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Strategies & Market Trends : The New Economy and its Winners

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To: Lizzie Tudor who wrote (11477)	5/10/2002 1:30:01 PM
From: Lizzie Tudor	Read Replies (2) of 57684

analyst capitulation in software today... 7:36AM BEA Systems estimates cut at Bear Stearns, CSFB (BEAS) 10.08: Bear Stearns cuts ests due to a lack of positives in the spending climate; lowers FY03 rev/EPS ests to $955 mln/$0.28 from $1.015 bln/$0.33 (below consensus). CSFB expects an in line Q1 but a reduction in guidance due to continued weak demand; reduces FY03 rev/EPS ests to $925m/$0.27 from $979m/$0.32. 8:46AM Siebel Systems cut to Neutral at Pacific Crest (SEBL) 23.01: Pacific Crest downgrades to NEUTRAL from Buy on concerns about a continued slowdown in software spending, weakening pipeline/backlog, potential for "brain drain," and increasing competition over the long-term from ERP vendors. 9:26AM Mercury Interactive downgraded at Pac Crest (MERQ) 36.90: Pacific Crest downgrades to BUY from Strong Buy, saying that the traditionally weak summer season for IT is approaching (Lizzie- this is irrelvant this year)and the firm cannot pinpoint any near-term catalysts for MERQ that are not currently priced into the stock; price target is $45. My software portfolio is ok today, and holding some gains from weds. This is probably the low on these stocks, Pacific Crest is the ultimate cheerleader so downgrades from them are contrarian, imo. L

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