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Non-Tech : Claire's Stores (CLE) NYSE
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To: Lynda Culberson who wrote (575)10/22/1998 11:25:00 PM
From: Chris Nevil  Read Replies (2) of 619
 
Lynda, it does not appear to have been insider selling that took us down. Per two conversations with I.R. this week, what started the avalanche was the company pulling out of an Analysts' conference in New York (while they tried to assess the damage of this catalog imbroglio). Then came at least one severe brokerage downgrade, as I.R. was already sharing what the problem was in general terms. (Happily, another brokerage reiterated CLE prior to the earnings warning and suggested that this may be an overreaction).

That said, as a longtime CLE shareholder I am extremely disappointed by the circumstances of this revelation -- that upper management seemed not to have sufficient financial controls on the catalog operation to rein in this 'modest' start-up venture before it caused us this kind of grief.

Here's hoping "value" investors are out in full force tomorrow morning to offset any rush for the exits. I have placed a "trap" at a very low price but with a feeling of resignation rather than enthusiasm.

Good luck,

Chris
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