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Technology Stocks : Aeroflex (ARX)
ARX 13.80+9.4%3:59 PM EST
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To: David S. who wrote (229)9/18/1997 9:50:00 AM
From: Tim Oliver   of 586
 
The easy money has already been made. The stock has doubled
in a very short time. It was very weak yesterday, even though it
had a major technical breakout a couple days earlier. The PE is
just under 30, although EPS last quarter was lower than one year
ago.

The warrants will be converted at 5 5/8, just like the president
suggested and all of a sudden there will be a bunch of stock out
there with shareholders that want to get out since they don't get
their interest payments anymore. They'll have doubled their money
and move on to something else. I think the added dilution will offset
the reduced interest expense.

I'm long, because of the fundamentals of the company, but think
the stock was a much better buy at $5.
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