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Technology Stocks : Network Associates (NET)
NET 196.20-0.1%Nov 19 3:59 PM EST
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To: kendall harmon who wrote (4416)3/20/1999 1:45:00 AM
From: mrknowitall  Read Replies (2) of 6021
 
Kendall - I go back to something I said during one of my cautious periods on NAI back last year - confidence in the operational management has been severely shaken too many times; the board is terribly thin, management is chaotic and the artificially high price (as in, Larson image) of the shares has blinded the analysts to the real value. The "cockroach" theory is, as you say, at work - I called it the emperor's new clothes, but it is essentially the same.

There is no bottom on the price; we should expect a flurry of spin from the PR wing until real numbers have to be announced. That mass-effort bailing of the boat will keep it from foundering but someone at the helm should have recognized the water level long before now and kept some able-bodied hands on board to stop the leaks. Problem here is that a company of this size cannot afford to be run purely on the "cult of personality" of top-down rank - no one wants to call the officers to task and those with experience who murmur are soon gone. The users (the paying passengers) and the investors are finally seeing the results.

Gotta' life jacket? Mine was WMT when I saw NETA do the slinky-dance down the stairs down some time ago.

Mr. K.
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