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Technology Stocks : Newbridge Networks

NN 14.21

+1.7%

Nov 28 9:30 AM EST

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To: nick cash who wrote (14017)	10/28/1999 12:17:00 AM
From: Doug	Read Replies (1) of 18016

Nick: Thx. As you are aware NN joined a number of stocks in the penalty Box. The penalty box group of stocks are excellent plays for portfolio adjustment. Managers who own these stocks and have large trading profits use these stocks to create artificial losses by selling them even lower to their sister Funds. The sister Fund then has a spectacular rise when the stock rebounds. Its a great way to exchange taxable profits for capital gains(less tax). I have a list of such stocks many of whom were driven down even though they exceeded their earnings forecast. The big Q remains if this applies to NN. That can be determined on Monday. If the slide stops,it will confirm the Portfolio adjustment. If it does not, then it will likely be earnings related. Valuation can only be meaningful once this issue is resolved. Cheers.

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