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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: hitesh puri who wrote (47745)	5/29/1998 1:27:00 PM
From: djane	Read Replies (1) \| Respond to of 61433

Cramer watch. "Very big position" in ASND Excerpts from transcript thestreet.com Market Features: Cramer Business Week Online Chat Transcript By AOL Chatters 5/29/98 12:32 PM ET TSC co-chairman and daily columnist James J. Cramer chatted Thursday, May 28, on Business Week Online on America Online. Here is the text of that chat. JackBW: Welcome to Business Week Online and another of our weekly live events on investing. Tonight's guest is James J. Cramer (Jjcramerco), market commentator, hedge-fund manager, and co-chairman of TheStreet.com -- here to talk about his favorite stocks, and perhaps some of his less favorite ones. Good evening to all of you on AOL, and a special welcome to Jim Cramer. Also with us tonight is Sam Jaffe (JaffeBW), who covers markets for BW Online. I'm Jack Dierdorff, consulting editor of BW Online and your moderator for this event. Jjcramerco: Thanks, Jack! JackBW: Hi, Sam. Jaffebw: Hi, Jack. Thanks for coming, Jim. Jjcramerco: My pleasure. JackBW: Jim, how do you read the recent up-and-down market? Do you see a pattern justifying your overall optimism? Jjcramerco: Yes, I do. I think that the market is working off too much optimism. That's a positive. We needed more worry -- we've got it! Question: Jim, what's your opinion on Ascend? Jjcramerco: I think Ascend is a great holding here. I have a major position in it. It sold off because Cisco has a product introduction next week that worries people. I think that's silly, as ASND's biz is quite strong. So I am a buyer. Jaffebw: Jim, you specialize in growth stocks. How do you tell the difference between a cheap and expensive growth stock when both have sky-high P/Es? Jjcramerco: Sam, believe it or not, but the expensive ones are often the best. Cisco has been expensive my whole career, but it is still my favorite. Intel, which I loved for a long time, is quite cheap but has no momentum, and I don't care for it. JackBW: Jim, what are the biggest holdings in the hedge fund you manage? Jjcramerco: Right now they are Ascend, Cisco, AOL, LU, CMB [Chase Manhattan], WLA [Warner-Lambert], and a couple of smaller thrifts and banks, including Bayview in San Francisco, Firstar in Milwaukee, and Crestar in Virginia. Question: Are you still long ASND? Jjcramerco: I have a very big position in Ascend. It has been rocky these last few days, but I will buy more if it goes lower. Question: What do you think is the best way to play the huge growth in voice and data traffic that will come in the next three to five years? JackBW: From JamesPWil. Jjcramerco: Still think Cisco and seocndarily Lucent. JackBW: Clasime asks this from New York. Question: i hold Lucent. If the strike comes to pass, how do you think it will affect the stock price? I love it when you are on CNBC. Jjcramerco: Thanks for the kudos. The strike should be a non-event. If Lucent gets hit on it, i am a buyer. Question: What is your opinion of Ciena [CIEN]? Jjcramerco: Looks like they are a winner from this MCIC to Cable & Wireless deal -- C&W uses them. But I prefer Lucent, Ascend, and Cisco to those guys broader product portfolio. JackBW: Another on Cisco, from Illnepas. Question: Back to Cisco, if you don't mind. Do you think Cisco will continue to dominate when telephony is the new choice for data and voice? Jjcramerco: Yes. Chambers is the best manager in the country, and he will stay on top of this for some time.