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Technology Stocks : Excel Communications
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To: Joe Jackson who wrote (2289)10/22/1997 5:37:00 PM
From: Rob S.  Read Replies (1) of 2806
 
Almost all immediate questions and conerns about where the company is headed and how they plan to get there have been answered. The analysts have agreed with the assessment that sales and earnings will improve and the target is 35-38. Many of the turmoil in the idustry has settled out to the point where a basic understanding of how Excel is positioned is well known. So now it becomes less important to understand every twist and turn in the stock. It almost certainly will head up over the course of the next several months, so just buy and wait or buy stock or sell puts on dips, sell calls on rallies.

Off topic: I noticed something interesting listening to the conference call for Quantum. QNTM made over $530 million in revenue last quarter by selling puts on their stock! For a stock that is heavily held by institutions, this may have a similar efect to a stock buy-back because it provides "insurance" against a collapse. That tends to keep institutional investors in the stock. While providing some stability to hte market in the stock, Quantum was able to reap a small fortune to the benefit of shareholders. I guess the net benefit to all shareholders was a wash but it did benefit the small shareholder who did not hedge his bet with puts. I thought that this was a very useful method of providing assurance that the stock was well worth its value. I have some QNTM and sold calls against it when it went to 41 and then bought more stock when it went down to around 34. Nice to know that their was a floor underneath me.
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