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Technology Stocks : Network Appliance

NTAP 103.25

-2.8%

3:59 PM EST

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To: JRH who wrote (4947)	11/14/2000 9:42:30 PM
From: Uncle Frank	Read Replies (2) of 10934

I've had some time to reflect on ntap's earnings report, the conference call, and the ensuing price action. Initially I was disappointed that they didn't issue "blowout" numbers, as I had been hoping for continued momentum in sequential growth. Isn't that ridiculous? 109% top line and 124% earnings growth is performance most ceo's would trade their souls for. Consider that ntap's revenues grew by 116% YoY for the first half of the fiscal year, while they sported 61.6% gross margins! The conference call was a little <yawn>, except for the part where they teased Dan about being called Roadkill by Oracle. I particularly liked the way Tom Mendoza jumped in to backstop his rather dry boss, and showed the fire behind NetApp's sales efforts. The after hours market was brutal; we gave back all but 2 1/2 points of today's gain. But that's been the pattern for high fliers for the past month, and I guess even ntap didn't merit a pass <sigh>. I can't imagine that Mr. Market won't reward such a stunning performance once he thinks it over. uf

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