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Technology Stocks : Documentum (DCTM) Software

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To: Dave Doriguzzi who wrote (376)	1/21/1999 10:45:00 PM
From: Michael Watkins	Read Replies (1) of 600

They turned in a pretty strong performance; I didn't hear anything in the conference call that spelled "panic". Reading between the lines I think some of their additional, new, sales force need to come up to speed. New apps being built will start to kick in revenue late Q1/into Q2. My own experience is that customers continue to purchase DM solutions and that this niche is not yet seeing any backlash or destruction of funding due to Y2K concerns. CEO is quite right to suggest that it is the ERP / transaction oriented application vendors that have the biggest hurdle in pushing revenue through this year. They certainly have done a better job than the other players at meeting targets. Hmmn... will be interesting to see what the street thinks. Based on what I heard, I would think "buy" at these levels is a very reasonable recommendation. Another way of looking at this, FILE plummets last quarter based on providing positive guidance early in the quarter and delivering negative results. These guys basically turn in excellent numebers, best of all these related companies, and get 50% of their value knocked off in a few days. Doesn't make too much sense. Although who says the market makes sense! Michael

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