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To: Bill Ulrich who wrote (12761)	12/7/1999 4:11:00 AM
From: Dale Baker	Read Replies (2) \| Respond to of 118717

It's only a guess after such a big runup. The 19 - 24 gain suggests AREM may test 22 or so again to consolidate this move. AREM is projected to make 1.01 next year with 25-30% growth. At a minimum, this is a $30 stock. Could do much better if it starts to get a PE multiple in line with its peers. AREM's P/S ratio is less than 5 while the industry average is 22. Trailing PE is 36 with the industry average at 64 (http://yahoo.marketguide.com/mgi/ratio/A1EE7.html). The next day or two is a tossup. Never can get my crystal ball working once a stock has taken off. It was easier to hazard a guess yesterday that AREM was looking to break the old range. But long term AREM still looks like a winner. This is another stock I plan to hold long-term.