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Technology Stocks : Apple Inc.

AAPL 278.28

+0.1%

Dec 12 9:30 AM EST

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To: Linda Kaplan who wrote (12026)	4/22/1998 5:19:00 PM
From: David Semoreson	Read Replies (1) of 213176

We sometimes are so close to the stock that we don't see what is happening. We creamed estimates and want instant respect, but Wall Street see high-20's as a pretty fair value against current earnings. The stock boost from the bottom line improvment has happened already. And I might add that it took place over a period of 2 months from the earnings shock of January - patience is still a virtue with AAPL. What Wall Street doesn't see is how much higher earnings can go based on continued success in MacOS, better manufacturing efficiencies and the HUGE potential of Rhapsody and MacOS Lite. If you REALLY BELIEVE that WWDC will introduce the world to fabulous new products and strategy (and new partners), then May & June options are on sale tomorrow as the short-termers bail in the AM. I expect to see mid-26's, and I'll be loading up the options barrel. If AAPL succeeds in their plans The Street will be happy to pay 30x earnings next year. And the earnings will be much higher. As a speculative investor you need to see it happening before the PROOF is in. ** David

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