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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Joe Dancy who wrote (6452)	3/27/1999 1:59:00 PM
From: Bob Rudd	Read Replies (1) \| Respond to of 78476

Joe: Took a small initial position in ICO @ 7 1/4 [So expect it to tank to 3] based on PS, PE, PB...usual suspects on possibility that this is merger indigestion quarter. When I first saw release it looked like .37 was expected and -3.25 was going to be delivered, but further digging showed most of that loss was non-recurring and was expected. The unexpected part was hit from .37 to - .20 or so in operating earnings. Some comments on Yahoo board indicate they're having some real problems executing and getting their arms around the business...especially since the merger. A lot of the reason the market hates them is that the net might destroy their business model, but the real challenge to their earnings may be failure to execute. In other words poor service may be driving their customers to the net and increasing costs...This is just tentative hypothesis so far, but be sensitive to the possibility. Bob