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Technology Stocks : LSI Corporation
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To: Jock Hutchinson who wrote (21235)1/26/2000 9:40:00 AM
From: Bob Howarth  Read Replies (2) of 25814
 
Jock. I think analysts on CC avoided pursuing a lot of details I would like to have heard. But I actually, for the first time, came away with a few concerns.

1. The earnings BGW uses a lower tax rate than GAAP but LSI told the analyst to ask what the difference was 'off-line'.

2. The 14% of legacy revenue that becomes 3%. How profitable was that revenue compared with other stuff being produced? Was there a single big product piece here that goes away?

3. I was surprised that SUNW was 11% or so of revenues, with no communications products. LSI longs better hope SUNW growth doesn't slow as this will hit LSI.

4. I liked the older way they divided up the company rather than the new. For example, you could ascribe lower margins to concumer and higher to COMMS in old system. Now you can't tell whether a product like wireless handset is priced with consumer margins or not.

5. I was surprised that Wilfs 3000 YEN target price of PS2, as well as the embedded DVD player in PS2, was not discussed a bit more.

Good luck LSI longs.
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