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Technology Stocks : Mapics, Inc. (MAPX)
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To: bob golfer who wrote (7)5/25/1997 8:47:00 PM
From: Blue Star   of 141
 
The most recent spike in the stock price is due to an analysts meeting
with management where the pro forma financials of the two new companies
were presented. The break up value is what has been keeping this stock
alive the last few years. MAPICS is a very profitable and predictable
business given its huge world wide install base. This comprises $9-12
of the current stock price of $13.

The other side of the business is pure speculation at this point.
It is burning through cash so fast that they had to do this spin-off
/ secondary offering to stay afloat. Its only promise is its technology
which is probably worth much more to another company that could market
it successfully. Marcam will NEVER be able to do this.

I would not recommend shorting at this level. The stock has been propped
up for a long time now and they will probably continue to do so. If you
doubt this is occurring, compare Marcam's financial record vs. stock
price to that of any other tech company with similar results and that
company is trading under $2.

The thing to do if you own this stock is to hold on to the MAPICS portion,
sell the Marcam Solutions portion and then short the latter. If this
whole split deal was brought about by GAP so they could get out without
a loss then look out below when the new shares are issued. Until then,
don't expect much of a fluctuation.
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