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Technology Stocks : Alliance Semiconductor

ALSC 0.810

0.0%

Jul 10 5:00 PM EST

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To: Madharry who wrote (7412)	5/2/2000 11:30:00 AM
From: Czechsinthemail	Read Replies (1) of 9582

What was strange about LaFontaine's recommendation was that he upped it to Strong Buy while reducing the earnings estimate based on an expectation of lower investment income going forward. I think he is keeping his expectations very modest and will likely upgrade the earnings estimates reiterate the Strong Buy and raise the target price down the road. I continue to be amazed at how the market evaluates ALSC. You could argue that the stock price is reflecting a discounted investment in UMC, Broadcom, Chartered Semi and Vitesse while ignoring the venture activities and the core semi business. As for the ventures, I'm not sure what kind of cash flow they have. My guess is that their perceived value goes up and down with changing sentiments about the market and the expected potential for IPO's. The big question now is what the company will decide to do with its cash hoard -- acquisitions? more aggressive venture programs? spinoffs? or perhaps taking the company private? Reddy has seemed very sharp so far in finding ways to increase shareholder equity and eventually the market price will reflect that value.

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