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Technology Stocks : Adaptec (ADPT)

ADPT 16.90

+3.4%

10:22 AM EST

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To: Larry J. who wrote (2138)	5/13/1998 7:18:00 AM
From: Tom M	Read Replies (2) of 5944

Larry, many have used the phrase "buy a market leader at a great price" here lately. Let me start again by saying I've liked ADPT the past three years I've been in them. I think by the way the institutions dumped it to this level, the industry does not see ADPT as a market leader anymore, and has priced them so. It'll be time to "show them the money" and I see their margins only shrinking due to industry trends (and Mark's $ analysis). Recently, there has been a lot more analysis on why ADPT's past will be better than its future. I'd like to see some convincing data on where people see ADPT making the increasing revenues necessary to move this thing? I think all of us have a "gut feel" to want to buy something that's taken a 60% hit, but where are the numbers to reinforce this? We also have to forget about what management (with pre-disaster CEO) did in the past. SCSI just isn't as important as it was, and most likely never will be IMO. What do you see as the edge that will differentiate them in what is becoming a commodity I/O business? thanks in advance for any discussion, Tom PS Very thorough financial analysis Mark - thanks for the effort!

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