BANCBOSTON ROBERTSON STEPHENS
Keith E. Benjamin, CFA - mailto:keith@rsco.com
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August 13, 1999
The Web Report - Volume 2, Issue #32
This week, the NETDEX index increased 0.7% to 465.93,
compared to the NASDAQ, which decreased 0.6%.
HALF FULL OR HALF EMPTY? - We expect a second-half rally
driven primarily by consumers moving up to a considerably
higher level of spending online across multiple retail
categories with real money flowing across the Web. Short
term, we wonder if this week's bounce was a head fake. Maybe
we just want a quiet few weeks before we go back to school.
We believe we should be less concerned with picking the
bottom of the market, and begin to accumulate those stocks
whose fundamentals appear to be improving.
Our challenge with picking and ranking stocks is a
combination of sorting through too long a list and strategic
debates over almost every stock. In the search to keep stock
picking simple, we are finding ourselves leaning towards
companies with or near profitability. While not a perfect
rule, we suspect Yahoo! may be the least controversial stock
and will rebound first. Lycos could surprise us next week by
reporting a bit of profitability. While not directly
profitable, CMGI provides another Internet proxy. Favored
stocks mentioned below include AOL, Alloy, eBay, eToys,
Gemstar, Mapquest, Modem Media, Network Solutions,
Stamps.com, Student Advantage, and Security Dynamics.
EXPECT FREE ACCESS FAD WILL FADE - AOL has been at or around
the top of our list for many years, despite continued
questions on competition. This week, the threat is perceived
as free access, as Alta Vista entered the game. Alta Vista is
currently owned by Compaq but in the process of being
acquired by CMGI. Under the new offer, Alta Vista customers
will have a MicroPortal, or small customized Web window, open
on their desktops at all times, allowing for highly targeted
advertising opportunities. We continue to doubt that free
access will hurt AOL. Lower prices have not attracted any
noticeable number of members to switch habits, by our
observation. While an interesting temporary marketing tool,
we don't see advertising/commerce revenues alone as
sufficient to sustain this model. We also believe quality of
content, service, and access matter. Providing quality
remains difficult as volumes increase with most Internet
companies encountering scaling problems at one stage or
another. Quality entails some access cost, even for dial-up
access, which is becoming yesterday's battle. Tomorrow,
consumers will be looking for speed, not price, in our view.
Broadband access is too expensive for the foreseeable future
to even be discounted. We believe AOL's stock will break
through this noise over the next few months.
eBrokers - Weekly Stock Volume Report - Scott Appleby -
mailto:scott@rsco.com
eBrokers make money when their accounts trade. Along with
account growth, transaction growth is a critical indicator of
an eBroker's financial prospects. As such, we are starting to
track the trading volume of NETDEX, internetstocks.com's
index of Internet companies. We hope to provide an indication
for the eBrokers' prospects well in advance of each quarter's
end.
Before we review this week's results, we thought we would
talk about last quarter, as well as July, the first month in
the third quarter, in order to put this week's results in
perspective. The second quarter was marked by a slowdown in
volume growth despite a record month in April of 4.91 billion
shares of NETDEX stocks traded. In April, many of the
Internet stocks hit their 52-week highs, including the
eBrokers. May was down 24% sequentially to 3.74 billion and
June was down 3.6% from May to 3.60 billion shares. However,
volumes for the quarter increased 9.6% on the NETDEX. This
decrease correlated well with transactions for the eBrokers
by our calculations. We estimated that the industry's
sequential growth in average online trades per day was up
10.6% to 555,400 trades/day from 502,200 trades/day in the
first quarter. Not bad, but well short of 1Q's record 50%
sequential growth.
July's volumes dipped even further at 21.2% below the average
monthly volume for 2Q of 4.09 billion. This was consistent
with a "bearish" market and the inherent cyclicality of
trading during the summer months. Total volume for the month
was 3.22 billion, only ahead of February, the worst month
this year with 2.93 billion shares traded. We believe the
market, already jittery over interest rates, extrapolated
July figures bringing eBroker shares tumbling down.
