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Technology Stocks : 3Com Corporation (COMS)
COMS 0.00010000.0%Jan 23 9:30 AM EST
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To: David E. Taylor who wrote (39449)2/17/2000 9:25:00 PM
From: Tim McGee  Read Replies (4) of 45548
 
David you really should lower

your estimate for COMS minus PALM to $20

You should look back to the price before the spin-off announcement. COMS was in the low-mid 20s and that included the Palm business.

Also, subtract the PALM numbers from 3Com financial results over the past 2 years and you are left with the incredible shrinking business in a market that is growing very fast. There is no question that they are losing market share in some key areas.

As for the "new" businesses, they have been pointing to many of the same potential "new" business since the US Robotics merger - these opportunities were the fundamental reasons for the merger. By good fortune, they were able to end up with a $30B company to spin-off (Palm).

I hope these businesses finally come to fruition but I'm done betting on it. I've been in COMS for some time but I only stayed for PALM. Unless they show fantastic results in the next two quarters, then I'm out at distribution with everyone else.

COMS does have some investments (which have been overstated on this thread) but these do not reflect its ability to perform its business. Since it has done well with these investments and poorly on its non-palm businesses it should paying out a dividend to shareholders on the investment gains.

PALM has been the saving grace for 3Com over the past two years and is the sole reason for the rise in price since the 20s.

Tim
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