Adaptec (ADPT) Message Board

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Technology Stocks : Adaptec (ADPT)

ADPT 17.80

+0.1%

11:56 AM EST

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To: Jim Switz who wrote (2948)	7/10/1998 11:39:00 PM
From: Larry J.	Read Replies (1) of 5944

Jim, I saw the BS numbers, but not the Robbie Stevens......would appreciate any specifics you can provide. CFO Hansen's resignation is a good thing. ADPT is still suffering from a major credibility loss since Hansen & co. blew it with last quarters downside surprise of 30%. IMO a pre-warning was clearly in order given the magnitude of the shortfall. Probably burned many MM's in the process. ADPT was trading @ 23 11/16 on 4/30 hammering us for 43% since!! This is reminiscent of ASND under Bernie Schneider. Guidance was off and led to a couple of consecutive missed quarters. Michael Ashby, a well respected CFO took over, announced comfort with the current estimate at the time 3 days after joining the firm and has delivered the consensus since. The new CFO selection is critical, but done right may serve as a catalyst for a reversal. Short-term my only concern regarding the CFO departure is the chance that he totally blew it again (3rd in a row) by giving guidance that they expected to make the then consensus estimate of .20 (in early June), and that his resignation is the fall for the fu#%-up. I have not given up on the idea that ADPT can beat .15 excluding previously announced charges on the 23rd. At any rate, I'm buying at these levels, as the gain potential with a 12-18 month horizon is still very compelling. Larry

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