Which brings us to this past week. In the interest of giving
a full week's data, we are calculating our weeks from
Wednesday to Tuesday. Therefore, our first week is August 4
through August 10. Volume for this week was strong, jumping
30.4% from 733.8 million shares traded last week to 957.0
million shares. We have not seen NETDEX weekly volume this
high since early May! Given July's lackluster results, we are
breathing a small sigh of relief. Although these results are
encouraging, given that August is traditionally a vacation
month, we are not prepared to draw any conclusions about 3Q
just yet. We will feel better if next week's results show
similar strength.
eStock Update - Keith Benjamin & Michael Graham
GEMSTAR'S NEW GUIDE WORKING - Gemstar reported June-quarter
results this week, highlighting the strong acceptance of its
new electronic program guide (EPG). The company added five
new television brands that have started shipping with the
EPG, including Sony, JVC, Zenith, and Magnavox. In addition,
RCA, an existing licensee, has started including the EPG in
lower-end models in addition to larger, feature-rich sets.
We believe these developments point to the EPG being shipped
in nearly every new television set within a year or so,
giving us greater confidence in Gemstar's future success as
an advertising platform as the EPG reaches more households.
We believe our current estimate of a 5 million-unit installed
base for the end of C2000 could be low by 50%. We expect
more advertisers to participate. Gemstar signed a new pilot
advertising deal with ABC, following the deal with NBC.
While these agreements are currently small in terms of
revenue, we expect them and others to get larger as
programmers view the Guide Plus EPG as a competitive edge to
attract viewers. This progress makes us less focused on
cable-related litigation, as we believe there is considerable
upside to our numbers with or without cooperation from TV
Guide, General Instrument, and others. However, we continue
to believe the chances are favorable that the GI arbitration
and TV Guide litigation will be resolved within the next
month or two in a manner favorable to Gemstar. We believe
now is the time to own Gemstar, ahead of potential positive
news.
STAMPS.COM APPROVED - Early this week, we heard big news from
the U.S. Postal Service, which approved Stamps.com to sell
postage online, ahead of our expectations. This announcement
clears Stamps for a national launch. One hardware-based
competitor, E-Stamp, was also approved, but we don't believe
its model will prove effective against Stamps.com and its
easier-to-use software model. Counter to some competitive
confusion, we believe Stamps.com is now positioned as the
clear leader in a market with relatively open-ended
opportunity, by our analysis. Based on the degree of
customer acceptance, we expect the company will enjoy a very
attractive business model with a recurring revenue stream and
inherently high margins, helping it grow into a substantial
valuation.
STUDENT ADVANTAGE ADDING SCHOOLS - Student Advantage
announced plans to launch 12 new Official Athletic Sites on
its FANSonly Network. To review, network sites are owned and
operated by Student Advantage, but serve as the respective
universities' official athletic sites. Five new sites were
launched this week, including sites for the University of
Oklahoma, University of Illinois, University of Miami,
Washington State University, and the Mountain West
Conference. The other seven, which will be launched by
mid-September, include sites for New Mexico State,
Massachusetts, Princeton, U.C. Santa Barbara, Memphis, Toledo
and Creighton. These sites grow the FANSonly Network total
to over 60 partner sites. We expect to hear additional
announcements before the big back-to-school season, including
additional distribution and commerce deals.
MAPQUEST ADDING BUSINESS CUSTOMERS - We believe Mapquest has
been quietly building leadership since its IPO, as the stock
has suffered with the group. Last week, the company signed
deals with Federal Express and Walgreens, followed this week
by an expanded relationship with Yahoo!. Mapquest will
provide Maps and driving directions for the Yahoo!Mobile
service, which sends personalized Web data to Yahoo! users on
pagers and cell phones, highlighting the almost open-ended
upside to MaqQuest's opportunity to find new types of
customers. We believe some of MapQuest's business customers
are starting to prove just how scalable the company's model
is as volume-based contracts begin driving incremental,
high-margin revenue with increased mapping activity on
customers' Web sites. We expect more good news regarding new
customers and international developments as we pull out of
summer, and believe the stock is a compelling Buy at current
levels.
eTail Update - Lauren Cooks Levitan
This week the eTailDEX closed at 861.862, down 5.3% from
910.0 last week. The eTailDEX is down 52.3% from its 52-week
high.
