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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Mike M who wrote (79538)	7/5/2001 10:49:24 PM
From: puborectalis	Respond to of 99985

Veritas keeps targets, sees storage hardware glut (UPDATE: adds details) SAN FRANCISCO, July 5 (Reuters) - Veritas Software Corp. (NasdaqNM:VRTS - news), the largest developer of programs to manage and monitor storage networks, will meet previous guidance for its fiscal second quarter, as customers use its software to make use of extra hardware, the chief executive said on Thursday. Gary Bloom, the chief executive, and Ken Lonchar, the chief financial officer, said in a telephone interview that they would stick to previous guidance despite a Thursday warning by storage hardware leader EMC Corp.(NYSE:EMC - news) ``We've had 35-50 percent total revenue growth for the quarter and for the year, and Ken reiterated the revenue guidance for the year, and I reiterated for the quarter,'' Bloom said. Asked whether the company was still comfortable with Wall Street analysts' profit forecasts of quarterly earnings per share of 18-20 cents, Bloom said: ``What I can tell you categorically is that we have no intention of warning.'' Bloom said that many companies had bought a lot of storage hardware and, facing economic pressure, were looking for better ways to use it. ``In many cases, and I think even more so in EMC's case, there is an oversupply of storage hardware in the market,'' Bloom said. EMC sells Veritas software, which works on many types of storage systems, but EMC is also developing software that competes on some levels with Veritas products. ``Software in storage is being recognized in storage as a tool and a technique that allows companies to maximize investment in their hardware infrastructure.'' But he said that the economy was slowing Veritas growth -- the company effectively lowered its guidance for the year three months ago by saying sales would rise 35-50 percent rather than 45-50 percent -- and could hurt it still. It is still almost the lone fast-growing sector in the technology market. ``We still have a bad economy which makes it difficult to do business... Now the question is what is happening in Europe,'' he said. ``(If) Europe slows down before the U.S. starts recovering, then I think we will be affected on a continuing basis over time, and our rates will continue to feel some pressure there.''

To: Mike M who wrote (79538)	7/6/2001 10:13:55 AM
From: eichler	Respond to of 99985

Mike, Looks like 2050 fell by the wayside... I think we just need to follow the chart one day at a time... it appears at this point a possibility that the compx could close weak today...unless a decent bounce develops. A nasty possibility would be if the compx closes near the lows, threatening the possibility of similar action Monday and the possibility of the dreaded 3 Black Crows on the daily chart. I'm looking too far into the future, honestly, but I find it helpful to be aware of the possibilities available. Right now, with the indicators all headed the wrong way, it looks to me the down action could last at least a couple of days as it would take that long I think for stochastics to enter oversold zone. Right now, not looking too good. 2000 looks like the next line in the sand... Regards, Eichler