FOOL PLATE SPECIAL

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CAI Wireless <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: CAWS)") else Response.Write("(NASDAQ: CAWS)") end if %> slipped $1 3/8 to $11 5/8 after an appearance by a senior official on CNBC's Squawk Box. The wireless communications concern has surged in the past week after it announced it was testing a high-speed wireless connection to the Internet.

Until recently, CAI Wireless has been strictly a wireless television company. They operate eight wireless cable systems in New York, Pennsylvania, Ohio, California, D.C. and Virginia with rights to nine additional markets. They have entered into a joint venture with Heartland Wireless that combines some of their Midwestern and Southwestern assets. Shares outstanding at CAI Wireless have swelled in the past twelve months as insiders dumped seven million shares alone in November.

The company remains cash-flow negative, regularly issuing common and preferred shares in order to get working capital. Current assets are negligible, with 59% of its $78 million in total assets in "wireless channel rights". With a little less than two million in liquid assets and more than $30 million in current liabilities, to call the company's working capital negative is almost an understatement.

Investors in CAI Wireless should realize they are buying a company whose assets are tied up almost exclusively in its wireless cable future. Its high-speed modem requires a landline connection, meaning it lacks the mobility of current products available from US Robotics and Microcom. As a result, this product competes head-to-head with cable modems, offering similar speeds to the Hewlett-Packard, Motorola and Zenith products currently in development.

As for the value of the shares, with CAI's marked tendency to issue new equity to fund operations, shareholders should be sure to forecast continued dilution when they attempt to put a value on the company. And regarding the wireless cable business, despite the deal with Bell Atlantic and NYNEX to invest as much as $300 million in CAI, the company as yet has seen none of this money and after almost a decade of development, wireless cable remains a tiny sideline in the huge media and telecommunications business.

UPS

Giant Industries <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GI)") else Response.Write("(NYSE: GI)") end if %> surged $1 1/2 to $14 3/4 after the company gave bullish second quarter estimates that have the company exceeding $0.50 EPS, compared to $0.19 EPS a year ago.

Tooth-brightening Ion Laser Technology <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: ILT)") else Response.Write("(AMEX: ILT)") end if %> popped up $1 3/8 to $23 3/4 as well, after a scintillating interview between CNBC's Mark Haines and one of the company's senior executives.

Copley Pharmaceuticals <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: CPLY)") else Response.Write("(NASDAQ: CPLY)") end if %> exploded $3 3/8 to $17 1/8 after the Food & Drug Administration (FDA) cleared monoxidil for over-the-counter sales.

Secure Computing <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: SCUR)") else Response.Write("(NASDAQ: SCUR)") end if %> announced an agreement to acquire Border Network Technologies, making the company the second-largest network security concern, next to Security Dynamics <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: SDTI)") else Response.Write("(NASDAQ: SDTI)") end if %>. The stock was up $4 1/2 to $34 3/4.

Rim-maker Titan Wheel <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TWI)") else Response.Write("(NYSE: TWI)") end if %> tacked on $5/8 to $17 5/8 after the company announced it had received authorization to buy back up to 5 million shares, 22% of the outstanding stock.

Matrix Pharmaceutical <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: MATX)") else Response.Write("(NASDAQ: MATX)") end if %> recovered $2 1/2 to $21 7/8 following yesterday's disastrous rout after they reported their development of AccuSite would be delayed.

Blimpie International <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: BMPE)") else Response.Write("(NASDAQ: BMPE)") end if %>, a chain of sandwich shops that competes with the likes of Subway, popped up $1 to $15 1/8 after regional brokerage Barber & Bronson reiterated a "strong buy" on the stock yesterday.

ABR Information <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: ABRX)") else Response.Write("(NASDAQ: ABRX)") end if %>, a company that manages medical benefits for other firms, climbed $3 1/4 to $62 after announcing a deal with PacifiCare to market COBRA services. COBRA is a complicated piece of healthcare coverage that kicks in for six to 18 months after someone leaves a job.

PC DOCS <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: DOCSF)") else Response.Write("(NASDAQ: DOCSF)") end if %> has finally hit the big time -- Canadian style. The document management company will be added to the Toronto 300 Composite, sparking a $1 5/8 to $23 3/4 rally.

