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Technology Stocks : The New QLogic (ANCR)

QLGC 16.07

0.0%

Aug 24 5:00 PM EST

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To: Craig Stevenson who wrote (15813)	4/20/1998 10:12:00 PM
From: Kerry Lee	Read Replies (3) of 29386

FWIW, I expect Q1 results to be yet another ugly quarter, given the slow oil patch sector and the slow pace of decision-making in the Govt sector ( ie, AWACS, Marines ). I have no concrete info on this, just my intuition based on experience <g>. It remains to be seen how/if the market has discounted another lousy Q1 into the current stock price..my gut feel says yes. Also, my gut feel is that we have not seen any significant short covering..YET. I think the shorts were anticipating a return to $3-4 after the Sun news and they are now getting impatient to cover. I also think there are buyers on the sidelines chomping at the bit to initiate a position and/or get back in. Look at how this stock market has been shaking off bad news, eg ANAD. Also, Ancor has bought some time with the $11 million cash infusion. I can hardly wait for the Brocade IPO to be underwritten by Morgan Stanley and Alex Brown. Look at what the Broadcom ( BRCM ) IPO did to the relative valuations of AMCC and MMCN in the past 2-3 days.

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