NEXTEL Message Board - Msg: 8742097

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Technology Stocks : NEXTEL

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To: SteveG who wrote (9000)	4/6/1999 8:38:00 PM
From: SteveG	of 10227

from BTAB analysts Jeff Hines /Bo Fifer- PCS Reauction Update: Day 10 HIGHLIGHTS: -- Stage 3 of the re-auction of PCS frequencies kicked off today 10 (6- Apr). After 30 rounds of bidding (the pace of the auction has increased to 4 rounds/day), the auction has yielded net bids of $397 million and appears to be drawing to a close quickly. As the auction winds down, these preliminary results are becoming more significant and winning footprints are beginning to take shape (please see our note dated 22-Mar for identification of the top 10 qualifying participants). -- TOP FIVE BIDDERS BY NET BID (we note that an entity's bid amount can fluctuate (wildly) from round to round--as opposed to necessarily rising each round--if it loses a high bid position) Bidder Markets Bid ($Mil) Cook Inlet/VoiceStream PCS 27 191.6 OPCS Three 31 46.2 ABC Wireless 63 26.1 Viper Wireless 6 19.3 Leap Wireless 28 18.6 Source: Federal Communications Commission. -- TOP FIVE MARKETS BY NET BID Market Bidder Bid ($Mil) Bid/POP Chicago (30MHz) Cook Inlet/VoiceStream 117.9 $14.41 Dallas (30MHz) Cook Inlet/VoiceStream 62.4 $14.41 New Orleans (15 MHz) Viper Wireless 18.0 $13.18 St. Louis (30 MHz) OPCS Three 14.6 $5.33 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. Bidders 27 25 $389M 0% 59 28 30 $394M 1% 59 29 25 $395M 0% 59 30 22 $397M 0% 59 Source: Federal Communications Commission. -- NET-NET: The end is near. With stage 3 (only 1 day old) already showing serious signs of fatigue, the auction could close within 1-2 days. Most of the new bidding is now concentrated on smaller licenses, and in fact, we are comfortable projecting Western Wireless as the winner of both the Chicago and Dallas markets. This is an important strategic win for the GSM carriers, even if VoiceStream will be the 6th or 7th entrant to these markets. However, New Orleans and Las Vegas (the other two strategic holes in the GSM footprint) appear likely to wind up in the TDMA camp. The average bid currently stands at $1.52/POP for all markets with an active bid, $9.29/POP in the top- 10 markets... Stay tuned.

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