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Technology Stocks : Bay Networks (BAY)

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To: John Messbauer who wrote (2277)	11/20/1996 6:18:00 PM
From: John K. Culley	of 4270

John: Thanks for your response, which I found reassuring, but I had already taken action. I took into consideration the same points you made and crashed last night undecided on how the street was going to react. This morning I put a tight stop loss on my position @ $25.25 before the markets opened. This of course was taken out early on. Fortunately for me, I actual had 2 points of profit @ $25.25, since I had averaged down last month when BAY was trading @ $19 and change. The biggest concern I had, relative to the Penril acquisition, was that BAY management would take this opportunity to write off everything in one fell swoop during this quarter. Clean house so to speak. As it looks now, BAY will report an EPS of ($0.45) for this quarter, without the extraneous items they may throw out. You're probably right that BAY will trade somewhere between $23.75 and $26.50, until such time that they improve on earnings and expectations. I will look for another opportunity to enter BAY in the lower $20's. Good luck! Regards, Jack

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