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Strategies & Market Trends : The New Economy and its Winners
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To: Dave Doriguzzi who wrote (13101)7/26/2002 11:09:47 AM
From: Bill Harmond  Read Replies (2) of 57684
 
Thanks, Dave.

I buy the professional services argument. In fact I think that is what differentiates FreeMarkets in this time of enterprise software woes, because the company is tied more to inventory rebuilding than IT capex.

I think there's a secular story here. Something like a Paychex in the 1990's even.

Of course there is a software component here, but with the kind of savings FreeMarkets consistently has provided, I think this is more a backfill into IT than a cyclical enterprise spend story.

In any event, there is no doubt in my mind that this is a controversial company. At this valuation, though, and with the execution they have shown, I think the SWS piece yesterday is weak and flimzy. Maybe they're right, but their arguments seemed contradictory in some cases and certainly statistically unreliable.

In this wired world, it's a shame that a weak piece from a regional shop can have that kind of effect. I trust SWS's issues will be addressed on Tuesday's call.
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