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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: patron_anejo_por_favor who wrote (132432)	11/1/2001 5:03:46 PM
From: ild	Read Replies (4) of 436258

NEWS FLASH Providian Financial(PVN) to sell memory (Reuters) Thursday November 1, 2001. 2:29 PM ET Providian Financial Corporation CEO and President Shailesh Mehta announced today that Providian would leave the credit card business and enter the memory business. Said the CEO, "we are trying to do what's right for the stockholder. It seems the market doesn't like us making only 19¢ a share in an slowing economy in the credit card business." The CEO said, "we plan to buy 256MB memory from Hynix and resell it at a loss. We figure if MU can make it's own memory and sell it at a loss, and have a market cap of 1.5 times world sales of memory, Providian should have a market cap of conservatively 50% of world memory sales. That would represent an increase of 400% of our current shareprice". In related news, chip "analyst" Joe Osha said you want to buy Providian before the upturn in 2003 for memory prices. In other news, Maria Bartiroma today reported there is still a ton of money sitting on the sidelines waiting to get into Nasdaq listed companies that don't make a profit, and who's prospects for doing so seem bleak. messages.yahoo.com

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