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Technology Stocks : ASND - longterm investors with short term worries
ASND 205.980.0%Oct 29 3:59 PM EDT
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To: Jinfu Chen who wrote (49)11/6/1997 9:55:00 AM
From: jad   of 67
 
ASCEND COMMUNICATIONS (From Briefing) Network access concern gave a near-term sales and revenue growth outlook yesterday that it is not too surprising, given the trend in the stock for the past few months and is reflective of the growing pains the company has experienced during this period. Late yesterday, the company's treasurer Bernie Schneider said that Ascend expected sales to increase between 5% and 10% each quarter sequentially for the next two quarters, while revenues are projected to rise closer to 10% in the second half of 1998. As the company mentioned earlier in the week, Ascend is being hurt by the consolidation taking place in the Internet service access provider field which is resulting in lower demand for its products. Accordingly, the company plans to cut the list prices of its access concentrators by 20% to 30% in the next few quarters which most likely lead to the lower revenues and earnings since access concentrators account for about 50% of Ascend's total sales. Already the stock reflects the slowing trend in sales and earnings as the issue has steadily fallen from around the $55 level in early August to its current price level. While last night's comments are not too surprising, there also not likely to help the stock either.
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