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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 77.35

+0.7%

1:51 PM EST

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To: ed who wrote (16653)	9/1/1998 3:51:00 AM
From: Doug Fowler	Read Replies (2) of 77400

>>Small tech stocks are not cheap at all.<< Let me give you a few examples: Premisys (PRMS) trades at $8.50, has $3 in cash, had $0.19 earnings last quarter, with revenues last quarter more than double the year ago number, and earnings quadruple the year ago number. Visio (VSIO) has seen its stock drop from 51 to 21 in the past two months, and has been growing sales and earnings at 60 to 70 percent. (Latest quarterly revenues were up 70 percent and earnings were up 64 percent.) Latest quarterly earnings annualized are $1.24. There are many examples of very cheap, very beaten down small tech stocks right now, some 60 percent or more off in the past few months. I am not going to debate the merits of Cisco. You and I both agree that it is a great company with very good prospects. But Cisco is currently only about 20 percent off its all-time high. Given the current sentiment, Cisco could go considerably lower. In addition, Cisco's growth could slow substantially if global markets worsen or if companies cut back on their spending to align with their own diminished prospects.

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