Compaq Message Board - Msg: 5924393

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Technology Stocks : Compaq

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To: PCSS who wrote (33880)	10/6/1998 10:37:00 AM
From: Elwood P. Dowd	Read Replies (2) of 97611

Tee time 11:00am. See Ya! Here's the report from Salomon Smith Barney. It doesn't sound bad compared to what was on the TSC. Channel checks last week indicate that Compaq has consummated buy-ins this quarter with several large resellers and distributors. The buy-ins are very small relative to those that took place at the end of 1997 and the start of 1998 and are likely motivated by manufacturing constraints related to the implementation of build-to-order, and component constraints on certain Intel microprocessors. Given the magnitude of the buy-ins, we do not believe they pose any ^^ ^^ ^^^ ^^^^^^^ ^^^^ ^^^^ ^^^ significant P&L risk for Compaq--the total maybe as small as 1-2% of total ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ ^^^^^^^^^^^^^ PC revenue in the quarter. *We believe this digression is transitory in nature, and that Compaq remains committed to supply chain reengineering. We therefore maintain our 1H rating and $40 price target.

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