BAY Ntwks (under House) Message Board

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Technology Stocks : BAY Ntwks (under House)

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To: adam hefian who wrote (6556)	6/16/1998 4:10:00 PM
From: Paul Fine	Read Replies (2) of 6980

Adam- I share your frustration with Bay and it's predecessor(SNPX). However, to be fair here let's not put the other networkers on a pedestal. The only longterm high performer of the original "big four"(cisco, bay, cabletron and 3com) has been cisco. 3com has not yet recovered from their buyout of USRX and CS is at a multi-year low. You go to the second tier, and ASND is just now recovering from their debacle of last year(now off 10% from 52 wk high); FORE and NN are trading near 52 wk lows(and more than 50% off their highs). Networking has been a tough place to make money unless you owned the Big Dog, or some small company that happened to get bought out. The major frustration for me is reliving the past. I warned here before that we risked having the company sold when it was down(as was SNPX in 1994). House may think last quarter was just a one-time blip, but it is going to cost all of us a ton of money. Bay will only post one more quarter of numbers before the deal closes, and I don't know if it will be enough to get us back on track. On the other hand, if things do go well the next few quarters, and NT/Bay do not stumble on the execution of the merger(as SNPX/WFLT did), then NT stock price should recover. Then your decision is if you want to hold NT. Remember, NT was up about 50% already this year before the sell-off yesterday. Final comment. I listened to the conf. call last night. No questions were asked about the purchase price(as was done on the TV later in the day). They did say that House and his top mgrs have an incentive to stay on with NT. They also said they want to retain the Bay employees and will be adjusting options and future compensation plans(for both Bay and NT) to reflect the current practices in the Networking market. So good news for you Bay employees who were concerned that NT would not grant options going forward. Paul

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