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Technology Stocks : PROGRAMMER'S PARADISE (PROG) -- Ignore unavailable to you. Want to Upgrade?

To: JSB who wrote (433)	1/28/1999 5:43:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 2383

JSB, that is what is happening when expectations are built up. Management is actually quite aware of this problem, and they are toning down expectation for next year to sales of about $285 MM and earnings in the $.85 to $.90. When you listen to the conference call, they tell you, our estimate do not include "hardware" (and what are your expectations 10% of sales), they do not include that and that..., thus in my opinion, my estimate of $1.4/share plus and $330 MM in sales. Zeev

To: JSB who wrote (433)	1/28/1999 7:45:00 PM
From: KellyW	Read Replies (1) \| Respond to of 2383

JSB, yeah today was a disappointment. Even PROG's CFO, who I spoke with after the market closed, expressed "wallstreet dismay". I mean, he and his team outperformed. They delivered $.04 past consensus estimates and they're rewarded with a turd in the punch bowl. I said, "The stock should be at $30.00 a share." He said, "Maybe, maybe not. But it should definatly be off the $15.00 schneid." With this kind of intention, this kind of awareness, I'm betting that the future road shows etc., see a management team that makes a more concerted effort to unlock shareholder value. The right confluence of events should see PROG chew through the $16.00 to $19.00 resistance range where the last run up saw buyers get left at those altitudes. Also, the CFO said that PROG has not had as many money managers, etc., participate before on a conference call. Beginning of increased exposure? What the hell. It was what it was.