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Technology Stocks : FORE Inc.
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To: VegasMan who wrote (8948)7/23/1998 11:26:00 AM
From: Trevor Goodchild  Read Replies (3) of 12559
 
VM,

Nice article. Is TSN Telescan? I'll admit that compared with CSCO, COMS and ASND, institutions seem to be getting into them more than FORE (see below) but I see that as a good thing. It just means that money is floating into the sector and will flow into FORE later after positions with the bigger equipment companies have been established.

Instit. Ownership COMS CSCO ASND FORE
% Shares Owned 61 67 59 48
# of Institutions 819 2031 471 187
Total Sh. Held(Mil) 216 697 114 48.5
3 Mo. Net Purch(Mil) 12.6 34.5 28.4 0
3 Mo. Sh. Purch(Mil) 72.2 111.5 63.7 21.5
3 Mo. Sh. Sold(Mil) 59.6 77 35.4 21.5

The industry average for comm eqipment is 50% institutional ownership so FORE is right in line. What's more important is that FORE's PE and margins are in line with the industry, while its P to Sales, P to CF and P to BV are all lower; it's quick and current ratios are better; its growth rates higher; and its market share in certain market niches increasing. These fundamentals will help bring institutions back.

The article raises some very good issues about FORE, but instituional ownership shouldn't be one of them. The less ownership, the more likely FORE will be able to have a good run up. The more ownership, the more likely FORE is positioned for a quick fall. If FORE has moved up in the last three months without a net gain in ownership from institutions, that is a bullish sign. Those crater creators from the past will soon help create rocket ship FORE!

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