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Technology Stocks : Openwave Systems (formerly Phone.com & Software.com) (OPWV)

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To: Lizzie Tudor who wrote (112)	7/25/2002 1:22:26 PM
From: Eric L	of 184

Nice job with the cc coverage. Thanks. Right now I would say that Don Listwin has a real challenge. Here is Reuters on yesterday: >> Openwave Shares Fall 27 Pct After Earnings Report July 24, 2002 Reuters Shares of wireless software company Openwave Systems Inc. (NasdaqNM:OPWV - News) on Wednesday fell more than 27 percent after the company sounded a cautious note for fiscal 2003. The stock closed off 39 cents or 27.5 percent at $1.03 on Nasdaq. Earlier shares fell to an all-time low of $1. Redwood City, California-based Openwave on Tuesday posted a fiscal fourth-quarter loss that was in line with its own lowered expectations. But the company warned it would post a larger loss in the September quarter than analysts' average expectation. The company said on Tuesday in a conference call it expects the market to remain difficult for the next four to six quarters as wireless operators cut back on spending. "The business hasn't stabilized yet and continues to trend down," Peter Friedland, wireless analyst with WR Hambrecht & Co., said. "Wireless Internet services have yet to generate meaningful interest outside of Korea and Japan." Friedland said he was particularly disappointed by Openwave's guidance that it would burn through $25 million to $30 million in cash in the September quarter, up from $3.4 million in the June quarter. "We continue to believe Openwave is well positioned to capitalize on the deployment of wireless data, but we expect the stock will not recover until a return of mobile data subscriber growth," Edward Snyder, analyst with J.P. Morgan, said in a research note. Openwave is the top supplier of software that mobile service providers use to offer text and instant messaging to customers. It also provides mobile Web-browsing software. << - Eric -

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