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Technology Stocks : General Magic -- Ignore unavailable to you. Want to Upgrade?

To: John Madarasz who wrote (9407)	3/18/2001 9:35:35 PM
From: Fred Gohlke	Read Replies (1) \| Respond to of 10081

John, without in any way suggesting that we're not in the grip of a ravenous bear ... and without suggesting that NUAN is a strong portfolio component (as one of mine can attest) ... I'm not sure the spin Mark Lewis put on "The company believes its visibility is limited for both the second quarter and full-year results" is the only way to look at the topic. Mr. Lewis's "Translation: more warnings may lie ahead" may be, not only a narrow view, but an inaccurate one. "Lack of visibility" may very well emanate from corporate legal staff, rather than finance staffs. This new buzzphrase made its appearance immediately on the heels of the new regulations regarding disclosure of financial information. I suspect what it means is, "We ain't agonna tell ya nuttin', chum". Check our quarterly report. We'll tell you what happened, but we're out of the business of offering forecasts which may subject us to penalty. Of course, it doesn't matter very much which view is correct. The effect is a triple-whammy: Multiples striving to regain a semblance of rationality, a general slow-down (particularly among the techs), and corporate refusal to prognosticate. It's not surprising that the effect is bearish. Well, maybe "this dog won't hunt", but, perhaps, it can still bark. Fred