NEXTEL Message Board - Msg: 8735152

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Technology Stocks : NEXTEL

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To: SteveG who wrote (8997)	4/6/1999 2:49:00 PM
From: SteveG	Read Replies (1) of 10227

BTAB Jeffrey Hines and Bo Fifer: PCS Reauction Update: Day 9 HIGHLIGHTS: -- Stage 2 of the re-auction of PCS frequencies continued on day 9 (5-Apr). After 26 rounds of bidding (the pace of the auction has increased to 4 rounds/day), the auctions have yielded net bids of $387 million and appear to be "fizzling out". As the auction winds down, these preliminary results are becoming more significant and winning footprints are beginning to take shape (please see our note dated 22-Mar for identification of the top 10 qualifying participants). -- TOP FIVE BIDDERS BY NET BID (we note that an entity's bid amount can fluctuate (wildly) from round to round--as opposed to necessarily rising each round--if it loses a high bid position) Bidder Markets Bid ($Mil) Cook Inlet/VoiceStream PCS 26 191.4 OPCS Three 29 45.3 Viper Wireless 7 26.2 ABC Wireless 61 22.0 Leap Wireless 27 19.5 Source: Federal Communications Commission. -- TOP FIVE MARKETS BY NET BID Market Bidder Bid ($Mil) Bid/POP Chicago (30MHz) Cook Inlet/VoiceStream 117.8 $14.40 Dallas (30MHz) Cook Inlet/VoiceStream 62.4 $14.40 New Orleans (15 MHz) Viper Wireless 18.0 $13.15 St. Louis (30 MHz) OPCS Three 14.6 $5.35 Detroit (30 MHz) OPCS Three 13.2 $2.80 Source: Federal Communications Commission. -- RECENT BIDDING ACTIVITY BY ROUND New Net % Eligible Round High Bids Bids Chg. Bid 23 39 $380M -1% 59 24 33 $382M 0% 59 25 26 $386M 1% 59 26 26 $387M 0% 59 Source: Federal Communications Commission. -- NET-NET: The auction is now showing clear signs of coming to a close. We believe the third and final stage could begin as early as Tues (6-Apr) and Wed, and in fact we are comfortable projecting Western Wireless as the winner of both the Chicago and Dallas licenses. We note, however, that all ten of the top ten qualifiers still remain eligible. While Chicago and Dallas represent the top two bids on a per-POP basis at $14.40/POP each, Cook Inlet / VoiceStream has not had to raise its bid here for the last several days - perhaps an indication that the auction may begin to focus on some of the smaller markets and perhaps indicating that an end is near. New Orleans (another GSM hole) has attracted the 3rd highest bid on a per- POP basis, at $13.15--by a TDMA-affiliate. The average is currently $1.49/POP for markets with an active bid... Stay tuned.

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