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Technology Stocks : Ampex Corp: Digital Storage
AMPX 10.90-2.4%Jan 26 3:59 PM EST
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To: HPilot who wrote (1854)2/20/1997 1:01:00 AM
From: FIFO_kid2   of 3256
 
Although I am still long AXC (cut my holdings75% AXC was accumulated throughout 1995).There are many reasons why Ampex's stock price is currently suffering. I will try to mention as many that have come to mind. 1) The divergence between the large cap sector and small cap sector. Currently, this market is being greatly influenced by foreign money because the value of the dollar is increasing. Many foreigners are only buying familiar names. 2) Ever since May '95 institutions generally have favored the large caps because many of them made a tremendous amount of money from the small cap sector. In order to protect their profits, the instituions invested in lower beta stocks . However, the institutions have yet to go back to the small cap sector because of the influence as described by 1) are still providing tremendous rewards for them. 3) Most institutions interested in the small cap sector are interested in earnings momentum or companies that had an earnings surprise. Ampex earnings were good operationally in terms of margin expansion. however, Ampex has had no top line growth in the past three years!! 4) Ampex has failed miserably in the past to turn their vast array of technological advances into cash. My concern is that KM will be added to the list as another technological breakthrough but a commercial failure. In a nutshell there is very little support from the influences that can move a stock, (the institutions). I wouldn't worry about this downturn unless Bramson starts to unload his stake. I believe Bramson doesn't care if the stock is falling; it will be just another opportunity for buying. To all of you: This is a long term investment!! The risks are there, but the potential reward on this equity is enormous. It is currently suffering from the lack of liquidity from the abscence of institutional interest. Once the large cap sector tumbles and if AXC holds up well in the downturn we are well on our way.
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