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Strategies & Market Trends : DAYTRADING FOR DOLLARS

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To: CoffeePot who wrote (327)	3/3/1999 5:28:00 PM
From: kendall harmon	Read Replies (2) of 639

MANH, looking for a bounce tomorrow. A huge overreaction. Note the last comment--not related to fundamentals. RESEARCH ALERT- Manhattan Associates cut NEW YORK, March 3 (Reuters) - J.C. Bradford and Co. on Wednesday said analyst William Chappell downgraded Manhattan Associates Inc. to neutral from buy, citing concerns about the software makers performance in the current quarter. -- Shares of Manhattan Associates were down 6-7/8 to 9 in late afternoon, a 43 percent decline that was sharpest among Nasdaq issues. -- Chappel said the downgrade reflected his view that costs related to recent attempts to agressively grow sales have not been offset by increased revenues in the company's first quarter, which ends on March 31. -- ''As the company is moving up and targeting larger companies, the sales cycles are stretching out, and deals aren't closing on the scheduling that they had expected,'' Chappel said in an interview. -- Cut estimate of the current quarter to $0.08 a share from $0.10 a share. -- Noted that he believes the company will be successful in winning larger deals, and that the potential shortfall is a timing issue and not one reflective of underlying company fundamentals.

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