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Technology Stocks : Adaptec (ADPT)

ADPT 15.93

-1.9%

3:54 PM EST

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To: Investor2 who wrote (3757)	9/21/1998 11:05:00 AM
From: LoLoLoLita	Read Replies (1) of 5944

S&P reaffirmed ADPT, with caution, last Friday: Friday September 18, 1998 (09:50 am EST) S&P Analysts' Comments - 9/18/98 S&P analyst Megan Graham Hackett is keeping her ranking on Adaptec Inc (ADPT) after the company confirmed that excess channel inventories have been eliminated. The company sees fiscal 1999 second quarter revenues of $140-$145 million, and operating earnings at the low end of the analysts' estimate range. Graham Hackett has not changed her break-even estimate for fiscal 1999. The company is to take a second quarter charge of $0.20-$0.25 per share as it divests longer-term strategic units. The company sees 20% lower operating expense by the third quarter. The S&P analyst cut her fiscal 1999 earnings per share estimate by $0.10 to $0.40. While Graham Hackett says ADPT appears cheap at 11 times her calendar 1999 estimate of $1.05, with low visibility, caution is warranted.

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