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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Bob Rudd who wrote (14651)	6/17/2002 2:36:48 PM
From: Bob Rudd	Read Replies (1) \| Respond to of 78750

PLCM Took modest position today @14.14. Expected to earn .92 {S&P] STORY: Post 911 air travel hassle/aversion drives voice-conferencing. Tough business climate drives cost cutting => Vid Conf. This comment was taken from Breifing.com "Polycom (PLCM) 13.25 +0.25: Contrary to consensus opinion that PLCM will not make its June qtr numbers (Jefferies downgraded stock on 6/3, Morgan Stanley cut Q2 ests on 6/6), Pacific Growth Equities believes co will meet their forecast on price stability and better inventory controls. Firm stresses PLCM has only complete offering of IP-based video and voice-conferencing endpoints matched up with best-in-class gateways and bridges; notes co is dominant leader in every mkt it is serving; rates shares as undervalued and reiterates their Strong Buy rating and $45 price target." Negatives include: Overpaid execs, Lot's of aquisitions including former short fav PictureTel, speculation about loss of market share. I'm not a 'True Beleiver' on this...see it as a mixed bag warranting further examination. Have been in and out of LATD with good results and beleive that conditions favor videoconferencing over travel...these guys appear to be number one in a business that probably has strong network effects [Like ebay...more participants enhance value].