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To: 2MAR$ who wrote (138)	7/23/2000 3:39:15 AM
From: 2MAR$	Read Replies (1) \| Respond to of 762

7/14..PWAV Shares Fall After Earnings Report NEW YORK (Reuters) - Shares of Powerwave Technologies Inc. (NasdaqNM:PWAV - news), a provider of amplifiers to boost signal strength in cellular networks, tumbled nearly 19 percent Friday, retracing what one analyst called an ``unwarranted run-up'' earlier in the week ahead of the company's earnings report. The stock closed down 9-9/16 at 42-1/4 on Nasdaq, where it was among both the top net and percentage losers. More than 10 million shares were traded, more than triple its daily average volume. Friday's sell-off follows a 41 percent run-up over the previous two days, including an 18 percent gain Thursday ahead of the earnings report. ``I wouldn't say yesterday's run-up was irrational, but it was unwarranted given that we got exactly what we expected,'' said Brian Modoff, an analyst with Deustche Banc Alex Brown. Late Thursday, Powerwave reported a second-quarter profit that more than doubled from a year earlier, topping Wall Street expectations. The Irvine, Calif.-based company, whose products help ensure cell signals remain clear and do not get cut off, said its profit in the period ended July 2 rose to $11.4 million, or 18 cents per share, from $4.2 million, or 7 cents per share, a year earlier. Analysts had been expecting it to earn 16 cents per share, according to research firm First Call/Thomson Financial. Sales rose 61 percent to $110.5 million. Despite having topped expectations, however, one analyst cut his rating on Powerwave Friday, saying the company's earnings per share growth rate is expected to slow. US Bancorp Piper Jaffray analyst Samuel May lowered Powerwave to a buy from a strong buy, citing slower anticipated earnings per share growth through fiscal year 2001. For fiscal 2000, analysts are expecting its profit to nearly double to 65 cents per share from the 33 cents per share reported in 1999, according to First Call. But in 2001, that growth is expected to slow to 29 percent, with an expectation of 84 cents per share. Powerwave executives said in their post-earnings conference call Thursday that they felt comfortable with Wall Street estimates for the third quarter. The First Call forecast is for 15 cents per share versus 9 cents per share a year earlier. D.B. Alex. Brown's Modoff dismissed concerns raised in the conference call about a fall-off in sales to Asia, saying the Asian market represents only 6 percent of total revenues. The stock has a 52 week range of 10-1/8 to 74.