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Technology Stocks : Adaptec (ADPT) -- Ignore unavailable to you. Want to Upgrade?

To: w2j2 who wrote (1421)	3/27/1998 7:57:00 AM
From: jad	Respond to of 5944

Networking company Adaptec (ADPT) fell -1 1/8 to 20 1/8 on heavy volume. Yesterday the stock also fell -1 1/8 to 21 ¬ after an analyst at C.E. Unterberg, Towbin lowered his estimates on the company because of "near-term weakness in the sector and high levels of personal computer and related-hardware inventories." Lower desktop PC prices have reduced demand for ADPT's higher-bandwidth, SCSI-equipped drives. There were two pieces of news today; this morning Painewebber analyst John Lazlo reiterated his "buy" recommendation on the company, and early this evening another shareholder lawsuit was filed against the company alleging that ADPT's executives "engaged in improper trading activities of Adaptec stock." Before things went bad for the company earlier this year, the lawsuit said executives had "sold in excess of 750,000 shares of their Adaptec common stock at prices exceeding $50 per share." from Raging Bull; hope it was not posted before.