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Technology Stocks : THREE FIVE SYSTEM (TFS) - up from here? -- Ignore unavailable to you. Want to Upgrade?

To: michael c. dodge who wrote (2345)	9/2/1998 1:07:00 PM
From: Noblesse Oblige	Respond to of 3247

Hi Michael... I believe I disagree with Raefon on the nature of this morning's buying. Floor reports indicate that the six figure block that changed hands earlier today was for the company. It appears to me that this brings their repurchases to something "in the ballpark" of a half million common. The trades that Raefon pointed out yesterday could not have been for the company, however, as new, higher prices, were initiated by the buyer. That is not a permissible act during a corporate buyback. The company can only buy on plus-ticks if the price is initiated by another purchaser. All things considered, it appears to me that TFS will get its 1 million share authorization in relatively quickly. Contrary to the rest of the "thread's" opinion, the stock still trades very heavy. My own guess (and a guess is all it is!) is that they could repurchase the rest of the remaining authorization at an average price of approximately $9. We will see in time. When they report their third quarter numbers, TFS will almost certainly include a share repurchase total in the press release. And, even if they again choose to be less than forthright (an ongoing problem here, apparently!) by LAW they must include the information in the 10Q. I will see to it that it is posted. Have a good day.

To: michael c. dodge who wrote (2345)	9/2/1998 1:17:00 PM
From: dfloydr	Read Replies (1) \| Respond to of 3247

Hi michael: I have been all through my notes and copies of press releases and through the TFS website and just have not been able to pick up the name of their contractor in Beijing. If it is there, I overlooked it. So no luck. I find a blank in my notes from the Jan 21 conference call where logically that name should have been entered. I am pretty sure I remember it being mentioned at that time. Yes, this trading volume should be flushing out the sellers, and buyers at these levels should be happy to hold for a while. It has occurred to me that TFS may be spreading their buying around the street ... Baer Sterns yesterday ... Morgan today ... it would be very smart. That way some of these analysts they have been hoping to have pick up coverage would get some income to pique their interest. Furman Selz got a good chunk at the start of the program and have probably had some level of benefit over the years already, so TFS would do well to buy in some favors as they buy in shares. Floyd