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Technology Stocks : Adaptec (ADPT) -- Ignore unavailable to you. Want to Upgrade?

To: Starowl who wrote (2542)	6/7/1998 10:45:00 PM
From: Arthur	Read Replies (2) \| Respond to of 5944

Al Frank's The Prudent Speculator tabula.com Stock of the Month "Adaptec has plunged 70% from a high of $54 last October to now trade for 9.5x current earnings. With the company recently authorizing a 10 million share repurchase program, we would buy financially sound ADPT up to $19." Tell me that he is not basing his buy recommendation on the buyback!

To: Starowl who wrote (2542)	6/8/1998 11:09:00 AM
From: Mark	Respond to of 5944

Please explain what is meant by "ADPT's PHY's Stink"--is Adaptec into PHYs? I am uninformed but interested. Starowl As I understand it, the PHY that Slob is refering to is the "physical layer", which is the electronics that interfaces the controller to the physical medium. I am not a 1394 guru, but would suspect that this is the analogue circuitry that encodes/decodes & drives/receives the electrical signals to & from the wiring between different 1394 products. It requires good analogue design capabilities to make good PHY devices. Poor PHY parts can reduce number of devices supported, maximum wire lengths, bit rates and errors. I have no idea whether ADPT are good at bad at PHY's, but suspect that whilst they probably have good analogue bus driver and receiver experience, the PHY required for the (serial) Firewire standard demands a level of complexity above their previous experience. However, I doubt whether PHY performance will be a critical parameter affecting their success or failure with 1394 ! (This will quickly become a low margin market with "quality" well down the list of priorities). Mark