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Technology Stocks : ORFR-ORBIT/FR -- Ignore unavailable to you. Want to Upgrade?

To: Louis Cornell who wrote (371)	4/19/1998 2:20:00 PM
From: Grantcw	Read Replies (1) \| Respond to of 475

Louis, I agree with you that the last 2 day's action seems significant. ORFR broke out of its base made in the last month or two and it stormed through its 50 day moving average. I didn't expect this move to occur so soon because I believe the serious earnings growth won't occur this quarter. Either way, it's encouraging to note that investors like this stock for one reason or another. It may just finally be that the institutions are shifting to the small caps in their search for value. I'm going to establish a small position tomorrow and wait to see what happens in the next few days before adding. I've never been able to figure out which way this stock is going to turn. Grant

To: Louis Cornell who wrote (371)	4/26/1998 8:28:00 PM
From: Doug (Htfd,CT)	Read Replies (2) \| Respond to of 475

Lou, back in November, you valued ORFR based on an assumption of >40% EGR and SGR. In light of recent developments and revenue shortfalls due to the Asian flu, do you believe ORFR can recover to that growth line? I've taken a 1/3 position in ORFR and looking at recent softness to take bite #2. In reviewing my file, I found your analysis at Message 2700134 using an analysis of P/S ratio relative to expected earnings growth, and wanted to see if your valuation had changed in the last five months. Also, in calculating an attractive P/S ratio, does average net margin play a factor in your mind? I always expect a lower P/S ratio for a low-margin business (e.g. a retailer) relative to a high-margin business (e.g. software). Does that play into your P/S analysis? Doug (long ORFR)