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Technology Stocks : Gateway (GTW)

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To: Ramsey Su who wrote (5870)	5/15/1998 2:42:00 PM
From: Rio Jangada	Read Replies (1) of 8002

Ramsey, I think your right on the mark with your assessment of DELL. I sold my GTW puts today for a nice 3 fold profit. I had to for they expire today. I plan to buy more put options soon. However, I am cautious not just about DELL-mania (however undeserved), but about the MSFT case. Might a favorable ruling on Windows '98 cause a mini rebound rally? On the other hand continued uncertainties can only hurt the industry and time is on the side of the shorts as there are clear signs of slowing profit growth (DELL included), slowing reductions in component costs and other opportunities to cut costs, and a slow but steady influx of bad news, such as the HWP warning. IMO it is best to keep some in on the short side and look for any mini-rally as a chance to load it on. The PC situation now is very similar to the memory chip situation a few years ago. It is a commodity in oversupply with PEs risen to new highs as profit growth shrunk. The day of reckoning is near. Best wishes, Rio

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