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Technology Stocks : Progress Software
PRGS 42.16-1.3%3:59 PM EST
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To: HubTech who wrote (252)5/11/1999 12:16:00 PM
From: t-boy  Read Replies (1) of 296
 
I've got a theory on the recent price movement.

Do to Y2K problems, several big Progress shops have been laying off consultants -- Symix and QAD to name a few. I've recently interviewed several Consultants who were losing their H-1 visas due to a reduction in openings.

Given the narrow market presence of Progress, I would be willing to guess a lot of the small holders of this stock are Progress developers. With its small float and daily volume, if they were forced into liquifying their holdings it would provide a lot of downward price pressure.

Any comments -- has anyone seem similar activity in the consulting market?

If this were the case, it would signal a significant buying opportunity, as this is just a short-term effect, not tied to fundamentals.
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