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Technology Stocks : Cornerstone Imaging (CRNR)
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To: Rick Purdy who wrote (277)7/1/1997 11:00:00 PM
From: Paul Haynes   of 430
 
I purchased CRNR based on my own valuation which I put on this thread in mid-June. I figured what I thought would be a very conservative 50% miss on the low side of the earnings estimate. Continuing this valuation for the remainder of the fiscal year and comparing that to the current price of the stock, I thought this was a good value. Pointless now, however, I am left thinking about how the analysts in Zacks came up with their estimates which resulted in a consensus of $0.12 for the quarter. My guess is that they must have talked with the company and bought into the same growth rate in hardware as the Cornerstone press release discussed.

No doubt some of the longs will rush out of the door tomorrow. I expect a gap opening on the downside from today's close. If the final number for the quarter is indeed breakeven, then the book value level of about $4.92 should hold for now. I sure hope this is the floor for any downside for the stock. Cash per share was around $2.90 at the end of last quarter and working capital per share was abount $4.72 per share. If all the inventory is fully valued (without the need for any devaluation) then $5 appears to be the lowest "fallback and regroup" position. I sure hope CRNR doesn't fall this much.

Good luck.
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