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Technology Stocks : All About Sun Microsystems

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From: Arthur Tang	7/2/2007 8:05:16 AM
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Last week we got an uptick. Caris initiated coverage again from sell to hold. Recently, short interests dropped to 30 million shares; but it probably will back up to 42 million since the cash position had no place to go, parking in treasuries yeilded only 5.25%. Caris did upgrade in 2006. This week, we will take a look at their market making efforts with SUNW? Sunw had sold off one of their buildings on Network drive in Northwest Park to Nordblom(Boston), which deal closed recently for $212 million. From the size of the building done in 1998, Sunw may have a capital appreciation just judging the per square foot price they got? Its in the news release. SUNW still rents 100,000 sq ft. and hires 1500 employees there. Sunw still leads in forward P/E ratio at close to 60; more than twice the average of 26.6 for technology hardware group. This is because of turned around situation and the technology advancement of hardware design(recently Intel cpu based). The forward ratio, of course, will be corrected by the coming realization of earnings projection. We expect that will push the nice move above $7.00 resistance. The targeted price is $10, but Sunw management did not know how to give the analysts guidance?

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