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Technology Stocks : NEXTEL
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To: Anthony Wong who wrote (8916)3/25/1999 10:50:00 PM
From: SteveG   of 10227
 
from BTAB's Jeff Hines and Bo Fifer: PCS Reauction Update: Day 3

HIGHLIGHTS:
-- The re-auction of PCS frequencies continues after day 3 (25-Mar).
After 6 rounds of bidding, the auctions have yielded net bids of $183
million. Early results, while not terribly significant, are
nonetheless interesting (please see our note dated 22-Mar for
identification of the top 10 qualifying participants).

-- TOP FIVE BIDDERS BY NET BID
(we note that an entity's bid amount can fluctuate from round to round--as
opposed to necessarily rising each round--if it loses a high bid position)
Bidder Markets Bid ($Mil)
ConnectBid 4 79.4
OPCS Three 21 15.5
Beta Communications 7 14.2
ABC Wireless 33 8.9
Leap Wireless 9 7.5
Source: Federal Communications Commission.

-- TOP FIVE MARKETS BY NET BID
Market Bidder Bid ($Mil)
Chicago (30MHz) ConnectBid 43.0
Dallas (30MHz) ConnectBid 27.1
St. Louis (30 MHz) OPCS Three 11.0
Philadelphia (15 MHz) BCN Communications 10.4
Phoenix (30 MHz) Beta Communications 8.8
Source: Federal Communications Commission.

-- RECENT BIDDING ACTIVITY BY ROUND
New Net % Eligible
Round High Bids Bids Chg. Bidders
4 77 $144M 15% 67
5 60 $159M 11% 67
6 75 $183M 15% 63
Source: Federal Communications Commission.

-- NET-NET: No surprise that Chicago and Dallas, as the auction's "crown
jewels" are attracting the most bidding attention. Bidding seems to
be dominated by just three companies in these two markets so far,
however: Beta Communications, ConnectBid, and OPCS Three. ABC Wireless
(33 high bids) continues to hold the broadest footprint of licenses as
represented by high bids, while ConnectBid is tops in POPs covered
with its bids... Stay tuned.
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