Novell (NOVL) dirt cheap, good buy? Message Board

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Technology Stocks : Novell (NOVL) dirt cheap, good buy?

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To: Steve Fancy who wrote (17446)	9/23/1997
From: Elmo Gregory	of 42771

Steve & Dwight: The "quiet period" seems to be set by individual company policy. Here is some information provided by Wilson, Sonsini, et al. A Briefing provided by Wilson, Sonsini, Goodrich & Rosati Providing Financial Information The Safe Way: An Investor Relations Checklist The Quiet Period 18. Should we adopt a quiet period? Most companies stop providing any guidance to the Street near the end of the quarter. The rationale is that information at that point is ultra-sensitive and subject to misinterpretation based on subtle nuances. The later in the quarter a company revises its internal projections, the more likely it is to disclose that revision by press release, not by market guidance. 19. How should we implement a quiet period? If you decide to adopt a quiet period, the duration can vary. Many companies shut down guidance beginning at the start of the third-month of the quarter, and ending upon issuance of the earnings release. Other companies wait until two weeks before the end of the quarter to start the quiet period. Whatever your quiet period, you should consider stopping all communications with analysts during that period, not just those involving the quarterly results. Analysts are wily creatures: if you talk to them about anything during the quiet period, they may draw inferences (often unintended) about the quarter from comments on other topics or even from the tone of your answers. If you observe a quiet period, then don't tell analysts what your guidance was prior to the quiet period, lest that be misconstrued as suggesting that the prior guidance is still viable. callaw.com -------------------------------------------- Elmo

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