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Technology Stocks : Newbridge Networks
NN 14.21+1.7%Nov 28 9:30 AM EST
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To: WTSherman who wrote (9354)2/4/1999 11:20:00 PM
From: Ian@SI  Read Replies (2) of 18016
 
To all,

I listened to the conference call.

1. Discovered that Rob MacLelland of Kearns Capital fame has resurfaced at CT Securities. Now I know why Canada Trust underperforms. They use the same judgement in selecting analysts as they do in selecting stocks. ;-)

2. Many of the "big" buy side US houses took part in the Q&A. This is a welcome change from the primarily Canadian Analyst coverage in the past. Perhaps NN is closer to making it than today's warning would indicate.

3. It seemed to me that most of the questions focused on ATM growth, customers and new business rather than cause of the shortfall. It makes me conclude that most of the analysts are likely to look beyond this quarter. If we get less than 4 downgrades tomorrow, I would also conclude that NN has attained a degree of credibility with the Analyst community.

4. New sales focus on selling to alternative carriers and ISPs is paying big dividends with 26 new customers during the quarter. In my experience, very little business results from the first order from a new customer due to the processes required to get new equipment into production. Thus, I would expect these new customers to be a significant source of growth in coming quarters.

5. NN is standing by their earnings estimates for 2000. This will be an even larger growth rate than is currently forecast (due to the 5¢ shortfall).

My conclusion is that any selloff will be a buying opportunity. So all you NN haters, please flood the open with Market sell orders. The rest of us will be very grateful and think kindly of you during the next year or so. :-)))

Ian.
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