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Non-Tech : Claire's Stores (CLE) NYSE
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To: Lynda Culberson who wrote (248)2/19/1997 1:12:00 AM
From: Michael B Williams   of 619
 
Lynda we live in an Alice in Wonderland world where companies like Paul Harris Stores and Ann Taylor Stores can have their stock sitting at $20.00 a share and Claires falls 1 and a half on record earning. Like we use to joke at IBM during employee reviews "an ounce of image is worth a pound of performance". Sad but true here in the market as well.

Paul Harris has had decreasing earning over the past four years.
.61 in 93, .59 in 94, .31 in 95, .16 in 96 but I guess it has great promise in 97 at .61.

Ann Taylor were .28 in 93, .66 in 94, 1.40 in 95, (.04) in 96.
Ann Taylor also has an interesting law suit against it
that makes wonderful reading, it can be found at:
securities.stanford.edu
Of course the fact the Merril Lynch has several million shares of Ann Taylor probably has nothing to do with it's current bloated value.

Obviously the market for Claires is not being judged by a comparison of the fundamentals of the company in regards to to others in Claires Industry group such as Paul Harris and Ann Taylor Stores but
by the drum beat of the institutions that hold these stocks.

When companies like Excite can have it's stock going for more than Claires Stores you know indeed you are in Wonderland. I'll go out on a limb and bet that Excite will never have a year in the black; it seems to lose more money as it's gross gets larger.

Happy trading and just keep saying that mantra " Quality and value will win in the end" ...........we hope

Michael
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