WELLS FARGO <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WFC)") else Response.Write("(NYSE: WFC)") end if %> jumped $22 5/16 to $314 today after reporting better-than-expected Q3 EPS of $3.26 ($3.33 before a charge for re-leasing of a company property), beating the consensus estimate of $3.21. A good sign for the company was an increase in September of core deposits (deposits not bought from other institutions or from outside the company's operating markets), which sounds as if the flight of First Interstate customers has abated. As importantly, checking deposits also increased, and where checking deposits are made, other business generally follows. Adjusting for amortization, Wells Fargo continues to be one of the most profitable large-cap banks in the country and its cash flow is good, as evidenced by stable capital-to-risk-based-assets ratios at the same time the company bought back approximately 1.5 million shares (since last quarter). Late this afternoon the company announced that its board has authorized the repurchase of an additional 10% of the common shares outstanding.
IBM <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IBM)") else Response.Write("(NYSE: IBM)") end if %> jumped $7 11/16 to $105 3/8 after reporting a 5.8% increase in Q3 earnings and a 12.3% increase in per-share earnings due to a continuation of the company's massive share buyback program. Service revenues showed the biggest segment increase for the company, gaining 20% from last year, in addition to contributing higher gross margins to the overall earnings performance. EPS of $1.38 nudged just past the First Call estimate of $1.36. As an illustration of the conflicting viewpoints on the street, Cowen & Co. reiterated a "strong buy" rating on the company, saying the company could see a P/E multiple expansion later this year with consistent results and rising earnings from its disk drive and consulting units. Analyst Steve Smith at PaineWebber took a dissenting view, however, as he's not happy with the company's overall growth rate and this calls IBM "unattractive" at this point.
While many have supposed that Warren Buffett's been out on a buying spree for zero-coupon government bonds, the old fox has snagged another consumer franchise. This time, it's INTERNATIONAL DAIRY QUEEN <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INDQA)") else Response.Write("(Nasdaq: INDQA)") end if %>, the seller of frozen confections with weird names and Brazier barbecue. Buffett's company, BERKSHIRE HATHAWAY <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BRK.A)") else Response.Write("(NYSE: BRK.A)") end if %> is offering $27 in cash or $26 in Berkshire stock for each DQ share, hoping that holders will prefer the cash payment to the issuance of Berkshire stock, which Buffett is loathe to issue if he doesn't have to. Priced at 17 times 1996 free cash flow and given the rock-solid stability of Dairy Queen's financials and the repeatability of the franchise, one might as well look at this as a bond with a 5.8% current yield and a constantly increasing yield to maturity, based on its purchase price. Dairy Queen was up $2 5/8 to $26 3/4 on the day.
QUICK TAKES: Videoconference products company 8X8 INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: EGHT)") else Response.Write("(Nasdaq: EGHT)") end if %> surged $4 1/8 to $16 after announcing that Canadian phone company BC Tel will use the company's ViaTV Videophone for its Affinity VideoPhone Service... Imaging systems and optical character recognition products company SCAN-OPTICS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SOCR)") else Response.Write("(Nasdaq: SOCR)") end if %> added $2 1/8 to $12 3/4 after reporting a 122% increase in Q3 EPS on an 81% jump in quarterly revenues... CONCORD COMMUNICATIONS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CCRD)") else Response.Write("(Nasdaq: CCRD)") end if %> added $3 5/8 to $22 3/4 after the network analysis software company reported its first earnings as a public company, weighing in with Q3 revenues of $5.3 million and EPS of $0.02... Thin client/server software company CITRIX SYSTEMS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CTXS)") else Response.Write("(Nasdaq: CTXS)") end if %> jumped $14 1/4 to $74 5/8 after reporting a near-tripling in Q3 revenues of $34.9 million and EPS of $0.44, smearing the mean analysts' estimate of $0.31.
