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Technology Stocks : Glenayre Technologies(GEMS)- a pure cellular PCS play? -- Ignore unavailable to you. Want to Upgrade?

To: Stephen Nelson who wrote (2659)	4/23/1998 4:31:00 PM
From: Thomas C. White	Read Replies (1) \| Respond to of 3431

Oh, I think it will, just depends upon which millenium you're talking about (heehee). Seriously, I would say yes if there is mounting evidence of re-accelleration of the domestic paging infrastructure biz. What has been happening the last year is that operators like PageNet have been "rationalizing" their operations, meaning that they have focused on revenue stabilization and EBITDA instead of gung-ho market share acquisition and the NPCS stuff. This has temporarily hurt GEMS, but it was inevitable because in the long run you can't have your major customers always on the edge of declaring bankruptcy. However, we are hopefully entering a new infrastructure phase. If there is solid continuing evidence of this (along with move by major international paging operators towards NPCS, which has been constipated for the last year) then GEMS should finally make it back into the 20's this year. GEMS was back two years ago a screaming high-flyer and a favorite of momentum investors. Despite its doldrums, and its tendency to markedly whiff on expectations in the past year and a half, it has a pretty solid profile on the Street. If the evidence is there, people will start taking their initial positions again.