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Technology Stocks : Glenayre Technologies(GEMS)- a pure cellular PCS play?
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To: JC who wrote (2790)7/31/1998 10:29:00 AM
From: paul asper   of 3431
 
No one seems to be looking at the true facts underlying this company:
1. They've ALWAYS thrown out the back orders card. That "fact" hasn't done anything for the performance of the company over the past three years.

2. Asia's downturn is NOT the reason for GEMS' poor stock performance. They've been going down faster than a fat skydiver long before Asia's current mess began.

3. Someone asked "why hasn't Glenayre sold Western Multiplex yet?" The real question is "why hasn't anyone bought Western Multiplex yet?" And why did Glenayre dump so much into buying this unit in the first place just a few short years ago? They're willing to sell WMX for a song now and still no buyers.

4. Who the hell is running Glenayre's marketing department??? The corporate offices have gone through at least FOUR Corporate Marketing VPs/Directors since Gary Smith "blessed" Charlotte with his presence. Now they have their head of HR running the company's marketing! What the hell is that and what credentials does Beverley Cox have to lead the marketing strategy of an international telcom manufacturer anyway? Her tenure as a sales rep for a local printer? Her BA degree in psychology??!

It doesn't take a rocket scientist to figure out that: it isn't back orders, Asia's economy, uncooperative units or past marketers to blame for Glenayre's dismal performance over the past two years. It's Gary Smith. This guy's gotta be the most incompetant CEO in America today. Just check out his bio: flunked outta b school. Never worked for any other company but Glenayre. Possibly an acceptable engineer, but business leader material? I don't think so.

For the past two years Nasdaq's been running high. Telecommunications worldwide has been running high. But ever since Smith took control of the corner office, Glenayre's been dropping like a stone.

I wouldn't touch their stock until the Board finds the fortitude and good sense to can the entire executive floor.

To paraphrase: It's the leadership, stupid.
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