EBAY'S SITE OUTAGES COULD OVERSHADOW PROMISING NEW BUSINESS
ROLLOUTS - eBay hosted an analyst meeting this week that
provided us with a better sense of the company's current
technology challenges as well as its product development
plans for the next couple of quarters. eBay's IT management
team (which has been beefed up with numerous recent key
hires) detailed the technical challenges the eBay system
requires. While eBay has made substantial progress in
creating a scalable architecture that can more reliably
handle global person-to-person auction demand, management
indicated that the prospect of additional site outages
remains a possibility for the next 3 to 6 months as eBay
implements new backup systems and a more distributed database
infrastructure. While we wish we could be more confident that
there will be no further site disruptions (and subsequent
negative publicity), we believe there could be a silver
lining to eBay's cloud of woes. We believe the company
remains the definitive leader in auction listings and
community members. We note that despite recent problems,
eBay's user base has remained quite loyal as shown by the
large competitive lead still enjoyed by eBay. We believe the
system that evolved from the recent outages will position
eBay as the proven technology leader as well. Other auction
eTailers could struggle to create a comparable system and
achieve a critical mass of users and listings. On the
product front, eBay plans to target automobiles, high-end
products, and regional and international markets this fall.
We are extremely impressed by these initiatives and expect
they will broaden eBay's market reach and further entrench
the company's leadership position. That said, we are
concerned that the upside in the stock, even as these
services are successfully rolled out, could be somewhat
dampened by ongoing concerns regarding site stability. Given
that the stock is trading 61% off recent highs, we still find
eBay's current valuation an attractive entry point.
ETOYS EXTENDS REACH THROUGH EXPANDED AOL PARTNERSHIP - eToys
extended its previous agreement with AOL that was set to
expire in December for $18 million over the next three years.
Given our belief that Shop@AOL could emerge as an eTailing
monster in its own right after its impending launch, we view
these extensive partnerships as a potential key traffic
driver for eToys at a reasonable cost. Under the terms of the
agreement, eToys is the premier retailer of children's
products and gains anchor tenant status in all key categories
of the Shop@AOL destination site as well as other AOL
properties. eToys will also provide all children's products
for AOL's planned holiday and birthday wish lists. Given
BabyCenter's previously announced anchor tenancy for baby
products, we believe eToys now commands roughly two-thirds of
all featured-merchant placements for children's products on
AOL. We continue to believe eToys is prepared to handle a
significant seasonal surge in demand and is solidly
positioned to entrench its leadership position in online
children's sales.
ALLOY ONLINE LAUNCHES FIRST TEEN-ORIENTED AUCTION SERVICE -
Alloy Online announced the launch of the first and only
auction site focused on products that appeal specifically to
the Gen Y customer segment. As the first-mover into the Gen Y
auction space, we believe Alloy is solidly positioning its
brand as the leading Gen Y eTailing community. In our
opinion, Alloy's brand communicates hip teen fashion with a
component of Web culture to the Gen Y consumer that is
increasingly adopting the auction model in their everyday
Internet transactions. We continue to believe Alloy has been
overlooked by many investors and the company's current
valuation represents a highly attractive entry point. We
believe auctions are a strong complementary business to
Alloy's existing model, which boasts some of eTailing's
highest product margins. We further believe the company is
well prepared to capture significant share of Gen Y's wallet
share this holiday season and are encouraged by what we
believe are positive early leads on the company's
back-to-school business.
U.S. AUTOMAKERS ENTER THE ONLINE MIX - This week, General
Motors announced the creation of a separate Internet business
unit, called e-GM, to house all of its eBusiness efforts.
The highlight of this effort is GM's "Web Car," scheduled to
be released by the end of the year, which will feature
voice-activated Internet access. The car will provide other
services, as well, such as providing drivers with directions,
tracking stolen cars, and contacting help when an air bag is
deployed. While it may be a stretch to highlight this under
an "eTailing" header, we nonetheless find the fact that the
reach of the Internet will soon be inside our cars very
intriguing. Much like catalog shopping found its own niche
aboard airplanes to satisfy the specific needs of their
passengers, we imagine that a similar Internet economy will
soon be created to cater to the millions of people who
cumulatively spend millions of hours in their cars each day.
INTERNET SALES TAXATION UPDATE - Back in our June 25 issue of
the WWR, we highlighted the first meeting of the Advisory
Commission on Electronic Commerce, the committee charged with
recommending a tax policy to Congress in April 2000. This
week, in preparation for its next meeting in New York on
September 14 and 15, the Commission narrowed its focus to
five categories to be addressed. The main discussion topics
will be the structure and complexities of state and local
taxation; the relationship between online and offline stores
with regards to fairness and competition; and the current tax
code web and how it can be simplified to accommodate
eCommerce. To a lesser degree, the topics of taxing access
fees of Internet service providers and international Internet
tax policy will also be discussed. Considering the
no-nonsense tone of the Commission and the tight deadline it
faces, we reiterate that we expect the Commission to
recommend that online transactions remain tax-free. With
Internet commerce still in its nascent stages, we strongly
believe that it would be extremely short sighted to stifle
its emergence with a burdensome and complicated tax code
spanning local, state and Federal jurisdictions throughout
the country. However, we note that we believe consumers are
increasingly interested in shopping online and do not expect
continued growth in online shopping will be significantly
impeded by any shift in sales taxation policy.
eServices - Steven Birer - mailto:steven@rsco.com
Consolidation begins among the Internet Enablers. Chemists
will tell us that the cost of the chemical components
required to make a human run somewhere between $100 and $200.
