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Technology Stocks : Novell (NOVL) dirt cheap, good buy?
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To: cromwell,morgan who wrote (5126)11/23/1996 9:18:00 PM
From: michael c. dodge   of 42771
 
I do not know how this plays out, but Nov. 26 is 30 days after the close of the odd fiscal year for Novell (Oct. 26, I believe). December 13 was pretty close to the Dec. 16 shareholder effective date on the poison pill defense. There may well be some caselaw or rule-driven reason for moving the earnings announcement date back away from Dec. 16. The pill must have been in the works for at least a few days. The movement in earnings announcement IS to a very light trading day, but that may have nothing at all to do with it.

The poison pill says more to me than anything I've seen on this company in the last several months. I just don't know what the hell it is. The survivors in management have gone through so much the last two years, I certainly do not blame them for wanting to keep the company, which they now control without apparent internal division, and which they think they can now grow and cause to prosper. Any purchase activity (and I do believe there have been recent approaches)can only benefit the shareholders.

To my eyes, anyway, the company now has: (i) wonderful installed base with now a clear upgrade path into the area (intranets) where the businesspeople (including me) want to go; (ii) excellent cash position and liquidity ratios; (iii) focus on its core competencies (yes, they DO exist!); (iv) a common and public perception in the investment community as damaged goods; all of which lead to (v) a good opportunity for the clearheaded.

All in all, an interesting story to live through.

Mike Dodge (way long by choice)
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