StorageNetworks, Inc. (STOR) Message Board

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Technology Stocks : StorageNetworks, Inc. (STOR)

STOR 32.21

0.0%

Feb 3 4:00 PM EST

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To: The Other Analyst who wrote (62)	8/21/2000 9:34:50 AM
From: Glenn Petersen	of 187

The "Streewalker" recommends shorting STOR in the current issue of Forbes: forbes.com Data Dump STORAGENETWORKS WANTS TO CASH in on the growing need for data storage. Join the club. The newly public company has 50 competitors, including powerhouses EMC and Compaq. Compared with them, StorageNetworks (Nasdaq: STOR) is a minnow with 1999 sales of just $6 million. But it has a whale of a market value: $10.5 billion. The company scored a coup by landing a recent contract with Lycos, the search-engine outfit. But Timothy Curro, head of the Value Holdings hedge fund, isn't impressed. Reason: StorageNetworks is plunging deeper into the red and expects to be unprofitable for the foreseeable future. Curro doubts that the stock, which was offered to the public in June at $27, can sustain its current level of $119, especially with 80 million shares coming off lockup in December. Short the stock.

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