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Technology Stocks : PSFT - Fiscal 1998 - Discussion for the next year
PSFT 0.00010000.0%Oct 29 5:00 PM EST
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To: Eddie Kim who wrote (2250)9/21/1998 5:21:00 PM
From: Tom Smith  Read Replies (1) of 4509
 
SAP Says '98 Outlook Unchanged - Report

Monday September 21 10:10 AM EDT

HAMBURG, Germany (Reuters) - Software developer SAP AG (SAP - news) told a German newsweekly that it saw no reason to change its forecasts despite growing concern that second-half profit will fall below expectations. In an interview with Der Spiegel, chief executive Henning Kagermann said the company continued to expect 1998 sales growth of 40 percent and profit growth of 30 to 35 percent. SAP's widely traded preference shares plummeted 19 percent last week to 800 marks -- their lowest close since April 9 -- although Kagermann said SAP was not in a state of crisis. ''From our point of view, there is absolutely no reason for the surprising plunge in the share price,'' Kagermann said in an article appearing today. The only thing that has changed is the atmosphere in the entire financial market, he said.

Bank Julius Baer analyst Jochen Klusmann on Thursday cut his rating on SAP shares to ''sell'' from ''hold,'' predicting the second half would be ''significantly worse than the first half and significantly worse than expected by the market.''

SAP preference shares, a component in Germany's blue-chip DAX index, have fallen 45 percent since they rea ched an all-time high of 1,331 marks on July 31.

But they are still up 23 percent from their close at the end of 1997. The DAX is up nine percent this year
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