AMERICA ONLINE <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AOL)") else Response.Write("(NYSE: AOL)") end if %> rose $3 1/16 to $88 to a new record high on news that it has taken a large profit on its equity position in search engine and content aggregator EXCITE INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: XCIT)") else Response.Write("(Nasdaq: XCIT)") end if %> as well as news that it's taking a hard-line approach to pesky spammers who fill members' mailboxes with junk e-mail... Clinical research organization PREMIERE RESEARCH WORLDWIDE <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PRWW)") else Response.Write("(Nasdaq: PRWW)") end if %> picked up $1 5/8 to $13 5/8 after announcing a 40% year-over-year decline in third quarter revenues and a loss of $0.09 per share, in line with estimates. The company said it is ramping up expenses in the quarter to prepare for an increase in business, as future contracts now stand at $30 million... Multimedia publishing company CNET INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CNWK)") else Response.Write("(Nasdaq: CNWK)") end if %> ran up $3 3/8 to $29 1/8 in advance of reporting after the bell a loss of $0.45 per share for its third quarter.
Management consulting company DIAMOND TECHNOLOGY PARTNERS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DTPI)") else Response.Write("(Nasdaq: DTPI)") end if %> gained $1 15/16 to $16 9/16 on reporting Q2 revenues of $14.4 million and EPS of $0.10... THIOKOL CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TKC)") else Response.Write("(NYSE: TKC)") end if %> was launched $8 3/8 to $94 1/2 after smoking Q2 estimates of $1.15 per share with earnings of $1.51 per share, up 47% from last year's second quarter... Electronics components manufacturer CTS CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CTS)") else Response.Write("(NYSE: CTS)") end if %> picked up $9 5/8 to $99 1/4 after announcing that it will reinstate a share buyback program under which 1.2 million shares (after a stock split) are authorized for repurchase... Merchant transaction processor NOVA CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NIS)") else Response.Write("(NYSE: NIS)") end if %> charged ahead $2 13/16 to $29 7/16 on reporting a 24% increase in Q3 revenues and EPS of $0.16, right in line with estimates... Continuing a slew of brokerages initiating coverage on the company, Goldman Sachs started coverage of AVIS RENT A CAR <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AVI)") else Response.Write("(NYSE: AVI)") end if %> today with a "market perform" rating, sending the shares $1 5/8 higher to $28 13/16.
RAINFOREST CAFE <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RAIN)") else Response.Write("(Nasdaq: RAIN)") end if %> rose $2 1/16 to $35 13/16 after the theme restaurant and retailer reported Q3 revenues of $28 million and EPS of $0.21, in line with the 10-analyst estimate. PaineWebber raised its rating on the company to "buy" from "attractive"... Clinical information systems company IMPATH INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: IMPH)") else Response.Write("(Nasdaq: IMPH)") end if %> climbed $2 7/8 to $33 after UBS Securities started coverage of the company with a "buy" rating... UNIPHASE CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: UNPH)") else Response.Write("(Nasdaq: UNPH)") end if %> moved $5 higher to $82 after the optoelectronics products maker, which sells into the telecom and semiconductor processing markets, reported Q1 revenues of $38.5 million and a 62% increase in EPS of $0.34, topping estimates of $0.32.
After the bell yesterday, CADENCE DESIGN SYSTEMS <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CDN)") else Response.Write("(NYSE: CDN)") end if %> announced that its chief executive officer of 13 years, Joseph Costello, had resigned in order to take a vice-chairman position at closely held educational software and services company, Knowledge Universe. Costello had been at the helm of the electronic design automation (EDA) pioneer during its growth into an industry leader with 3,300 employees and over $845 million in trailing revenues. Investors today greeted the news with trepidation, as Cadence shares fell $3 3/4 to $52 1/8. Costello has been largely responsible for the company's successful execution of its "services" business model, which has garnered an increasing share of the company's revenues (45% of total revenues for the most recent quarter). However, Costello's departure probably won't be of consequence to Cadence's overall strategic execution, now in the hands of Jack Harding, a 14-year veteran of the industry. The company also announced a 2-for-1 stock split today.
Human resources company BARRETT BUSINESS SERVICES <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BBSI)") else Response.Write("(Nasdaq: BBSI)") end if %> was laid off $3 3/4 to $12 5/8 after announcing that it expects to report Q3 EPS of $0.13 to $0.15. The more conservative figure is 46% below analyst's estimates. The company fingered a number of factors for the shortfall, among them the company's mis-forecasting of direct payroll costs, branch operating expenses, and accounts receivable bad debt reserves. Barrett also warned that future profit margins would be pressured by payroll expenses, but attributed $0.05 per share of the coming shortfall to increases in subcontracting expenses. The company intends to create a reserve of $1 million to absorb any hits that may occurr in the future. Ultimately investors need to weigh the commoditized nature of Barrett's business against the strength of its regional franchises.