Buying a Sacremento radio station for $13.5 million yesterday boosted shares of American Radio Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: AMRD)") else Response.Write("(NASDAQ: AMRD)") end if %> $2 1/8 to $37 1/4 in trading this morning.

Scott & Stringfellow Financial <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: SCOT)") else Response.Write("(NASDAQ: SCOT)") end if %> rose $3 to $18 1/2 after authorizing a share buyback of up to 9.1% of its common stock.

DOWNS

General Nutrition <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: GNCI)") else Response.Write("(NASDAQ: GNCI)") end if %> dropped $4 1/2 to $14 this morning after the company forecast lower-than-expected second quarter net and a slowdown in same-store sales growth. Smith Barney cut the stock from "strong buy" all the way to "underperform" this morning.

Apple Computer <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: AAPL)") else Response.Write("(NASDAQ: AAPL)") end if %> got a $1/2 haircut to $25 7/8 after it informed investors this morning that it did not expect to become profitable until 1997, seeing operating losses and lower sales for the rest of the year.

Novell Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: NOVL)") else Response.Write("(NASDAQ: NOVL)") end if %> slipped $3/8 to $14 3/4 after reporting a $0.19 EPS loss before a four cent one-time gain for the sale of WordPerfect, almost double the loss that Wall Street analysts were anticipating.

SCB Computer <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: SCBI)") else Response.Write("(NASDAQ: SCBI)") end if %> imploded $10 1/2 to $17 3/4 after it announced the end of an internal audit which had found less than $50,000 worth of misbillings to the Tennessee Valley Authority.

Investors in Optical Cable <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: OCCF)") else Response.Write("(NASDAQ: OCCF)") end if %> got another day of stomach-churning moves, down $15 to $63 on 90,000 shares traded this morning. With only 1.5 million shares available for trading, the moves here are going to be fast and furious in both directions.

Shares of recent initial public offering Etec Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: ETEC)") else Response.Write("(NASDAQ: ETEC)") end if %> continued to slip today, down $4 3/4 to $32 1/4. The semiconductor equipment manufacturer has been trading at a marked premium to its peers -- including peers just as vital to manufacturing sophisticated, cutting edge chips.

SmartMoney's worst recommendation in the publication's history, Sports & Recreation <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WON)") else Response.Write("(NYSE: WON)") end if %>, slid another $7/8 to $8 7/8 today after posting worse-than-expected earnings and negative same-store sales growth.

Corrpro Cos. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CO)") else Response.Write("(NYSE: CO)") end if %> was whacked for $1 1/8 to $8 7/8 after posting a fourth quarter operating loss that was worse than last year, blaming the weather for its woes.

CS First Boston cut NL Industries <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NL)") else Response.Write("(NYSE: NL)") end if %> from "buy" to "hold" today, knocking the stock down $1 3/4 to $12.

Perhaps the fact that cable modems will only make up about $70 million of Zenith's $1 billion in annual revenues in the best-case scenario is why Zenith Electronics <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ZE)") else Response.Write("(NYSE: ZE)") end if %> continues to fall, down $1 1/8 to $15 1/8 today.

Technology venture capital firm Safeguard Scientifics <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SFE)") else Response.Write("(NYSE: SFE)") end if %>, most famous for bring Novell Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: NOVL)") else Response.Write("(NASDAQ: NOVL)") end if %> public, dropped $7 1/2 to $82 today -- the first significant drop in an ongoing run.

News that Boise Cascade Office Products <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BOP)") else Response.Write("(NYSE: BOP)") end if %> was cut to "market performer" by Goldman Sachs yesterday continues to weigh on the shares, bopping them down $2 7/8 to $41 5/8 today.

Michael's Store <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: MIKE)") else Response.Write("(NASDAQ: MIKE)") end if %> was crushed for $1 3/8 to $17 1/2 today after announcing a 7% same-store sales drop for the month of May. We guess that they do not anticipate the last two days of the month helping out that much.

Randy Befumo (MF Templar), a Fool
Selena Maranjian (MF Selena), another Fool