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Technology Stocks : Harmonic Lightwaves (HLIT) -- Ignore unavailable to you. Want to Upgrade?

To: Marc Wester who wrote (2612)	1/17/1999 6:09:00 PM
From: Hiram Walker	Read Replies (2) \| Respond to of 4134

Marc, how can you say the poor performance is the fault of the company? They have been two years ahead of the competition at every juncture in cable optoelectronics. They have the most highly regarded externally modulated Yag transmitter around. They were the first to have WDM systems installed for Metro upstream. They were the first company with MetroDWDM for cable. The metro market was secondary to the long haul market. The reasons the stock performed poorly were twofold. One was that the leader of DWDM CIEN collapsed and took the group with it. The second one was that TCOMA stopped buying equipment right when HLIT had developed what was arguably the most important technological breakthrough for cable,MetroDWDM. TCOMA went from being the biggest customer to buying nothing. That was no fault of HLIT's,in fact I think it was an oustanding performance to lose that much business and still remain profitable. They then bought out New Media which put them under by 14 million initially,and possibly over 20 million total over the last 3 quarters. You go find a company that loses its biggest client for 2 years,buys out a company,and loses international sales and find a better performance. Remember over 60% of their sales were international which fell down a black hole last year. Now international is less than 40% and TCOMA is over 20%,what a fluid situation,and argues that management is not only good, but pretty close to fantastic. Hiram