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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: GROUND ZERO™ who wrote (4643)	1/8/1998 3:18:00 AM
From: Chris	Read Replies (1) of 42787

seagate warned at close: from briefing.com General Commentary Techs suffered through another bearish session on Wednesday on continued anxiety over the earnings impact of the Asian contagion... Fears were fueled by Atmel's earnings warning... Chip company announced that it would post a loss in the current quarter on sequentially flat revenues... Company was expected to earn $0.34... Disappointing numbers blamed on increased competition and weak sales from Asia... Claimed many of its customers in Asia having trouble securing credit for purchases... As we noted on this page yesterday, market still has yet to fully price in downward pressure on earnings from Asia... This leaves sector vulnerable to further earnings shocks in the weeks to come as earnings reports start flooding in... On the plus side, Atmel only lost 10% on the news... Not good, but a month ago such an announcement would have led to a much sharper decline... So while we haven't fully discounted Asia clearly we're getting closer... But until events in Asia settle down, techs will remain on the defensive. Another earnings warning after the close likely to keep techs in retreat... Usual suspect, Seagate, announced that it will post a significant loss for the current quarter... Street had been looking for slim gain... In case you're counting that brings to 6 the number of tech firms warning in the past week - Sybase, Netscape, Forte, Read-Rite, Atmel & Seagate.

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