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Technology Stocks : Corel Corp. -- Ignore unavailable to you. Want to Upgrade?

To: eyewatch who wrote (8173)	12/16/1999 7:18:00 PM
From: mappingworld	Respond to of 9798

Canada Corel Shares Recover From CFO Resignation By Susan Taylor Thursday December 16 6:27 PM ET OTTAWA (Reuters) - Investors shrugged off analyst concerns about the resignation of Corel Corp.'s (Toronto:COR.TO - news)(NasdaqNM:CORL - news) highly respected chief financial officer and instead sent the stock to another day of gains on Thursday. Bay Street kept a close eye on Corel's market performance after a 24 percent plunge on Wednesday as the Ottawa software developer announced the departure of Michael O'Reilly. Analysts said the surprising departure of O'Reilly -- key to the firm's return to profitability and control of expenses -- was a blow to Corel's credibility. Despite that, investors snapped up Corel shares as Chief Executive Michael Cowpland appeared at The Bazaar, a New York trade show for Linux and open-source software development. Corel also said on Thursday it struck an alliance with Creative Technology Ltd. (CREA.SI) to advance development of Linux applications for audio and video. Corel added C$2.05 on the Toronto Stock Exchange to end the session at C$35.20 on Thursday, a gain of more than 6 percent. On Nasdaq, the issue gained 1-3/16 to close at 23-7/8. Corel has been riding a wave of Linux enthusiasm, charging up 111 percent from a closing value of C$16.70 one month earlier on November 16. Linux is an open-source operating system that has caught fire as investors bet it can win a slice of the market against Microsoft Corp.'s (NasdaqNM:MSFT - news) Windows NT. Corel has already launched a desktop version of Linux and will unveil Linux versions of its flagship software in 2000. ''There might be a more positive perception developing in the front line of the software world with respect to Corel and Corel's involvement in Linux,'' said Gerald Vincent, vice-president at Davis-Rea Investment Counsel in Toronto. ''Whatever's going on there (The Bazaar trade show) is filtering out into some buy decisions for Corel.'' Retail investors, who own 88 percent of Corel, downplayed the impact of O'Reilly's departure on Internet message boards, such as Yahoo, on Thursday. ''Which is as it should be -- the chief financial officer has relatively little to do with the sort of retail investors who are participating in chat rooms,'' said Duncan Stewart, fund manager at Tera Capital Corp. in Toronto. The market has already punished Corel for O'Reilly's departure, he said, and the stock is staging only a weak recovery. ''It's a bit of a dead-cat bounce,'' said Stewart, who dumped his 5,000 Corel shares on Wednesday on the news of O'Reilly's resignation.