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Non-Tech : New Holland and the Ag Equipment Group
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To: Zach E. who wrote (17)9/10/1998 1:06:00 PM
From: James Clarke  Read Replies (2) of 113
 
Case preannouncing the rest of the year and a lower 99 was not a surprise by any reasonable definition of the word. But they announced it on a very scary day, when you've really got to mark something down to find a buyer. And every idiot Wall Street sellside analyst piled on to make it look like they were the first one to know about it. This stock is priced at a recession price/sales ratio, even assuming sales drop 15%. Book value also confirms the recession levels (look at Deere in the last recession when Case wasn't around, and maybe discount Deere's number by 10%). It is buying the hell out of its own stock at these levels, while managing the coming downturn sensibly (i.e. start bringing down inventories.) This stock is very very cheap, but you've got to have patience.

Jim
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