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Technology Stocks : 3Com Corporation (COMS)
COMS 0.00130-18.8%Nov 7 11:47 AM EST
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To: mr.mark who wrote (43836)7/13/2000 2:23:02 PM
From: David E. Taylor  Read Replies (1) of 45548
 
Mark:

Souze is right, I was talking about PALM the stock (near term) and not PALM the company (long term).

And I also agree with you (and others here) about PALM's long term prospects. I think I've said a few times that I believe that PALM will be a "must own" tech stock, and that IMO it could easily be around $100 a year from now.

But the short term gyrations in PALM's stock price could be severe, and there are other forces at work than just the market's reasonable valuation for PALM, which right now appears to be headed for the $38 IPO price +/- $2 or so.

Remember how confident we all (or most of us) were approaching IPO day that COMS would hold at least $100 or so? And then the "1.5 factor" that had propelled COMS to (in retrospect) insane heights got broken, and COMS got taken down irrespective of what PALM did.

Now we have a slightly different scenario. With COMSV trading around a minimum (book value) valuation of $14 and COMS=1.5 PALM+COMSV about to be locked in by virtue of the ratio getting fixed, the only way to take COMS down is for PALM to be taken down. So, since I'm once again irrationally loaded up on COMS and COMS August options, you can bet that I'm going to watch PALM (and other market data) like a hawk for signs that something other than "noise" is going on.

So I have both my long term and short term hats on, at least for the next few weeks, after which I'll revert to my more normal long term sensible core holding approach with PALM.

David T.
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