However, if you put the chemicals together just right, and
you can teach them about networking infrastructure or
electronic commerce, the cost rises dramatically. This was
evidenced by two acquisitions in the Internet Enabler space
this week, with Lucent's acquisition of International Network
Services and Razorfish's acquisition of I-Cube. Lucent's
acquisition of INS, for $3.7 billion, is expected to
dramatically boost the company in its efforts to compete with
Cisco in the data networking market. The stakes are high in
this rapidly developing market, and Lucent paid approximately
$2.4 million per billable employee to acquire INS' network
design and maintenance talent. Razorfish, which has been
overrun with demand for its digital change management
services, acquired I-Cube for approximately $677 million.
I-Cube, whose origins were in legacy applications
development, has been rapidly moving into the eBusiness
applications space. The company's 335 billable employees
will provide additional bandwith for Razorfish, as well as
deepen the company's technological, strategic and sales
capabilities. Next to the INS acquisition, it appears that
Razorfish got I-Cube at a bargain: it only paid $2 million
per billable head. To put these numbers in perspective,
based on the annualized revenues generated by each billable
employee, INS sold for approximately 10.5 years of revenue
per billable employee, while Razorfish went for about 9. We
would note that most of the technologists acquired are
probably not a lot older than this.
Resolution should help Network Solutions. We believe that a
resolution is imminent in the ICANN/Network Solutions/Justice
Department dispute. We expect that an agreement will soon be
announced whereby NSOL will recognize ICANN's authority to
govern Internet registrations. We also believe that the
agreement will authorize Network Solutions to maintain the
Internet registry for a period of up to 5 years. As the
keeper of the registry, Network Solutions will be paid for
all registrations on the Internet, regardless of the
registrar. Currently NSOL receives $18.00 per year for
registrations; this will likely be cut in half to start, and
we expect that it will ratchet down to a number around $5.00
by the end of the contract. Even at $5.00 fee the annual
revenue from the registry business could be in the realm of
$500 million. At the registrar level, we believe that the
agreement will call for a relaxing of Network Solutions
2-year minimum registration period for domain names. The
minimum registration period will likely be a year, but we
believe a market may be created for longer (up to 5 years or
more) registration periods. This would play into Network
Solutions market leading position. We believe that investors
have been standing by, waiting for resolution to the dispute.
Given the potential proximity of an agreement, we encourage
investors to get off the sidelines and back into the stock.
Modem Media says "GE!". Modem Media Poppe Tyson (MMPT)
announced a large service agreement with General Electric.
Under the contract, GE will pay Modem at least $11 million
through September 2000 for Internet and intranet planning and
development services. Modem will provide these services to
GE Corporate and its business units in North America, Asia,
South America and Europe. Good things continue to happen to
Modem Media since it announced its resignation from it AT&T
relationship. Two weeks ago the company reported a fantastic
quarter in which it reached profitability six quarters ahead
of our expectations. The GE relationship plays right into
Modem's sweet spot of building long-term, global
relationships with large, Fortune 500 companies. We continue
to believe that Modem is one of the most attractive
opportunities in the Internet Enabler market, and maintain
our Strong Buy on the stock.
Internet Enabling Technology Update - John Powers -
mailto:JP@rsco.com
Looking for true value in realm of the Internet is a bit like
the medieval search for the Grail. It's a noble quest but
one that seems gloriously futile, even in this choppy market.
This week in the NetworkStocks newsletter, John and his team
look at that rarest of dreams, a true Internet value stock,
Security Dynamics (SDTI). To get the full picture from our
NetworkStocks gang, subscribe by writing to
mailto:NetworkStocks@rsco.com or go to www.networkstocks.com
and subscribe from there.
