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Technology Stocks : Compaq -- Ignore unavailable to you. Want to Upgrade?

To: Cosmo Kramer who wrote (24823)	4/23/1998 2:41:00 PM
From: Cosmo Kramer	Respond to of 97611

Thursday April 23, 2:13 pm Eastern Time Compaq says inventory cuts going well HOUSTON, April 23 (Reuters) - Compaq Computer Corp. (CPQ - news) President Eckhard Pfeiffer said Thursday the company was making good progress in its program to cut inventory levels by the end of the second quarter. ''The direction is absolutely clear. I am personally on the case for inventory achievement at the end of the second quarter,'' Pfeiffer told reporters after the company's annual meeting. ''I'm driving it, reaching into every dealer, checking inventory constantly, and we're getting there,'' Pfeiffer said. The company, plagued by a glut of unsold machines, has said it wants to reduce inventory levels to two-to-four weeks worth of sales by the end of the second quarter. Greg Petsch, senior vice president of manufacturing and quality for Compaq, said the company had shut down a number of its North American manufacturing plants for the first two weeks of April to help achieve the inventory goals. Petsch said those factories have now been reopened and are now operating at full speed. Pfeiffer said the company expected to ''roughly break even'' in second quarter earnings. He said sales of consumer products were strong but that the company still saw flat sales in financially troubled Asia. ''(The Asia situation) likely will continue for a while...hopefully it will pick up again toward the end of the year or in early 1999,'' Pfeiffer said.