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Strategies & Market Trends : Roger's 1997 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Pancho Villa who wrote (6677)	11/9/1997 1:32:00 PM
From: Tom Markowski	Read Replies (2) \| Respond to of 9285

Long case for CTXS. MSFT has been talking about Wolfpack for two years. They are not selling any Wolfpack yet. Let someone tell me when Hydra will be available. Real dates please. NT5.0 is delayed also. Valuation is high, ...(so is MSFT),..... but look at earnings growth. Roger predicts every quarter this will be the last of good growth. Hasn't happened yet. Customers are placing orders. Momemtum is strong. Royalty payment validates ICA. Not a bad thing. CTXS - buyout candidate? Technology is too critical for this not to happen. Their technology is critical. That's why MSFT paid cash for it and backed down. Don't bet against great technology. This product works. VARS love to sell it. Customers - Fortune 500 - are buying and installing this product today. HP & CPQ have recently endorsed Winframe. Why aren't they waiting for Hydra? Why bother with CTXS? In the end, MSFT will offer a rudimentary version of Winframe, capable of basic multiuser called Hydra. Customers who want more will buy CTXS add on called Picasso, which features load balancing, encryption, pieces not found in Hydra. Tech stocks will come under pressure as Asia tanks. There are better shorts than CTXS however. Tom

To: Pancho Villa who wrote (6677)	11/9/1997 1:54:00 PM
From: Roger A. Babb	Respond to of 9285

Pancho, the terms of the msft/ctxs deal are in the SEC filings. I think there was an 8k, may also be in 10q, also in a May CTXS news release on Citrix web site. My reading was that the royalties were "up to" $100 million. Please have a look at the above and give me your interpretation.

To: Pancho Villa who wrote (6677)	11/9/1997 2:46:00 PM
From: Shoe	Read Replies (1) \| Respond to of 9285

Cap on MSFT payments, from 8-K at www.freeedgar.com: "9.3 Further Payment. In no case shall Microsoft be required to make any --------------- payments on major Product Release of Hydrix beyond version 5.x, or any amount in excess of $175 Million Dollars under this Agreement." MSFT did make some non-cash commitments as well. Investors should review the entire agreement (although some portions are excised as confidential) and otherwise do their own research. -- Shoe (short)