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Technology Stocks : Harmonic Lightwaves (HLIT)
HLIT 9.880-2.7%Dec 19 9:30 AM EST
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To: Hiram Walker who wrote (881)5/19/1997 6:47:00 PM
From: Dennis G.   of 4134
 
Tim, I have a hard time believing anyone sold HLIT today because of fear
of ADSL. The high bandwidth upgrade market is not a zero sum game and
all providers should see good growth. In fact, as you already know, HFC
is the most cost-effective way of providing high bandwidth. I can even
see hybrid systems with fiber for distance to local nodes and xDSL for
use from nodes to end-users. I also can't believe anyone thought that
HLIT was in the running for this specific contract and sold for that reason.

I really think today's selloff was purely a snowball technical event. First
the profit takers wanted to get out (and maybe move into WSTL or something
else) and then, with the rapid price drop, recent buyers sold to minimize
losses. You know how selling begets selling. It all happened really fast
right at the end of the day with a couple of big block trades. Maybe some
TA guy will come along and tell us smugly after the fact that the stock was
overbought and due for a correction.

I also think the fact that this happened the day before the FOMC meeting
is a little more than coincidence. Once we get that out of the way, one way
or the other, I think we'll be back on track. No fundamental changes I know
of. Good time to add more I think or maybe sell those naked puts. But I
will probably wait to see how things shake out this week.
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