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Technology Stocks : Phoenix Technologies (PTEC) -- Ignore unavailable to you. Want to Upgrade?

To: Jules B. Garfunkel who wrote (2827)	10/22/1998 11:32:00 PM
From: Fred Fahmy	Respond to of 3624

Jules, <However, if I look at PTEC objectively, I find a company with a 70+ % market share, well positioned to play a major role in new and potentially enormous markets (IP and Pico businesses), armed with $80 million in cash and no debt, and poised to resume a stock buyback program in the near future.> I agree in large part. However, PTEC is still missing a very very key ingredient....how to deal with the investment community and establish appropriate expectations. This has not improved one iota over the last two years...possibly even getting worse. It's not that the results themselves are a total disaster (although we all would have liked to see more earnings), it's more a problem with perception. Heck, many small cap techs are debt ridden and struggling to show any profit in this environment. However, I don't think I can ever remember in my relatively short investing career any company issuing a warning, giving a range, and then hitting the very bottom of that range. Re: stock buyback I think this will tell us a lot. If, at these levels, they don't buy back significant numbers of shares (as soon as they are eligible) then they themselves will be sending a loud and clear signal that PTEC is not a company to invest your hard earned money. Sure, it's nice to have cash for acquisitions but at some level you have to see value in yourself. Why do I have this very strong feeling that they will drag their feet in buying back shares??? FF