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Technology Stocks : Read-Rite
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To: CPAMarty who wrote (4767)4/27/1999 7:47:00 AM
From: Frodo Baxter   of 5058
 
The ONLY reason that a company draws down bank debt when they are already liquid is because they don't believe that money will be available down the line. You can call investor relations, and they can feed you some b.s., but this is the real story. And don't forget, bank debt is senior to bonds and equity. This is horrible news.

It gets worse. June quarter will be sequentially down. After that, the shit really hits the fan. WDC transitioning quickly to GMR and will increasingly source from IBM. Guess who's RDRT's biggest customer?

disclosure- shorted it yesterday after the SJ Merc article. Thanks GM!
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