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Technology Stocks : Compaq
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To: rupert1 who wrote (76594)1/25/2000 7:24:00 PM
From: rupert1  Read Replies (1) of 97611
 
If I were an analyst and had missed the CC (which I have) and only had the press releases as a source, I might say:

COMPAQ reiterate HOLD or BUY or MARKET OUTPERFORM

COMPAQ exceeded reduced expectations of .16 and achieved .19
All divisions except commercial PC's saw sequential growth in earnings compared to 3Q, and in the commercial PC's divison operating losses were cut in half. The net revenue growth was a healthy 14%.

The ongoing changes in the company resulted in more than 50% of revenues coming from non-PC products and services.

While the headline figure of a reduction in year over year revenues of 4% might be troubling, that figure was measured against 4Q 1998 figures which were inflated by more than 7-8 weeks of inventory in channel. With currecny fluctuations from internantional operations removed, the true year on year reduction in revenues would have been 1%.

The percentage increase in revenues for Services was disappointing.

Forward guidance was positive - even confident. Post YK2 high-end sales, and the start of shipmentds of iPaq and EZ2000 - and the promise of a return to profitability in the commercial PC sector, together with the further reduction of costs by increasing direct sales to 40%, and new products, would support estimates of $1.50 for FY 2000 and a twelve month target of $50-55 per share.

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