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Technology Stocks : GSPN - DSL Chip maker IPO coming soon; IPO priced at $15
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To: Sir Auric Goldfinger who wrote (147)12/24/2000 12:29:44 AM
From: Glenn Petersen  Read Replies (1) of 164
 
Never bought GSPN. Put STOR in your sights if it pops up again. I think that the lock ups expire on Tuesday. The company is vastly overvalued. Actually, you should be the one providing the "wreckomendation":

forbes.com

DSL Hell

Globespan developes microchip sets that go into gear for direct subscriber lines, one variety of high-speed Internet ramp. The phone companies have suffered a bit of disappointment with DSL, and they are taking it out on their suppliers with pressure for price cuts.

GlobeSpan (nasdaq: GSPN) has other problems, says Stephen Worthington, analyst at Barbary Coast Capital Management. Ex-parent Lucent Technologies, under its divestiture agreement, can use GlobeSpan technology in competing DSL chips. Also, Intel invested in GlobeSpan under an agreement to use GlobeSpan technology, then acquired rival chipmaker Level One, making GlobeSpan's patent protection even less compelling.

For the nine months through September, GlobeSpan lost $119 million, compared with $9 million for all of 1999. At a recent $35, shares are down 75% from their March high. But even at that price they make the company's enterprise value (debt plus market value of common) $2.6 billion, 11 times trailing-12-month sales. Short them and cover at $10.

—Christopher Helman
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