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Strategies & Market Trends : LastShadow's Position Trading
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To: Jeff Jordan who wrote (32911)3/22/2000 1:06:00 PM
From: U Up U Down  Read Replies (1) of 43080
 
Looking @ Medscape. MSCP got hammered by a Barons article knocked down to ~5 bucks received an upgrade this morning to a strong buy.
DJ HCFP/Brenner Ups Medscape To Strong Buy From Buy

(END) DOW JONES NEWS 03-22-00
10:43 AM

This is from RB board
BEAR, STEARNS & CO. INC.
EQUITY RESEARCH

"The article suggested that MSCP will run out of cash in June 2000 based on
analysis which assumed that Medscape would "continue booking revenues and
expenses at the same rate they did in last year's fourth quarter." We note
that the publisher of the article has "clarified a calculation" with regard to
another health internet company mentioned in the article, which now is not
slated to run out of cash as quickly as the original article had suggested.

We similarly believe the conclusions related to MSCP in this article are
erroneous. We believe that MSCP's income statement alone as an indicator of
cash flow is misleading, as there is a significant amount of non-cash expenses
that running through MSCP's P&L. As we have discussed in previous reports,
Medscape's arrangement with CBS gives Medscape $150 million in promotion over 7
years, all of which are non-cash expenses but appear on the income statement,
and are not identifiable as non-cash without the cash flow statement (which
was apparently ignored in the "analysis" published on Saturday)."

Outlines Barron's attack
cbs.marketwatch.com
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