Valley Media (VMIX) IPO Message Board

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Non-Tech : Valley Media (VMIX) IPO

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To: Green Wave who wrote (291)	12/7/1999 5:29:00 PM
From: Glenn Petersen	Read Replies (1) of 298

J.P. Morgan was the source of today's pain. $16 would be acceptable. biz.yahoo.com Tuesday December 7, 10:06 am Eastern Time RESEARCH ALERT - Valley Media cut by J.P. Morgan NEW YORK, Dec 7 (Reuters) - J.P. Morgan Inc. cut its rating on Valley Media Inc. (NasdaqNM:VMIX - news) to market performer from buy, the investment bank said on Tuesday. -- The rating of the company was downgraded to reflect a slowdown in new media sales, higher than anticipated costs and uncertainties in the management structure, analyst Richard MacDonald wrote. -- The price target was cut to $16 from $26. -- Earnings estimates for fiscal year 2000 were cut to 18 cents from 75 cents a shares. -- EPS estimates for FY01 were cut to 76 cents a share from $1.55. -- Shares of Valley Media were down 9/16 at 7-5/8 in trade on the Nasdaq stock market.

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