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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts

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To: OFW who wrote (21501)	2/11/2000 7:09:00 AM
From: Joe Copia	Read Replies (1) of 25711

ASFN alert. Position Play/Flip? With Greenspan's recent announcements regarding increased Interest Rates...we feel Wall St. will be setting it sights on some Financial Stocks. Factoring companies could benefit signifigantly. ASFN - (NASDAQ) Allstate Financial Corporation provides financing for small and medium-sized businesses, usually those with annual sales of $1 million to $30 million, through the discounted purchase of invoices with recourse to the seller, and through loans secured by accounts receivable, inventory, machinery and equipment, and real estate. The Company's clients do not typically qualify for traditional bank financing because they are either too new, too small, undercapitalized (over-leveraged), unprofitable or otherwise unable to satisfy the requirements of a bank lender. The Company may also allow a client to use the Company's credit standing by providing a letter of guaranty or by obtaining a letter of credit for the client from the Company's bank. These forms of credit enhancement are used by the clients to acquire inventory for sale to their customers. Financial Summary Allstate Financial Corp. is a commercial finance company engaged in providing small to medium sized, high risk growth companies with capital through the discounted purchase of accounts receivable. For the nine months ended 9/30/99, total revenues fell 61% to $3.2 million. Net loss totalled $15.4 million, up from $6.3 million. Results suffered from a conversion of a significant client from a factoring relationship to an Asset Based Loan relationship. Book Value $1.23/share Issued & Outstanding 2.53M Float 800k (92% held institutionally) 52 week high $7.43 low $ .34 current price $1.14 Top institutional investors: biz.yahoo.com SEC filings: sec.gov 2700 South Quincy Street, Suite 540 Arlington, VA 22206 Phone: (703) 931-2274 Fax: (703) 998-5470 Employees as of 12/98: 30

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