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Technology Stocks : CheckFree Holdings Corp. (CKFR), the next Dell, Intel? -- Ignore unavailable to you. Want to Upgrade?

To: AugustWest who wrote (20198)	1/27/2004 2:34:32 AM
From: Neil H	Respond to of 20297

Switch on Shafran likes Cognizant, Checkfree and Forest Labs By Luisa Beltran, CBS.MarketWatch.com Last Update: 12:01 AM ET Jan. 27, 2004 NEW YORK (CBS.MW) - Zachary Shafran looks for companies that impact the way people conduct business and their lives. Shafran, manager of the Ivy Science and Technology fund (WSTAX: news, chart, profile), searches for businesses that are being shaped by scientific and technological advancements. In addition, a company has to demonstrate potential to grow revenues and profits by at least 20 percent annually over three- to five years. "We want to invest in companies that affect change," Shafran said. These companies, he added, "are generating new products and new services somewhere around the globe that dramatically alter how people do things." The $138 million fund, which carries a 5.75 percent front-end load, or sales charge, is up 40 percent over the past year. That trails 95 percent of its technology-sector peers, according to investment research firm Morningstar. Yet the fund's average 4.6 percent loss over the past three years puts it in the top 5 percent of its class. Nowadays, Shafran is bullish on Cognizant Technology Solutions (CTSH: news, chart, profile), an Indo-American software services company. With most of its employees in India, Cognizant stands to gain from India's relatively inexpensive and high quality labor market, Shafran said, adding that he's looking for earnings to grow 50 percent over the next year. Cognizant shares lost 90 cents on Monday to close at $55.76. Checkfree Corp. (CKFR: news, chart, profile), a provider of online bill payment, is a company Shafran said he believes is poised for strong, consistent earnings growth. "We think they can grow 30 percent plus per year over the next five years," he said. On Monday, Checkfree shares gained 45 cents to $33.96. Shafran says he's especially excited about Forest Laboratories (FRX: news, chart, profile). The New York-based pharmaceutical firm is transitioning antidepressant Celexa to a newer version called Lexapro. Forest Labs also has another promising drug, Namenda, which is used to treat moderate to severe Alzheimer's disease. "That's a billion dollar opportunity that is not fully appreciated," said Shafran, who adds that Namenda's breakthrough will prompt brokerage analysts to raise earnings estimates for the company. On Monday, shares of Forest Labs jumped $2.84 to $77.59. Ivy Science and Technology (WSTAX) Manager Zachary Shafran Performance (1 Yr) 40% Performance (3 Yr. Avg.) -4.6 Total Assets $138 million Expense Ratio 1.79% Minimum Investment $500