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Technology Stocks : Network Associates (NET)
NET 184.170.0%Jan 16 9:30 AM EST
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To: FoxGlove who wrote (3319)10/2/1998 7:01:00 PM
From: Richard Haugland  Read Replies (1) of 6021
 
Why the drop today:

Presumably this was due to general weakness on software stocks initiated by downgrades of Peoplesoft (PSFT), which was the most traded stock on the Nasdaq today, losing more than a third its value at one point before recovering a bit at the end to close down a quarter. However PSFT had a P/E of about 55 and perhaps deserved to take some hits.

quote.yahoo.com

I feel that SYMC announcing weak software sales and laying off about 100 people this week also precipitated part of the problem for NETA. SYMC closed down about 16% today, whereas NETA closed down <10%.

After the market closed today Oracle also warned of price cuts ahead in their databases because their competition is becoming stronegr and bundling programs.

NETA is still a great day trading stock. I was in today at 29 7/8, out at 31 3/8, back in at 30 9/16, back out at 31 3/8 and back in near the end at 30 9/16 on one account and in at 30 11/16 and out at 31 5/8 on another account. Problem is I am also still in at prices much closer to 40 on a lot of other shares. This alleviated a bit of my pain today on NETA but to drop from 40+ and moving up to 31 still hurts a lot and I now have more shares of NETA than I did at the start of the day (but at a lower basis).

NETA better make its numbers. Link to positive NETA whisper numbers below but I would not put a lot of reliability in this data:

earningswhispers.com
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