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Technology Stocks : Adaptec (ADPT)
ADPT 18.00-1.4%1:34 PM EST
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To: Nevin S. who wrote (1063)2/20/1998 6:49:00 PM
From: Charlie Smith  Read Replies (3) of 5944
 
Nevin:

My guess is short term Soundview downgrade came because company said on conf. call that fiscal Q4 revenues in drive related products will be $10 million less than estimated in early January, and as a result Q4 earnings will be "at the low end of the estimated range". Rating agency downgrade is SOP. They're just doing their job, but bond guys wouldn't know an opportunity if it jumped up and bit them in the face. I think the Symbios purchase is a decent, somewhat complementary acquisition done at a good price. Some concern on the call about: 1.) future growth rates in Unix ASIC business if NT continues to capture market share and 2.) What is ADPT doing owning a fab?

P.S. Even a cash acquisition can be dilutive if you overpay enough.

Charlie
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