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Non-Tech : Iomega Thread without Iomega -- Ignore unavailable to you. Want to Upgrade?

To: BeachBum who wrote (3408)	11/6/1998 8:15:00 AM
From: BeachBum	Read Replies (1) \| Respond to of 10072

Some good press... Iomega firms, benefits from SyQuest's pain November 5, 1998 10:14 PM EST NEW YORK, Nov 5 (Reuters) - Shares of computer data storage company Iomega Corp.(NYSE: IOM) rallied again on Thursday, still benefiting from rival drive maker SyQuest Technology Inc.'s (Nasdaq: SYQT) troubles. Iomega shares rose to $9, up $1, or about 12 percent, on Wednesday, and was the second most active issue on the New York Stock Exchange. Iomega's share price has tripled in one month. Analysts said the Roy, Utah-based company received a boost on Monday after SyQuest, once a pioneer in the market for removable storage devices for personal computers, said it would shutter its doors and may file for bankruptcy. They noted that SyQuest, whose SparQ drives competed with Iomega's Zip drives, overspent and overscaled their business relative to market demand. "We believe the perils experienced by SyQuest ultimately benefits Iomega more in the long-term," said J.P. Morgan analyst Daniel Kunstler, in a Nov. 3 research note. "We believe a number of obstacles that have prevented a valuation based on the company's potential growth are being systematically overcome," said Joeseph Besecker, an analyst for Emerald Research. On Thursday, he upgraded his rating on Iomega stock to buy. In October, newly appointed Iomega Chief Executive Jodie Glore said he would look for ways to speed up a turnaround expected to bring the leading high-capacity disk drive company back to profitability. The company has reported losses in the past three quarters, but pledges to be profitable by its fourth quarter. REUTERS Click Here From Pointcast Network. BB ^-^-