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July 8, 2005 Stock Pick: Cray, Inc. (CRAY)

Stock Price: $1.31

Cray Inc. is engaged in the design, development, marketing and support of high-performance computer systems, commonly known as supercomputers. use in a variety of scientific, engineering and commercial applications.

The company recently won an order to supply two supercomputers to the U.S. Army Space and Missile Defense Command. More deals like this one could send CRAY up from its current level where it appears to be bottoming.

CRAY has a book value of $1.20; however, the company lost $21 million last quarter, up from the previous quarter loss of $34 million. Prospects should only improve from this point. On July 1st, Cray required temporary salary reductions for all its staff in the United States paid more than $50,000 annually. This came as the company cut 10% of its staff.

We believe the company is taking control of the situation, and will realize brighter days. Cray has 16 of the top 500 supercomputers on the market based on recent rankings by three academic researchers in Germany and the United States.

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