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Technology Stocks : JDS Uniphase (JDSU)

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To: Jacob Snyder who wrote (21035)	7/31/2001 6:38:26 PM
From: Cary Salsberg	Read Replies (1) of 24042

RE: "...do you think EMC is now a decent value at 20..." I have maintained a Cash Management Account at Merrill Lynch, my wife's checking and Visa account, for 15-20 years and I occasionally use their online site for research. They have a near term neutral rating on EMC because their fiscal 2002 EPS estimate is $0.30. They also talk about a change in business model that EMC must undergo because of falling hardware revenue. They have a favorable long term outlook and they, like you, emphasize software, networking, and services. A PE of 60-70 on a company whose last few years revenue is suspect because of the bubble and whose hardware sales problem fits well with my distaste of storage hardware investments makes it seem more an "indecent" value. The points you made about market valuation are true. Many stock prices do not remotely reflect the companies' current business conditions or prospects. The bubble prices are the current reference. In this environment, I will stick to the few I know will continue to kick butt. EMC is not one of them.

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