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Technology Stocks : Jabil Circuit (JBL)

JBL 196.86

+2.3%

2:11 PM EST

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To: kolo55 who wrote (4560)	10/6/1998 8:45:00 PM
From: Asymmetric	Read Replies (1) of 6317

AMD and Jabil Circuit Exceed Expectations: Street.Com Evening Update By Heather Moore Staff Reporter 10/6/98 8:19 PM ET Crediting strong sales of its latest K6 microprocessor, Advanced Micro Devices (AMD:NYSE) announced a third-quarter profit of 1 cent a share, above both the 22-analyst First Call forecast for a loss of 11 cents and the year-ago loss of 22 cents. The company said it expects to post another profit in the fourth quarter, when it hopes to sell 4.5 million K6 units. TheStreet.com reported in detail on the AMD's earnings in a story today. Jabil Circuit (JBL:NYSE) reported fourth-quarter earnings of 35 cents a share, 3 cents higher than the 18-analyst estimate but behind the year-ago 47 cents. Jabil might nurse hopes for builders of computer networking products, whose stocks have slipped amidst concerns about slowing growth. The company expects a "sharp pickup" in its business with networkers in the current quarter ending November, according to Bear Stearns analyst Thomas Hopkins, who listened to the company's conference call. Jabil made 21% of its revenue helping Cisco (CSCO:Nasdaq) build products in the August fiscal year, according to Hopkins. 3Com (COMS:Nasdaq) comprised 18% of revenue. Jabil also said tonight it has landed a new contract with Northern Telecom (NT:NYSE), a telephone-network supplier which recently acquired the computer networker Bay Networks. NorTel likely will generate 10% of Jabil's revenue in the fiscal year ending August 1999, according to Jabil. Hopkins characterized the earnings report and conference call as "extremely bullish." He rates Jabil a buy. Bear Stearns underwrote Jabil's IPO in 1993. -- Kevin Petrie

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