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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (83905)	3/22/2001 9:52:16 AM
From: Perspective	Read Replies (2) \| Respond to of 436258

MMM - deep cyclical, old economy company going for 22 PE. It popped out of the last base on the most ridiculous news: that it was starting a new fiber optics business. Right in the early days of the optical bubble bursting. I like nothing better than fading the ignorant bad ideas of others. This company never grows faster than mid single digits, so you can't justify valuation on growth. And in the last recession, it traded down towards a PE of 12. It's trying to break a long-term trendline, and should succeed eventually, but will likely find some support at the old breakout (mid 90s) before it gets down to business. My long-term target here is just south of $50. BC