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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: MythMan who wrote (282201)	3/31/2004 3:31:01 PM
From: Lucretius	Read Replies (2) of 436258

ho ho ho QLogic's Shortfall Earns It Enmity By James J. Cramer RealMoney Columnist 3/31/2004 9:00 AM EST Click here for more stories by James J. Cramer Nobody saw this shortfall coming. The scorn won't die down quickly. Announcing on the quarter's last day ruins the quarter for the mo-mo mutual funds that hold it. Position: None That QLogic (QLGC:Nasdaq - commentary - research) shortfall is a two-by-four upside the head because I don't know a soul who saw this one coming. But should it have been so invisible? And should the magnitude of the shortfall -- it's in a couple of divisions -- have been so unheralded? Scrolling back through the headlines, I see that about seven weeks ago the chief financial officer suddenly quit. While he stayed on, the guy did resign Feb. 13. I was lulled into thinking that it wasn't a red flag, but in retrospect that was just plain wrong. I don't believe the scorn will die down quickly here. QLogic hadn't been signaling anything negative at all. Worse, it comes on the last day of the quarter, a sure sign that the company doesn't have its act together at all because mutual funds, especially those that own stocks like highflying QLogic, live and die by their quarterly performances. And QLogic just killed a lot of quarters for momentum types. Random musings: My checklist got one right (No. 5, to be exact): Charter (CHTR:Nasdaq - commentary - research) announced a refinancing to take advantage of these low rates. It wouldn't be able to do this if it hadn't solved some of those allegedly thorny issues with Paul Allen. This would be a good chance to buy some for folks who don't already have the common.

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