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October 6, 1998

MERRILL LYNCH BANGS NETAPP DRUM TO NO EFFECT

By CBR Staff Writer

Merrill Lynch followed up Tuesday’s Network Appliance Inc spin- control conference call with a Buy recommendation on Wednesday. Since calling NetApp the next major computer company Merrill Lynch has had a vested interest in its future. Embarrassing, then, when nasty rumors shaved a third off the appliance maker’s share price last week. We sense that filer and database units are selling well, urged Merrill, though it conceded that NetApp’s investors had concerns over sales force hiring. The market ignored Merrill’s pleas for new confidence; NetApp closed down 87 cents at $41.13.

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