>I could not take advantage
You could never be a momentum investor like we have here.
Momentum investors leave the General's who get too far in front of their Army.
Ps
Did you see what they did to Conexant (Cnxt) last week?
>
Newport Beach, California, Feb. 28 (Bloomberg) -- Shares of Conexant Systems Inc. fell 16 percent after an analyst cut his rating because of competition concerns about two units responsible for most of the company's growth.
The shares of the No. 2 maker of semiconductors for communications equipment fell 18 13/16 to 96 13/16 in Nasdaq Stock Market trading of 13 million, almost three times the three- month daily average. Conexant is based in Newport Beach, California.
Conexant's Network Access and Wireless units, which have accounted for 63 percent of growth over the past year, are entering a period of increased competition, wrote SG Cowen Analyst Rick Billy, who cut his rating to ``buy' from ``strong buy.'
``We expect this superbly run company to meet these challenges, but risk is undoubtedly heightened,' Billy wrote.
The New York-based analyst also cited the rapid rise in the company's stock price compared with similar stocks as a reason to lower the rating. The shares have risen more than sixfold since Billy began coverage in April.
``We feel it is appropriate to bring the rating down to a level that more accurately reflects (Conexant's) relative attractiveness in our universe of similar stocks,' he wrote.
Billy lowered his earnings expectation for fiscal year 2001 to $1.03 a share from $1.08 while maintaining his 86-cent estimate for fiscal 2000. Conexant, which was spun off from Rockwell International Corp. in 1998, had profit of $12.9 million, or 13 cents a share, on revenue of $1.44 billion for its fiscal year ended Sept. 30.
Feb/28/2000 16:35 |
