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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: I. N. Vester who wrote (16246)	11/17/1999 9:55:00 PM
From: Larry Brubaker	Read Replies (2) \| Respond to of 27311

IN, <Red Chip price targer was $18> Yes, IN, but the number of shares outstanding has exploded since 1997 when they made that projection. Their price target of $18 (18 months after beginning production) would now be the equivalent of about $12, 18 months after beginning production, based on their assumptions of revenue and earnings. Because earnings per share is reduced by the substantial dilution since 1997. I can't believe a sophisticated investor such as yourself would forget that earnings are divided by shares outstanding in order to calculate earnings per share.