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Strategies & Market Trends : The New Economy and its Winners

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To: Bill Harmond who wrote (1175)	8/13/2000 3:30:34 PM
From: Libbyt	of 57684

PHCM... This is reprinted from the Bull Market report. Just FYI. "The Bull Market Internet Investor - bull-market.com Internet Investor for Sunday, August 13, 2000 PHONE.COM CRANKS UP THE VOLUME by Kenneth A. Toudouze, CFA Related Stories: streetadvisor.com Phone.com [Nasdaq: PHCM] announced a merger with Software.com [Nasdaq: SWCM] that calls for a valuation of approximately $6.5 billion. The companies will effectively split ownership in the new combined company. The coup for Phone was the recruiting of Donald Listwin, one of the lieutenants of Cisco's [CSCO: Nasdaq] CEO, John Chambers, to run the new enterprise. We reiterate our buy rating and upwardly adjust the price target to $105. The merged company will be a powerhouse enabler of Internet applications, including e-mail, unified messaging and wireless access. The current CEO of Phone will move to EVP while maintaining Chairmanship of the Board. The Software CEO will be EVP as well. We have added a few dollars to the price target suggested in June in order to account for the new CEO. His industry connections will be key for the New Phone as it targets enterprise customers in the telco space. As the market digests this news, expect the share price to adjust accordingly. Recognize that a high degree of revenue growth is priced into the current share price. We will be reworking our Internet model over the next couple of days after combining the companies together. While we remain bullish about the wireless space in general and Phone.com in particular, stocks in this group are subject to huge volatility due to meaningful earnings being so far into the future."

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