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Technology Stocks : Applied Magnetics Corp

APM 1.255

-0.4%

10:41 AM EST

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To: T Bowl who wrote (10554)	12/3/1997 3:38:00 PM
From: Don Earl	Read Replies (2) of 12298

Hi Todd, From looking at last quarters results the lower Zacks estimate was dead on while the other Anal was .42 too high. Using the lower estimate for FY98 and $15 share price gives a forward PE of 11. Book value is $9.15. The devaluation in Korean currency should give APM an edge when paying for expenses in their Korean factory. At least income from investments (currency exchange) has increased substancially from last year. Looking at sales for the last 4 quarters does not suggest to me a decrease in demand for the companies products and from looking at the SEC filings the company is taking steps to increase production. I have a short position on NOVL which has no PE and a history of declining revenue and is just comming off a recent high on hype. Your points are well made and well taken. Believe me when I say that the strange predictions of Wall Street Anals have left me scratching my head on many more than one occaision. My personal opinion is that most of them should be drown before reaching puberty to help eliminate a bad strain from the gene pool. The break in support at 16 today is not a good sign but so far it seems to be holding. If you don't mind my asking, what kind of target price are you looking for on your short position and are you trading or holding? I do know that short and long players can make money side by side in almost any market and I've learned to value the reasoning from different view points, as opposed to the right vs. wrong pissing matches. FWIW I'm long and tend to move it around a bit, a little tenatively right now as I'm still trying to get used to the MMs and their trading patterns. Regards, Don

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