PSFT - Fiscal 1998 - Discussion for the next year Message Board

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Technology Stocks : PSFT - Fiscal 1998 - Discussion for the next year

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Oct 29 5:00 PM EST

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To: Trader Dave who wrote (3548)	11/17/1998 7:01:00 AM
From: Elmer	of 4509

Hi Dave, Agouron Pharmaceuticals announced a tracking stock last August. It's not trading yet, however. It's just a cute way to keep the investment bankers busy and look shareholder friendly. I think that it's a non-event unless the stock is so oversold that it becomes a reason to jump. We will see. You said that "the stock is going to languish at best." Perhaps. But at $20 you are paying about 24 to 28 times next year's earnings, assuming no revisions of course. If you believe that ERP still has a long term growth rate of 35% and that there is nothing wrong with PSFT's products, then it's a matter of waiting until the Street rotates back to the stock. So "dead money" is the risk, but I feel much greater comfort owning this at depressed levels than chasing Yahoo or Excite. Regards David

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