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Technology Stocks : Eastman Kodak: Exchange your pictures via computer
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To: Darth Trader who wrote (42)7/24/1997 2:25:00 AM
From: Nero   of 87
 
Darth,

The bounce I expect is down. It didn't happen today, flirting with 69 and dropping back. Tomorrow looks even more promising, especially on opening. I expect it to hit 70 like a ceiling, testing it on opening and again at noon before the realization that it is rock solid resistance. Then falling through 65 to new lows in the low 60s by early August. If the market doesn't correct before December, 60 will be the bottom.

I just can't see EK in the 70s, when it was trading there before the earnings report last week. None of the analysts saw it coming -- the $1.12 was well below even the most pessimistic expectations. How can a company drop a bomb like this (bad quarter and lousy through the end of the year) and just go back to trading at the same levels as if it never happened? On future prospects?

All we have is George Fisher's reassurance that things will be OK again. Fisher is respected on the Street for what he did for Motorola, but he hasn't done anything for Kodak in 3 years. The stock price has run up nicely, but I think that is on name recognition and its membership as a component in the elite Dow 30. It can't hold the PE.

Analysts other than at Solomon Bros. and Prudential-Bache seem unfazed by Kodak's performance and are hesitant to downgrade EK. I think it's just the emperor's new clothes. Sorry you're long Darth.

nero
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