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Technology Stocks : Adaptive Broadband (NASDAQ:ADAP)
ADAP 0.0502-1.2%Oct 31 9:30 AM EST
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To: CanynGirl who wrote (144)10/23/2000 11:04:42 PM
From: michael_pdx  Read Replies (3) of 215
 
The bear case-- since you asked. In my opinion--

1. They have yet to show that they can make a profit. Future projections do not count.

2. The 1.5 billion in contracts are with small companies that are counting on using unlicensed spectrum. Can those customers raise enough capital to buy 1.5 billion dollars worth of equipment?

3. The "contracts" do not assure that actual sales will occur. That is one reason why the sales are not booked. See ADAP's 10q's for their explanation of this.

4. Neither Sprint nor WorldCom have used ADAP for a commercial launch. Can you name some cities where an ADAP AB system is up and running? How many customers are there on the systems that you can name? Given the revenue reported today they must be selling some substantial systems, but they seem to be low profile.

For months ADAP management has been implying that big deals are just around the corner, and implying that they are going to be getting orders from Sprint, WorldCom, and/or US West. So far that has not materialized.

All that being said, last quarter's revenue reported today was encouraging. I have been watching this stock for months, and lately I am seriously considering buying some shares.

Disclosure, I have long positions in CAMP, HYBR, ANDW, and FON, so I do not claim to be unbiased.
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