of which was non-recurring. Hence, a prima facia low P/E.
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