Davox has posted very strong results: recent March Q product revs up nearly 30%; service revs up 31%; cost of both product and service revs down -- producing 45% increase in gross margins (reflecting positive mix shift and increasing software, vs. h/w, content of product). SGA in good control, up only 22.6%; full tax rate of 34%. And -- that all important Fool measure -- the Flowie came in at 0.9 at end of Q1'00 (vs. 1.03 12/99 and 1.16 on 12/98). Company has market leadership position, an ever expanding blue chip customer base (which continues to buy more product) and strong new product flow. The company has over $76mm cash and marketable securities, or $5.27 per fully diluted share -- and no debt.

Street estimates (not widely covered -- 5 analysts) reporting: concensus FY 12/00 =$0.94 (vs. $0.62); FY 12/01= $1.13.

The stock has been halved in the past few weeks and dropped more than another 10%, into the $12s, today. What am I missing??