PMC-Sierra (PMCS) Message Board

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Technology Stocks : PMC-Sierra (PMCS)

PMCS 11.65

0.0%

Jan 25 4:00 PM EST

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To: DownSouth who wrote (3602)	7/13/2000 8:19:28 PM
From: t2	Read Replies (1) of 3818

Interesting comments by the CFO about afterhours trading in PMCS. I take this as a sign that maybe the stock will continue to move up to all time highs starting tomorrow as we get our "verdict". IMHO, a lot of people probably got short the stock in the last day or two for it to NOT rally. thestreet.com In the case of chipmaker PMC-Sierra (PMCS:Nasdaq - news), everyone got so excited about the post-close financial results that they bid the stock up 20 7/8 to 228 15/16. When second-quarter results came in at 23 cents, 4 cents better than analyst consensus estimates, there was little fire to spark the fireworks. Profit-taking ate into today's pop and the stock was off 11 3/4 to 217 3/8. A factor that could have contributed to the drop off was the company's reiteration of its expectations of 15% earnings-per-share growth in the next quarter -- around half what PMC has managed in its last two quarters. PMC CFO John Sullivan was at a loss for the move's rationale. "After our acquisition announcement, the pre-market was way down, too," he told TSC following the company's conference call. "But it was all 100- and 200-share trades, and in the end it meant nothing. So we'll get our verdict tomorrow morning." The company maintained its guidance for 15% earnings growth in the next quarter -- around half what PMC has managed in its last two quarters. "Just because we had two in a row doesn't mean it will happen every single quarter," Sullivan said. "It might. Who knows?" Investors who bid the stock up prior to the announcement might have been looking for more. --------------------------------------------------------------------------------

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