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Non-Tech : Cendant Corporation (NYSE:CD) -- Ignore unavailable to you. Want to Upgrade?

To: Jyoti sharma who wrote (506)	5/6/1998 4:25:00 PM
From: VALUESPEC	Read Replies (1) \| Respond to of 3627

Jyoti, thanks for noting some of the important facts. I hope to make a transcript of the conference call (not the questions) soon. It was so reassuring and informative that I think it would be a great resource for us. I see things the same way that you do. It think that today saw some traders bail out and I believe that the only reason that the stock is this low is because the institutions are waiting for more info to come out from the audit that is being done. When they are sure things will not turn worse, then the stock will probably rise fast. In the meantime, I will be very surprised if this stock falls under $ 20.00. I'm planning on waiting these rough seas out for the $ 30 + mark which I feel is very likely by the end of the year, assuming normal market conditions. CD: $ 24.06b $ 24.13a VALUESPEC

To: Jyoti sharma who wrote (506)	5/6/1998 4:34:00 PM
From: Frank	Read Replies (1) \| Respond to of 3627

Jyoti, I'd revise the PE down based on accounting irregularities, and project slightly range of $35 to $40. Since irregularities are reflected in 18% of business, I'd adjust downward PE to about 25 until full report later this year. Regardless, these irregularities, presumably, are a one time adjustment, not reflective of overall business health. Bought 500 at about same price. After earnings, and conference there appears to be significant margin of safety at these levels, downside risk is max $20 - $22 per share, regardless of potential mkt correction. This looks like a solid purchase.

To: Jyoti sharma who wrote (506)	5/6/1998 4:57:00 PM
From: Stevie	Read Replies (1) \| Respond to of 3627

A few thoughts re Cendant..and this thread.. Hello, First..i want to add my two cents to the opinion that this thread should be for cendant information..if you have a personal vendetta or whatever..please take it elsewhere. As for ValueSPec..personally..what ive seen of him so far has been positive and I appreciate his posts. He bought CD when it crashed..and sold out for approximatley a 30% gain in a few weeks. Whats the problem with that? As far as Cendant..i decided for me the best strategy was to sell half today. Being in initially at 19 myself..i simply cant argue with a gain like that..as things are now feeling more uncertain. I believe in this company over the longer term..but in what ive seen the last couple days..i think it has a good chance of seeing some downside to the low 20s again. Even if it doesnt..it really feels like its going to stay in this 24 range for awhile. I believe with whats known now..the audit will be ok and alot of this is overblown. However..the company is now saying they are delaying the audit till the end of July or so, which in itself creates some uncertainty, and the bottom line is ..we just dont know. Second..there are a lot of suits and i think i want to see some resolution to them. Most companies will settle them..and take there charge and move on..so..for me..its not a main concern..but moreso its just one more thing against them as of now. Third..and what most troubles me..and I want to know more is as far as there acquisitions..and how this depressed stock price will affect them. I just dont have these answers today..and in the interest of what i think is good investing..I am reducing my exposure here. Fourth..I was very disapointed in the way the company handled there earnings release the last couple of days. The company beat earnings, which should have been a positive event..and there statements should have reflected that. But..what do they do? Along with the earnings release..they say..oh ...by the way the annual meetings put off..they also said in there first release that even these earnings may be subject to revision..then..they come out with a later release a few hours later saying oh..thats wrong...these earnings are ok and accuratley done. In Fact..i called Cendant investor relations and suggested whoever coordinated that three ring circus should be fired. It was that bad. And..as if thats not enough.now we have today..oh ..by the way..the audit will be out late..the end of July now. At the VERY best..things are very disorganized at Cendant at this point..and..with all the heat on this stock..if thats the best they can give us shareholders..I'm selling half. They really hurt my comfort level with that performance. And lastly..why am i staying in half? Because based on all current estimates for next year..and everything I can review at this point the stock is trading at approximatley a 16 price to earnings ratio based on next years earnings..a tremendous discount to the market...and for a longer term investment..i would certainly be in this and will hold that for a return to the upper 30s range. Good luck to all..and thank you for your posts and constructive input. Stevie