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Technology Stocks : Corel Corp.

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To: A. Hayer who wrote (899)	7/10/1997 3:37:00 PM
From: tom pope	of 9798

this is really very strange. as of 7/5 - i.e. two weeks after the earnings release and the disclosure of the wp big bath, first call still reports that the high estimate for the aug quarter is .07, with a low estimate of zero. in other words, accepting your estimate of an 8 cent positive quarterly hit from the wp writedown, all the analysts have come in with estimates implying that without the writedown there would have been a loss for the aug quarter. i think the best assumption is that the analysts are asleep. the implications for what happens when they wake up are quite bullish for the stock, no? this is not supposed to happen under the efficient market hypothesis, but i've seen it happen at least once before, when it took the market two weeks to realize conill's quarterly report (about 10 yrs ago) demonstrated the bank was on the brink of insolvency. tp

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