Rick Sherlund
Rick Sherlund
bad believe news software
We do not believe all the bad news is out yet in the software sector.
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We believe there will be an increase in revenue and earnings momentum and a corresponding benefit to the stock as Windows Vista and Office 12 upgrade cycles begin late in the year.
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We are encouraged by this and have raised estimates, essentially back to earlier levels. While the stock is richly valued and the growth is still well below historic levels, we believe there is a good flow of upcoming new products and the shares are likely a relative safe harbor.
appeal believe investors issue leading possibly prominent
We believe investors will need to hunker down for a potentially long process, possibly leading through appeal into 2001, ... For now, this will be a prominent issue but may become a back-burner issue during lulls in the action.
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We believe this provides little to no remedy, given that the operating systems business is still a monopoly business as determined by the court.
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We believe that there is a clear platform shift underway from earlier-generation client-server systems to more Internet-enabled client-server systems and the added new dimension of business-to-business commerce. Oracle appears to be out in front of this issue.
anecdotal believe capital capture catching coming data estimates falling knife magnitude results spending street year
Estimating results has been like catching a falling knife this year and we do not believe Street estimates yet capture the magnitude of capital spending constraints going into 2002, particularly considering anecdotal data coming out of Europe.
believe bit group likely oracle quarter rest results september shy software
Extrapolating from Oracle as a bellwether for the rest of the software sector, we believe the September quarter results for the group will likely come in a bit shy of estimates,
believe changed data estimates management posture recent street
Microsoft's management has not changed its posture on the quarter, but we believe recent data suggests that Street estimates may need to come down,
address conclude direction gotta microsoft step taking today understand
I see Microsoft today saying, 'We understand that. Here's our first step in that direction, and how we address it.' That's all I think you can conclude today, is they're taking their first steps. They've gotta do it.
appears business currently line management plans spoken tracking
We have spoken with management and there are currently no plans for an pre-announcement, as business appears to be tracking in line with expectations,
figure growth rate trying
I think the Street's trying to figure out what is the long-term growth rate here,
activity appears comment management status
Management will not comment on the status of the DOJ settlement discussions, but it appears to us that things may be heating up, ... There appears to be a flurry of activity on the settlement front, but no way of gauging probabilities.
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Microsoft's market cap right now is $208 billion. If you were to combine Ford and General Motors market cap(s) . . . that would only equal half of (Microsoft's) market cap. Granted, (Microsoft) by far is the premier growth company in the world today. But again, it is trading at 60 times earnings,