QUICK CUTS: Packaging products company BEMIS INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BMS)") else Response.Write("(NYSE: BMS)") end if %> lost $3 1/2 to $38 11/16 after posting 3Q EPS of $0.47 versus estimates of $0.53... ELECTROMAGNETIC SCIENCES <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ELMG)") else Response.Write("(Nasdaq: ELMG)") end if %> slid $4 to $22 5/8 after the provider of wireless communications systems said third quarter results of $0.22 per share were affected by product transitions in healthcare and satellite communications markets... Semiconductor process and test equipment manufacturer RELIABILITY INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: REAL)") else Response.Write("(Nasdaq: REAL)") end if %> lost $3 1/2 to $18 1/2 even though it reported Q3 EPS of $0.43, up 169% from last year and $0.04 above estimates... TRANSACT TECHNOLOGIES <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TACT)") else Response.Write("(Nasdaq: TACT)") end if %> fell $2 15/16 to $15 9/16 after the transaction printer maker reported Q3 EPS of $0.23, in line with estimates, but said it doesn't expect fourth quarter revenue growth to match growth rates seen through the first three-quarters of the year due to slackening market demand and a lengthening in product sales cycles.
Year 2000 remediation company VIASOFT INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: VIAS)") else Response.Write("(Nasdaq: VIAS)") end if %> tumbled $7 to $43 1/2 on reporting estimate-beating Q2 EPS of $0.20 on an 86% jump in quarterly revenues. Software license revenues grew well above the company's overall revenue growth rate, but investors were apparently expecting better performance... Video chip maker S3 INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SIII)") else Response.Write("(Nasdaq: SIII)") end if %> lost $1 9/16 to $9 7/8 on reporting Q3 EPS of $0.08, missing the mean estimate of $0.12... ZEIGLER COAL <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ZEI)") else Response.Write("(NYSE: ZEI)") end if %> fell $1 7/8 to $20 3/8 after Merrill Lynch lowered its near-term rating on the company to "accumulate" from "buy"... Printing systems company RASTER GRAPHICS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RGFX)") else Response.Write("(Nasdaq: RGFX)") end if %> slipped $2 1/16 to $6 1/4 on the heels of its announcement of slowing growth. Today the company was downgraded by Prudential to "hold" from "buy"... Hip clothier URBAN OUTFITTERS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: URBN)") else Response.Write("(Nasdaq: URBN)") end if %> lost $1 to $17 1/8 after warning that Q3 results would be impacted by slow sales an that its Q4 earnings would be affected by delays in store openings... Long-distance company TEL-SAVE HOLDINGS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TALK)") else Response.Write("(Nasdaq: TALK)") end if %> fell $2 to $23 1/16 after announcing that it would take a Q4 charge of $195 million for an acquisition and marketing expenses... Goldman Sachs cut its rating on shares of STRUCTURAL DYNAMICS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SDRC)") else Response.Write("(Nasdaq: SDRC)") end if %> from "market perform" to "market outperform," slamming shares of the Mechanical Design Automation and testing software company $2 3/16 to $20 3/8.
FOOL ON THE HILL
An Investment Opinion by Jim Surowiecki
Seagram Less Universal
La Femme Nikita has found a new home. In a complicated $4 billion deal announced yesterday, perennial media mogul Barry Diller's company, HSN INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: HSNI)") else Response.Write("(Nasdaq: HSNI)") end if %>, exchanged $1.2 billion in cash and 45% of its outstanding common stock equity for a large chunk of the television operations of Universal Studios, which is a division of SEAGRAM <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: VO)") else Response.Write("(NYSE: VO)") end if %>. Among the assets Diller is acquiring are the USA Network, one of the nation's few money-making cable networks, and the Sci-Fi Channel. Those channels will be crucial ingredients in Diller's long-term strategy of building a national network that can compete with CBS, NBC, ABC, and Fox. In addition, HSN will now own the production rights to shows like Law and Order and the syndicated hits Xena and Hercules, which Universal makes. Missing from the deal, though, is Universal's TV library and 50% of its international business, which is where a sizable chunk of television profits are made.
