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Technology Stocks : Newbridge Networks

NN 12.96

+8.3%

Nov 24 3:59 PM EST

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To: zbyslaw owczarczyk who wrote (4925)	6/4/1998 9:48:00 AM
From: Dennis R. Duke	Read Replies (2) of 18016

Merrill Lynch's Joe Bellace did a report on NN this morning. Their recommendation remains a C-3-2-9. Medimum risk, Neutral Near Term, Accumulate Long Term and no Dividend. Much of what they report is similar to the other reports and comments already posted. The Highlights are as follows: EPS in-line with consensus; order backlog at record levels Reason for Report: April 1998 Quarter Results Investment Highlights: * In the April quarter, revenues declined by 10% to c$395 and operating EPS were $0.13 versus $0.28, in-line with concensus expectations. * Based on April quarter results, we are maintaining our estimated EPS of $0.85-0.95 in fiscal 1999. * We are maintaining Intermediate term rating of Neutral. Fundamental Highlights: * The April 1998 quarter was the seventh consecutive quarter where the book-to-bill ratio was greater than 1.0. The order backlong was 8-10 weeks, and management indicated it had increased to record levels. * We estimate that WAN packet product revenues increased by 12% sequentially to c$200 million. There is a second page of info, but most of it I believe has been covered. Dennis

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