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To: jeffbas who wrote (7801)	7/20/1999 1:52:00 PM
From: 16bit	Respond to of 78470

RE:CSE 07/20 07:27 CASE SEES $0.50 NEGATIVE IMPACT TO 99 FOR LOW EQUIPMENT DEMAND IN N.AMERICA RACINE, Wis., July 20 (Reuters) - Farming and construction equipment maker Case Corp. <CSE.N> reported on Tuesday that second-quarter net income fell 71 percent on weak demand for big agricultural equipment, and said the slump will lead to more production cuts. Case earned $36 million, or 46 cents per diluted share, including costs associated with its planned merger with European competitor New Holland NV <NH.N>, compared with $126 million, or $1.61, a year ago. Earnings were a penny above the analysts' consensus estimate, according to First Call Corp., which tracks such estimates. Second-quarter revenues fell to $1.47 billion from $1.73 billion in the year-ago quarter, and operating earnings were $83 million, down from $199 million a year ago. Earnings were hit by lower sales of large equipment and unfavorable foreign currency exchange rates, the company said. The company has been hit hard for the past several quarters by plunging demand for farm equipment, . . . The New Holland deal remains on track to close later this year, Case said. Case shares rose 6 cents to $47 Tuesday morning on the New York Stock Exchange. ((--Chicago Equities News at 312 408 8787, chicago.equities.newsroom@reuters.com))

To: jeffbas who wrote (7801)	7/20/1999 6:12:00 PM
From: Michael Burry	Read Replies (2) \| Respond to of 78470

Re: Case, I still maintain the biggest risk is not that the deal is called off, but rather that it is delayed. The latest proxy has been filed with the SEC yesterday. I can't access it, but a poster on Yahoo suggests that it says the timetable for completion has been pushed back to Dec/Jan despite a planned vote Aug 17th. How the CEO can get away with claiming publicly in a press release (which they didn't have to issue) that completion would be before October is beyond me. Disappointed, but I'm loaded to the gills, and still can't find a reason to sell it. I may even buy more. Mike