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Technology Stocks : Nortel Networks (NT)

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To: t2 who wrote (4392)	1/25/2000 9:54:00 PM
From: Paul Fine	Read Replies (1) of 14638

NT IR response re EPS: I received a quick response from NT IR(thank you, Ms McMonagle) about this issue. I will post the jist of it here and then editorialize: "Many investment analysts have moved to US GAAP and hence consensus being quoted is a US GAAP reference. Both .55 and .44 are accurate reflections of Nortel's performance under Canadian and US GAAP respectively." My feeling is this had the potential to be a fiasco on the proportion of Sept' 98. The "apples to apples" comparison that all the news wires could have reported would have been "NT makes est but misses whisper number". Under the reporting rules that LU and Cisco use, the comparison would have been .44 actual vs. .41 consensus est. Please note that the year to year growth would have still been outstanding, but I don't think we would have gotten the play we are getting tonight. Ms McMonagle confirmed what I already knew; that this is the last qtr that NT will report in both US and CN GAAP. It will be US only in the future. That is good, cause the next time the knife could cut us the other way. We will see if CNBC picks up on this and gnaws it to death tomorrow morning when Roth is on(8:40am EST). Paul

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