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Technology Stocks : Documentum (DCTM) Software -- Ignore unavailable to you. Want to Upgrade?

To: Michael Watkins who wrote (387)	1/22/1999 11:35:00 AM
From: Wizard	Read Replies (2) \| Respond to of 600

Robertson went to $165mm from $185 in revenues for 1999 and $1.00 EPS but that is below consensus. Others are at $1.09. The risk is if there are further cuts to estimates coming. Management has for the first time mismanaged the pipeline and set expectations too high. This creates risk. The stock is reasonably priced. I would sell on strength until estimates start trending the opposite direction.

To: Michael Watkins who wrote (387)	1/22/1999 2:17:00 PM
From: Ariella	Read Replies (2) \| Respond to of 600

Merrill Lynch also put out a note on DCTM today. It's available on their website -- www.askmerrill.com. You have to register, but report is free. You also need Adobe Acrobat to view. Merrill has put out excellent industry overviews for this area within the past month. The downgrade is typical Wall Street -- horse is out of the barn, let's shut the gate. Speaking here as an ex-Street analyst. I recently rode OTEXF from 13 to 22 and sold. Was hoping for a backtrack in DCTM and thanks to the rumors have gotten it. Am in and intend to hold into 2000. Can easily imagine volatility, but also a $50+ stock by then. Would appreciate hearing comments on the Merrill report. -Ariella