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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (54425)	8/14/2002 10:51:05 PM
From: Dealer	Read Replies (1) \| Respond to of 65232

NTAP--In company news, Network Appliance Inc. (NasdaqNM:NTAP - News), a data storage computer maker, helped prop up technology shares with a $1.95 jump to $9, a gain of 28 percent. The company posted a first-quarter profit and projected a slight rise in revenue in the current quarter among muted signs of economic improvement. MORE-- Network Appliance shares rise on profit, upgrade SAN FRANCISCO, Aug 14 (Reuters) - Shares of data storage computer maker Network Appliance Inc. (NasdaqNM:NTAP - News) rose about 20 percent on Wednesday, a day after posting a quarterly profit and projecting a revenue rise, prompting an investment bank to upgrade the stock. ADVERTISEMENT Network Appliance rose $1.43 to $8.48 at mid-day on the Nasdaq stock exchange. It was one the top percentage gainers on Nasdaq. On Tuesday, the Sunnyvale, California-based company met guidance when it reported a first-quarter profit of $16.2 million, or 5 cents a share, compared with a net loss of $500,000, or nil cents per share, a year earlier. Executives also gave an optimistic outlook for the second quarter, saying they expect revenue to rise slightly from first-quarter revenue of $206.8 million. The news sent shares up 10 percent in after-hours trade and led Salomon Smith Barney to raise its stock rating for Network Appliance on Wednesday to "buy" from "neutral." In his report, Salomon Smith Barney analyst H. Clinton Vaughan cited Network Appliance's strong sales of its Filer storage systems and its ability to keep costs in line, among other factors. "Most encouraging for the company was that the core network attached storage business grew at a healthy rate in the quarter," about 5 percent, said Glen Ingalls of SoundView Technology Corp. Wall Street was encouraged by the company's performance and outlook, he added. "You have people looking at the company thinking that the toughest quarter is behind them, they may be over the hump and that over the next several quarters we could see growth improve based on new products coming to market this fall," Ingalls said.