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Technology Stocks : LSI Corporation
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To: DavidG who wrote (13549)7/15/1998 3:31:00 PM
From: Jock Hutchinson  Read Replies (1) of 25814
 
Any move in the Sox index can only ultimately enhance the Symbios purchase over time. LSI paid 1.2 times sales for chips that are far less commodity-like than DRAM. Today MU sells at 2.5 times sales. This was a no brainer purchase for LSI. There is virtually no downside, since it was purchased at the trough of a semi cycle from a company that is cash strapped. At the worst, a year from now LSI will be able to spin off Symbios for twice the price it paid for it--or a gross "profit" of five bucks a share. While there will obviously be charges associated with this purchase, I challenge anyone to provide a logical reason why 1.2 times sales wasn't an outstanding purchase.
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