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Technology Stocks : JDS Uniphase (JDSU)
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To: pat mudge who wrote (11096)7/6/2000 5:26:23 PM
From: SJS  Read Replies (3) of 24042
 
Pat,

This whole "pre-announce" thing is becoming almost as bad as the upside whisper numbers. Look at these two pre-announcements just released today after the close:
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Polycom (PLCM) 85 3/16 -5/16: Company issues an upside preannouncement -- Q2 EPS will be $0.30-$0.31 versus the First Call mean of $0.29 per share. PLCM also announces a secondary offering of 2.6 mln shares; see press release.

Vertex Pharm (VRTX) 118 1/16 -1 5/16: Company issues an upside preannouncement. EPS will be between $0.40and $0.50 vs. the First Call mean estimate of a loss of $0.23; see press release.
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Now... I can see why Vertex should possibly pre-announce earnings with that much upside, but PLCM for a penny or 2 more? Not a chance. I could see why KEM pre-announced a couple of weeks ago, with 50% upside news, but what gives here for some of this run-of-the-mill, get-a-press-release-out stuff?

I also wonder why JDSU should or should not. In fact, I don't see any reason for them to at all. They clearly told us where they will be and they should just release on their appointed day.

My thinking is that unless there is a gross miss or upside surprise (+/- 15% or more ONLY from concensus either to the upside or downside), we should leave the pre-annoucement stuff alone and get on with earnings season.

Steve
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