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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Bob Rudd who wrote (7696)	7/7/1999 3:32:00 PM
From: Bob Rudd	Read Replies (1) \| Respond to of 78777

Wasted Management: Took small position in WMI, the garbage stock after they reported earnings would be trashed...below estimates. Consensus Estimates ............New est This Quarter (Jun 99) 0.79 // $0.67-$0.70 last year $0.41 +63% This Year (Dec 99) 3.01 // $2.65 to $2.70 last year $1.82 +45% Despite greatly improved earnings, this is dropped to 12 times revised earnings in what may be an overreaction. There's uncertainty as to precise cause and extent of the damage, and analysts are understandably pissed, but methinks the markets response a bit harsh. One question I'm trying to resolve is the "Deferred revenues and liabilities" line in the financials. It trashed operating cash flow the first quarter [vs earnings]. Any thoughts as to what this might be before I call IR?