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To: $Mogul who wrote (80716)	6/25/1999 11:56:00 PM
From: kendall harmon	Respond to of 119973

CKFR-possible bouncer next week. CheckFree Holdings Corp. {CKFR} may be drawing some positive investor attention in the near future despite the fact that a trio of big banks has moved to tackle CheckFree on its own turf. The reason: CheckFree could be undervalued and not as vulnerable to its competition as perceived. In fact, one one analyst has stepped forward to defend CheckFree's honor. Deutsche Banc Securities boosted its rating to "strong buy" from "buy" on Thursday, even after CheckFree pulled a secondary offering from the market. CheckFree was forced to cancel the offering after Chase Manhattan {CMB}, First Union {FTU} and Wells Fargo {WFC}, which have about 60 million consumer and commercial customers, announced a venture that will lock horns with CheckFree's electronic bill-presentment business. CheckFree's stock took a big hit amid worries that the banks' size and stature will take away bigger clients, like utility companies, when the concern, dubbed "the Exchange," launches in the third quarter. The venture may go after CheckFree's back-office transaction business as well. CheckFree said it yanked the $148.2 million deal because it wanted to avoid the appearance that it was encouraging investors to buy into CheckFree despite the significant threat posed by the Exchange to its core business. But some doubt has surfaced that the Exchange can take on CheckFree's business. First off, it's far too early to make a call on whether CheckFree has been backed into a corner. The prudent move is to reserve judgment until the triumvirate gets its business up and running to judge its competitive threat to CheckFree. In addition, CheckFree has been in the business of handling routine payments, collections and financial transactions electronically, as well as secure purchases on the Internet, since 1997. It's an expert, while the Exchange is working on the beta version of its product that doesn't even address CheckFree's main business. Source jetson.cnbc.com