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

To: slob who wrote (2620)	6/12/1998 1:20:00 PM
From: Mark	Read Replies (1) \| Respond to of 5944

Slob - Ironically, whilst you were writing that last post, I was trying to get some thoughts together on what my current buy price would be. I earlier said that I'd be happy with a PSR of around 0.7. 1) If Symbios doesn't happen, and ADPT do around $850m in sales, then, with 115m shares, a PSR of 0.7 gives a share price of around $5. I suppose I could be generous and add on the cash/share they have, which is about another $6. In which case my buy would be < $11. 2) If Symbios does happen, and ADIOS has around $1.4b in sales, then a PSR of 0.7 gives a share price of around $9. They'll still have a little cash left - say $1/share - so my buy would be around $10. The coincidence is that, on this basis, I think ADPT starts to look like a buy at < $10.50, which is realistically close to your support level estimate of $9.50. HOWEVER, whilst I presently conclude that I do not wish to pay more than $10.50 for ADPT, I am still not comfortable that <$10.50 necessarily represents a buy. Guess there are still too many unknowns. Mark

To: slob who wrote (2620)	6/12/1998 1:39:00 PM
From: Investor2	Respond to of 5944

Re: "It seems to me that the next Fundamental level that will offer support is at about $9.50" How did you come up with the "fundamental level?" Best wishes, I2

To: slob who wrote (2620)	6/12/1998 2:13:00 PM
From: Starowl	Read Replies (2) \| Respond to of 5944

slob: "bottom fishing season". While you and Mark are looking for the bottom, I am going off to the north for some fishing of my own--fly fishing during the mayfly hatches. Only I'll be fishing on the top, with dry flies. If when I come back your guess of the $9.50 support level has come true, will you then be looking for a support level of $5? Probably, and Mark will still be too full of uncertainties about Adaptec's technology to pony up cash for a piece of the company. Where were you folks six months ago? You two have become the prophets of doom for an almost dead horse. That's not too difficult. Especially with the current collapse in Asia. Is Adaptec's current problem really EIDE? I doubt it seriously. Suddenly EIDE and UDMA dropped out of the sky, pulling the rug out from under Adaptec? I respect your technical knowledge, but . . . . Let's see now, if I can just get this fly over into that little stretch of backwater, near that big log . . . .. I sincerely hope you find the bottom you want, make a purchase, and make a killing on this stock. We all do. Starowl