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Technology Stocks : Bay Networks (BAY)

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To: John K. Culley who wrote (2270)	11/20/1996 5:19:00 PM
From: John Messbauer	of 4270

Jack, typically write offs are accepted by the market as normal course of business. There is always dead inventory or development that doesn't fit when companies combined. In my opinion(not fact),they my burying some other costs(god knows from where). I don't every remember a company buying another company and for all intensive purposes writing off the buy price! It is a tax thing(must be legal) and may be very helpful for earnings because Penril did have rev's. As for the street factoring in the charges, I think, they beleive it is positive. BAY's recent rise in per share price is a factor of new maangement & expectations, the general market rise and a number of recomendations to buy the stock based on there thinking that it is turn around candidate. It terms of where is may go near term. I think it will bounce between $23.75 & $26.50 assuming the market doesn't tank to bad. Then it will be a function of earnings and expectations. However,I good be dead wrong about everything. If I knew so much I would has sold at $49. I planning to have a birthday party soon for it!!!! Regards, John

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