MSFT Internet Explorer vs. NSCP Navigator Message Board

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Technology Stocks : MSFT Internet Explorer vs. NSCP Navigator

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To: Jay Rommel who wrote (18721)	4/24/1998 12:53:00 AM
From: Stewart M. Swenson	Read Replies (1) of 24154

MSFT's earnings have become a TAX on the entire PC market. Given the current situation, only MSFT will make any profit off of sub-$1000 PCs. I believe we will shortly see some kind of a revolution by the PC makers (maybe not by the MSFT bed partners like DELL) regarding this issue - sort of like a BOSTON TEA PARTY. With respect to the "HIGH WATER MARK" valuation issue, I believe that the PE has peaked and therefore future stock price appreciation will have to come from EPS growth only. With the current quarter's 25-28% earnings growth and a forecast of slower growth going forward, I would not expect much more than 20-25% stock appreciation (MAX) for the next 12-18 months. So if and when PE contraction occurs, this stock has a lot of risk in comparison to its potential upside.

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