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Technology Stocks : Phoenix Technologies (PTEC)
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To: Jules B. Garfunkel who wrote (3096)1/23/1999 10:51:00 AM
From: Mark Brophy  Read Replies (2) of 3624
 
Mutual funds sold, not acquired companies.

Phoenix has gone down because Wasatch Advisors dumped 10% of the stock and Kopp Investment Advisors trimmed their 18% holding to 7%. Both funds held the stock for several years and showed plenty of patience, especially for mutual funds. As Tim Oliver implied, this had more to do with the earnings performance of the company than any lack of credibility of the CFO. He's only the messenger who brings the bad news and shouldn't be shot!

I haven't seen a single sale from an Award insider. The worse thing I can tell you is that Maurice Bizzarri was V.P. of R&D at Award and he left for another company. But, he didn't enough shares to move the stock price, he might not have sold, and most or all of the other Award executives stayed with Phoenix.

I think Jack Kay learned something from the insider selling at VChips, the immediate turnover of sales staff, and the loss of founder Raj Raghavan. The Phoenix BIOS engineers in San Jose have been moved to Award's office in Mountain View and some of them are under Award management. Former Award exec Laurent Gharda is now Phoenix V.P. of sales and marketing, and George Huang is vice Chairman of Phoenix as well as Sr VP of the Award Taiwan Subsidiary, and he is also assisting with strategic relationships.

I doubled my SBSE position after it rose 4 points. I think it deserves a 35 P/E and my price target is 70. The price is now 23, so there's plenty of time to participate.
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