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Technology Stocks : 3Com Corporation (COMS) -- Ignore unavailable to you. Want to Upgrade?

To: hitesh puri who wrote (29187)	3/23/1999 9:26:00 PM
From: Al Cano	Read Replies (2) \| Respond to of 45548

3COM will receive applause from Wall Street tomorrow. Up aftertrading hours. SANTA CLARA, Calif. (CBS.MW) -- 3Com's stock may receive applause from Wall Street on Wednesday in response to the company's better-than-expected third-quarter earnings and planned buyback of as many as 10 million shares. The Santa Clara, Calif.-based maker of networking equipment as well as the PalmPilot personal digital assistant, said its pro forma net income was $89.6 million, or 24 cents a share, vs. $7.4 million, or 2 cents, in the year-ago third quarter. The median estimate from analysts surveyed by First Call called for the company to earn 23 cents a share in the period. 3Com's (COMS) revenue for the quarter was $1.4 billion, compared with $1.3 billion in the year-ago quarter. The company said its sales of systems products grew by 28 percent to $703.9 million. In addition, its client access product sales rose 1 percent to $706.6 million. 3Com also declared a stock repurchase program of up to 10 million shares of common stock, the company said. 3Com shares fell 5/8 Tuesday to close at 23 5/8 ahead of the news.