Advanced Digital Information Corp. (ADIC) Message Board

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Technology Stocks : Advanced Digital Information Corp. (ADIC)

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To: Jim Oravetz who wrote (2015)	7/24/2000 12:39:59 PM
From: Jim Oravetz	Read Replies (2) of 2283

Advanced Digital Up 9%:No Reason For Surge, Analysts Say Dow Jones Newswires NEW YORK -- Advanced Digital Information Corp. (ADIC) shares continued their roller-coaster ride Monday, rising more than 6% after closing down 5.4% Friday. Although shares of the data storage company had gained recently on rumors that EMC Corp. (EMC) may be a potential bidder, analysts say there is no reason for Monday's rise. "From my understanding after talking with the company, (Advanced Digital) is not having a terrific quarter," said First Security Van Kasper analyst Brion Tanous. "There is no fundamental reason for the stock's activity Monday." Although Advanced Digital didn't give any indications whether it will miss views for the third quarter ending this month, Tanous said the company indicated it would not be exceptional. First Call/Thomson Financial's consensus estimate is 14 cents a share, down from 11 cents a year earlier. The rumor about EMC buying Advanced Digital is "pretty ridiculous," said Tanous. He noted that EMC does not believe in tape as a storage technology. The EMC rumor surfaced a week ago, driving Advanced Digital stock up more than 20%. More recently the stock was up 7/8, or 6.6%, at 14 1/8 on volume of 1 million shares, compared with a daily average of 1.8 million. Ragen MacKenzie analyst Daniel Nelson said the stock has been trading "pretty erratically" in the last three or four days. There was no news out of the company to warrant Monday's run-up, he added. Nelson said he stopped formal coverage of Advanced Digital because the stock got too "rich" from a price to earnings point of view. Officials at Advanced Digital were not immediately available for comment. today wsji Jim

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