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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: pressboxjr who wrote (10705)	8/11/1999 11:39:00 PM
From: StockPlease	Read Replies (1) \| Respond to of 57584

Merryl Lynch report on ATHM : Looks and sounds like a none brainer, ATHM a core holding. read the part that says: "if such discussions were ever to take place, Excite@Home would be included in them." TODAY IN CONVERTIBLES (ATHM) Merrill Lynch Report August 11th, 1999 1:45: PM EST T. Anne Cox, CFa First Vice President Preston M. Harrington III First Vice President Highlights: 1.) We would continue to own ATHM, rated Accumulate/Buy, in a balanced Internet portfolio, as it continues to be one of the best ways to play the growth on band Internet access. 2.) The the report talks about the athm convertibles, if you want I can make a summary of it too. 3.) We spoke to Excite@Home management to get more color on the recent New York Times article, which suggested that AOL was in discussions with AT&T about a deal in which AOL would be granted "enhanced access" to AT&T's cable systems. ATHM management reaffirmed AT&T's press release, which absolutely denies the report, saying that there are "ZERO" ongoing discussions between any of the cable partners and AOL regarding such a deal, and if such discussions were ever to take place, Excite@Home would be included in them. 4.) According to ATHM management, Michael Armstrong has reaffirmed AT&T's commitment to ATHM, and believes that a long-term relationship is in all the cable partners' best interests. 5.) We also revisited a topic raised last week in another article-the potential sale of Excite@home to Yahoo and AT&T and its cable partners. Management reiterated comments last week that such transaction is absolutely NOT under consideration. 6.) We continue to believe that ATHM has 3 major assets: a.) a broadband network infrastructure and expertise, b.) a content business (Excite), and c.) exclusive contracts with cable companies. We believe that the company's market cap can be viewed as a sum of the value of these 3 assets. 7.) As a conclusion, we would continue to own athm in a balance Internet portfolio, as it continues to be the best way to play the growth of the broadband Internet access. At $35, the stock is considerably more attractive than it was just 3 months ago. The stock has a very significant upside potential. (H. Blodget 8/11/99) regards, Sp