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Thursday, May 05, 2005 11:33:00 AM
Why did I first go into Symbol Technologies (SBL:NYSE)?
Because I believe in the secular growth of RFID, radio
frequency technology that will revolutionize the way goods
are distributed throughout the world. I still believe the
growth will be there, but the company has failed to execute.
I spoke with William Nuti, the CEO, last night on my TV
show, "Mad Money." And while I didn't care for all of his
excuses for why profits are falling short of expectations,
I have to admit that selling the stock down here at
Wednesday's closing price of $10.97 would be wrong.
But I won't be adding to my 10,000 shares, either, because
Symbol now has disappointed me twice. Rather, I just have
to believe that the inherent value of the company's bar-
code scanning technology and almost $2 billion of annual
revenue will drive the stock back up toward the low teens,
where I can pare back my stake.
Both Symbol and Tyco (TYC:NYSE) can't be trusted to make us
money anymore. I will look to lighten up on both positions
as they rally because both appear oversold following their
disappointing earnings reports.
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