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Technology Stocks : Compaq
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To: Stan Standridge who wrote ()6/29/2000 4:12:00 PM
From: George Elliott  Read Replies (2) of 97611
 
$25.00...RESEARCH ALERT-Compaq shares fall on inventory concerns

NEW YORK, June 29 (Reuters) - Compaq Computer Corp.
shares fell on Thursday, following a note issued by Salomon
Smith Barney analyst Richard Gardner who significantly reduced
his near-term stock price target and downgraded his rating on
the stock to "neutral" from "buy."
-- Shares fell 3-3/8 to 24-15/16, making it one of the top
percentage losers on the New York Stock Exchange.
-- Gardner cited second-quarter concerns about inventories
at third-party sellers such as retailers in a note to clients,
and reduced his near-term stock price target to $25 to $45.
-- "We have confirmed that Compaq has extended price
protection terms on some corporate products from 20 days to 30
days," he wrote. "We are not sure whether this is related to
existing channel inventories or inventory that could go into
the channel between now and the end of the quarter, but it is
not a positive signal."
-- He said he believes that Compaq's channel inventories are
the highest among the major PC vendors, and that inventory
build-up may have a negative near-term impact on PC margins.
-- He added that current earnings per share and revenue
estimates are under review.
((--Nicole Volpe, New York Newsdesk (212) 859-1700))
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