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Technology Stocks : Maxtor (MXTR)

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To: Dave who wrote (175)	3/8/1999 11:31:00 PM
From: DavidCG	Read Replies (1) of 467

News Alert: Details of Merrill Lynch upgrade of MXTR (after the bell) >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> RESEARCH ALERT - Merrill raises rating on Maxtor Reuters Story - March 08, 1999 19:07 PALO ALTO, Calif., March 8 (Reuters) - Merrill Lynch & Co. on Monday raised its rating on the shares of computer disk drive maker Maxtor Corp. to intermediate-term buy from intermediate-term accumulate, citing strong demand for personal computers among other factors. Merrill analyst Robert Hansen also said concern over the disk-drive deal recently cut between Dell Computer Corp. and International Business Machines Corp. has unduly hammered the shares of Maxtor and others like Seagate Technology Inc. and Quantum Corp. "We think the carnage in the prices of disk drive stocks is overdone," Hansen wrote in a Monday note to clients. He added that Maxtor stock has plunged more than 50 percent since hitting a 52-week high of $21.25 in late January. Hansen also said: -- he was comfortable with his first-quarter estimate of 17 cents a share on revenue of $697 million, largely because the company recently told him that first-quarter shipments were in line with expectations; -- he expected Maxtor's unit shipments to be "flat to up slightly sequentially (versus a mid-single digit seasonal decline for the industry)"; -- Maxtor was upgrading its disk drives with faster so-called GMR head technology and is ahead of its competitors in making the transition; -- channel inventories in the disk drive industry had decreased to three to four weeks, down from double digits a year ago; -- Maxtor's penetration of PC makers was growing, having signed up nine of the top 10; -- overall PC demand "remains healthy, albeit off to a slow start" in the first quarter; Maxtor shares closed up 44 cents at $9.19 on the Nasdaq. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> marketwatch.newsalert.com Oh yes. -DavidCG

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