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Technology Stocks : Applied Magnetics Corp

APM 1.380

-2.8%

Nov 14 9:30 AM EST

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To: James F. Hopkins who wrote (11485)	3/19/1998 10:32:00 PM
From: Zeev Hed	Read Replies (1) of 12298

Jim, I was in CYRX in the very low teens as well, and the short position was one of the reasons. I actually called my broker and asked how easy it is to get shares borrowed to short CYRX. His answer was that at Merryl they had none. Check with your broker if it is still easy to short APM. One of the many reason for my buying CYRX was my estimate that a rational acquirer would gladly pay at least $500,000,000 for their microprocessor technology and know how and the technological teams they have assembled. There were only about 20 MM shares and the price was about 12.5. It was, in my book a discount of 50% to just the acquisition value of the technology (and nothing about the potential,then, of their new MMX type chips which CPQ put into their first sub $1000 computers). Try and evaluate what would an acquirer pay for APM's technology and compare it to its current valuation (and forget about the book value, since it could be halved with the impending flow of red ink). Let us know what your thinking gets you to. Zeev

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