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Technology Stocks : Micron Electronics (MUEI)
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To: jgercke who wrote (2763)1/1/1998 12:15:00 PM
From: Michael Burry  Read Replies (1) of 4074
 
MCMS had the potential to be their highest-margin business this
year and they sold it on the cheap (in a hurry? - given that
it's only been two months since they bought the other facility).

Either management is not only poor at managing operations and
totally inept at math, or it is trying to make itself attractive
to a PC manufacturer. If they leave all that cash on its books
then that's an even bigger sign.

Then it cancels a contract with a contract manufacturer in its PC
division. Either Micron wants to do it itself now (not in line
with current industry practice) or it is making itself attractive
to an acquirer with its own outsourcing contracts.

I agree - the pieces of the puzzle are fitting together nicely.
I am still wary of a low-ball offer but see very little downside
at current prices on a PSR basis - only Apple is worse, and
deservedly so.

Mike
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