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Technology Stocks : ACTM $100 Million Cable Modem Contract with MOT
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To: jeffbas who wrote (1047)7/19/1999 11:04:00 AM
From: Rob Preuss  Read Replies (1) of 1250
 
I agree with Rich in that the markets will be *mostly* forward-looking.
They do look back a little... after the 1997 inventory fiasco,
they looked back and said
"with your track record, I want to see actual earnings...
I won't just accept your rosy future outlook"
but in the present situation they'll look back and say
"oh, you had only $0.50/sh in earnings because
you had these big M&A charges... but this merger
is going to help grow your business more rapidly
while providing a more diverse customer base...
without these M&A charges your would have had
respectable earnings and the recent business
trend has been good... so there's good reason
for me to accept your rosy future outlook."

In addition, I look forward to the bigger float once the merger is
complete. I think part of the current uptrend in price is due to
larger institutions nibbling at the available ACT and CMC shares;
once the merger is complete, I expect they'll want to acquire even
more... I'm sure you've noticed that there has been very little in
the way of price pullback recently: it seems we see each run-up on
bigger-than-usual volume followed by a brief low-volume lull with
a steady price (in spite of broader market conditions).

Anyway, I have to believe we'll see the mid-20's by year-end.
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