A minor but nonetheless telling result of the deal will be the change of HSN's name to USA Networks, a modification that gives the company a brand name suitable for its national ambitions and will allow Diller to free himself of the legacy of the Home Shopping Network, which is where HSN began and which it still owns. Diller has sought a large programming platform ever since leaving NEWS CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NWS)") else Response.Write("(NYSE: NWS)") end if %>, where he launched the Fox Network after heading up Paramount Studios for a decade. But his ambitions have been consistently thwarted, both by technological developments and by a lack of resources. Initially, Diller wanted to turn QVC, another home-shopping channel, into a powerhouse of interactive television, but his bid for Paramount failed when VIACOM <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: VIA)") else Response.Write("(NYSE: VIA)") end if %> bought it.
Diller then started a different company, Silver King Communications, which purchased the Home Shopping Network. Since then, Diller has set about assiduously assembling a small collection of television stations and equity stakes in various cable and entertainment ventures, including a 49.6% stake in TICKETMASTER <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TKTM)") else Response.Write("(Nasdaq: TKTM)") end if %> and a controlling interest in Savoy Pictures.
Still, HSN did just $75 million in revenues last year, losing $6 million, and Diller has been looking for a deal that would allow him to combine production and distribution in a meaningful way. The Seagram deal seems to fit the bill, especially since cable giant TELE-COMMUNICATIONS INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TCOMA)") else Response.Write("(Nasdaq: TCOMA)") end if %> subsidiary LIBERTY MEDIA <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LBTYA)") else Response.Write("(Nasdaq: LBTYA)") end if %> owns 15% of HSN. The arrangement with TCI will now allow Diller to expand the reach of both USA Network and the Sci-Fi Channel, while his access to the programming of USA and Universal could provide the seeds for something like a fledgling network, which makes his 12 television stations worth considerably more than they were worth last Friday.
If anything, the arrangement seems to be even more of a plus for Seagram, which has seen its stock price decline steadily over the course of the year, primarily as the result of concerns about its entertainment business. The company has the right to increase its stake in the new venture to 57% if it is successful, and the immediate infusion of cash should help the company's balance sheet, which is already relatively underleveraged for the industry. Speculation abounds that an aggressive stock buyback scheme is in the offing.
While the deal will take $25 million in annual cash flow away from the company, USA Networks is projected to have $2.5 billion in revenue and $400 million in cash flow in the year ahead, and 45% of that is worth substantially more ($155 million more, in fact) than $25 million. More importantly, having Diller in charge of its TV operations -- which is what the deal amounts to in practice -- bodes well for Seagram, even though Frank Biondi, head of Universal, also had a long background in the TV side of the business. While USA was profitable, and although La Femme Nikita is a hit, the long-term benefits of Diller's presence could be immense.
Investors have reacted positively to the deal, bidding both stocks up yesterday and sending HSN to close at its all-time high today. To be sure, any investment in an entertainment company requires a careful consideration -- particularly if the entertainment company in question is not one of the major networks. All indications are that cable channels like USA Network will remain strong. Diller's record in the years before QVC indicates he may very well be able to leverage this opportunity into the kind of mix of programming and distribution that can return sizable, and consistent, profits.
E*TRADE GROUP <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: EGRP)") else Response.Write("(Nasdaq: EGRP)") end if %>
(800) 633-8284 (access code: 3297460) -- replay through 10/21 @ 4:00 pm EDT
CREE RESEARCH <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CREE)") else Response.Write("(Nasdaq: CREE)") end if %>
(800) 633-8284 (code: 3256078) -- replay through 10/21
PLATINUM TECHNOLOGY <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PLAT)") else Response.Write("(Nasdaq: PLAT)") end if %>
(800) 642-1687 (code: 635624) -- replay through 10/21
DOCUMENTUM <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DCTM)") else Response.Write("(Nasdaq: DCTM)") end if %>
(402) 344-1087 -- replay through 10/21
TIDEWATER <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TDW)") else Response.Write("(NYSE: TDW)") end if %>
(800) 475-6701 (#358977) -- replay through 10/22 @ 11:00 am EDT
AT&T <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: T)") else Response.Write("(NYSE: T)") end if %>
Re: New CEO
(800) 475-6701 (code: 362163) -- replay for through 10/22 @ 7:00 pm EDT
(320) 365-3844 (code: 362163) -- replay for international callers
BOEING BUSINESS JETS and EXECUTIVE JET
Re: Joint Venture
(800) 633-8284 (code: 3275333) -- replay through 10/22
MICROSOFT CORPORATION <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MSFT)") else Response.Write("(Nasdaq: MSFT)") end if %>
(800) 456-5304 (code: 1017) -- replay through 10/22
360 COMMUNICATIONS <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: XO)") else Response.Write("(NYSE: XO)") end if %>
(402) 220-3014 -- replay through 10/22
EMCO LTD <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: EMLTF)") else Response.Write("(Nasdaq: EMLTF)") end if %>
(416) 626-4100 (code: 628365) -- replay through 10/22
AVALON PROPERTIES <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AVN)") else Response.Write("(NYSE: AVN)") end if %>
(800) 475-6701 (code: 359042) -- replay through 10/22
(320) 365-3844 (code: 359042) -- replay number for international callers
COMPUTER ASSOCIATES <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CA)") else Response.Write("(NYSE: CA)") end if %>
(888) 243-0816 (code: 5276) -- replay from 10/21 @ 7:00 pm through 10/23 @ 5:00 pm
INTERMET INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INMT)") else Response.Write("(Nasdaq: INMT)") end if %>
(800) 475-6701 (code: 360026) -- replay through 10/23
(320) 365-3844 (code: 360026) -- replay for international callers
COMPUTER HORIZONS CORP <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CHRZ)") else Response.Write("(Nasdaq: CHRZ)") end if %>
(800) 938-0928 -- replay through 10/24 at noon EST
TRIBUNE COMPANY <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TRB)") else Response.Write("(NYSE: TRB)") end if %>
1-800-633-8284 (code: 3218583) -- replay through 10/24
RTW INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RTWI)") else Response.Write("(Nasdaq: RTWI)") end if %>
(800) 475-6701 (code: 359246) -- replay through 10/24
RAPTOR SYSTEMS, INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RAPT)") else Response.Write("(Nasdaq: RAPT)") end if %>
(402) 220-4216 -- replay through 10/27
SEAGRAM COMPANY and HSN, INC.
Regarding combination of television assets
(800) 558-5253 (password: 330 9589) -- replay through 10/28
(416) 626-4151 (password: 330 9589) -- replay for international callers
10/22/97 (Wednesday)
ALLIEDSIGNAL <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ALD)") else Response.Write("(NYSE: ALD)") end if %>
(800) 633-8284 (access code: 3232046) -- replay from 11:30 am ET through 10/24 @ 5:00 pm ET
10/22/97 (Wednesday)
MINNESOTA MINING AND MANUFACTURING <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MMM)") else Response.Write("(NYSE: MMM)") end if %>
(888) 209-3817 -- replay through 10/23
10/22/97 (Wednesday)
SAFEGUARD SCIENTIFICS INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SFE)") else Response.Write("(NYSE: SFE)") end if %>
(800) 642-1687 (code: 634564) -- replay
10/22/97 (Wednesday)
MURPHY OIL CORP <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MUR)") else Response.Write("(NYSE: MUR)") end if %>
1:00 p.m. EDT
(800) 287-0835
(800) 633-8284 (code: 3190642) -- replay through 10/24 @ 1:00 pm EDT
10/22/97 (Wednesday)
READ-RITE <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RDRT)") else Response.Write("(Nasdaq: RDRT)") end if %>
(800) 633-8284 (reservation # 3156600) -- replay through 10/23
(303) 248-1201 (reservation # 3156600) -- replay for international callers
10/22/97 (Wednesday)
AXENT TECHNOLOGIES INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AXNT)") else Response.Write("(Nasdaq: AXNT)") end if %>
5:30 p.m. EDT
(612) 288-0340 -- live
10/22/97 (Wednesday)
FORTE SOFTWARE <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FRTE)") else Response.Write("(Nasdaq: FRTE)") end if %>
(402) 280-9000 -- replay through 10/27
10/22/97 (Wednesday)
ARBOR SOFTWARE <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ARSW)") else Response.Write("(Nasdaq: ARSW)") end if %>
(800) 633-8284 (code: 3217382) -- replay through 10/25
THIS WEEK'S CONFERENCE CALL SYNOPSES
GREEN TREE FINANCIAL <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GNT)") else Response.Write("(NYSE: GNT)") end if %> Call
CARLISLE COMPANIES <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CSL)") else Response.Write("(NYSE: CSL)") end if %> Call
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