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Ticker Rating Price Price
8/12 8/5 1-Wk 52-Wk Chg
Chg High 52Wk
8/5 High to
to 8/12 8/12
ALOY BUY $9 4/9 $9 1/4 2% $23 1/6 -59.3%
AMZN SBUY $91 3/4 $97 1/4 - 6% $221 1/4 -58.5%
AOL SBUY $92 7/8 $83 3/4 11% $175 1/2 -47.1%
ASKJ BUY $31 1/5 $30 4% $77 4/5 -59.9%
AWEB BUY $10 1/4 $10 2% $50 -79.5%
BYND BUY $17 $16 1/2 3% $41 1/3 -59.0%
CBDR BUY $6 7/8 $6 1/4 10% $17 3/8 -60.4%
CDNW MP $15 $15 7/8 - 6% $39 1/4 -61.8%
CMGI NR $77 $80 - 4% $165 -53.4%
CNET BUY $32 1/2 $35 7/8 - 9% $79 3/4 -59.2%
DRIV BUY $21 $20 4/7 2% $61 3/8 -65.7%
DCLK NR $79 1/3 $80 3/8 - 1% $176 -54.9%
EBAY BUY $91 3/8 $92 7/8 - 2% $234 -61.0%
EGGS LTA $7 $7 1/4 - 3% $40 1/4 -82.6%
ETYS BUY $33 3/4 $33 1/8 2% $85 -60.3%
ATHM NR $39 $44 7/8 -13% $99 -60.5%
GMST SBUY $51 $58 1/8 -12% $77 1/2 -34.1%
GETY BUY $18 $17 4/7 2% $30 1/2 -41.2%
INSP BUY $40 4/5 $43 3/4 - 7% $72 5/8 -43.8%
LCOS BUY $35 $35 1/3 - 1% $72 2/3 -51.8%
MQST BUY $9 7/8 $9 1/3 6% $31 7/8 -69.0%
MMXI BUY $35 $39 -10% $56 5/8 -38.1%
MMPT BUY $23 1/2 $25 - 6% $55 1/8 -57.4%
MLTX BUY $15 7/8 $17 5/8 -10% $72 1/6 -78.0%
NETG NR $21 3/8 $21 2% $66 7/8 -68.0%
NETP BUY $12 1/3 $11 4/9 8% $35 -64.8%
NSOL BUY $54 7/8 $60 3/8 - 9% $153 3/4 -64.3%
NEWZ MP $7 4/9 $7 1/5 3% $14 1/4 -47.8%
ONSL LTA $13 3/8 $13 3/4 - 3% $108 -87.6%
PCLN SBUY $67 1/3 $78 1/8 -14% $165 -59.2%
PTVL BUY $17 1/8 $18 3/4 - 9% $36 -52.4%
SEEK MP $29 4/7 $33 2/3 -12% $100 -70.4%
SPLN BUY $19 4/7 $20 1/2 - 5% $59 1/4 -67.0%
STMP BUY $31 3/8 $27 1/4 15% $52 1/2 -40.2%
STRM BUY $36 1/2 $34 3/8 6% $70 -47.9%
STAD BUY $11 1/8 $11 1/8 0% $15 1/4 -27.0%
TMCS BUY $30 1/8 $28 1/4 7% $80 1/2 -62.6%
SRCH BUY $7 3/4 $8 4/7 - 9% $17 3/8 -55.4%
VUSA BUY $11 1/5 $11 3/4 - 5% $74 1/4 -84.9%
XMCM BUY $34 3/4 $36 3/4 - 5% $98 1/2 -64.7%
YHOO BUY $128 3/8 $128 3/8 0% $244 -47.4%
UBET BUY $6 2/9 $6 3/4 - 8% $17 7/8 -65.2%
NETDEX 465.93 462.74 0.7% 801.41 -41.9%
KEBDEX 706.18 695.64 1.5% 1,273.17 -44.5%
COMQ 2,549.54 2,565.81 -0.6% N/A N/A
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Source: AT Financial Information and BRS Estimates
BancBoston Robertson Stephens maintains a market in the
shares of Alloy Online, Amazon.com, Ask Jeeves, AutoWeb,
Beyond.com,CareerBuilder, CDNow, Cisco, CMG, CNET, Digital
River, DoubleClick, eBay, Egghead, eToys, E*Trade, Excite
@Home, Fatbrain, Gemstar, Getty, GlobalSports, Infoseek,
InfoSpace.com, INS Modem Media Poppe Tyson,Lycos,
Multex,Mapquest.com, Media Metrix, NetGravity, Net
Perceptions, Network Solutions, NewsEdge, ONSALE,
Priceline.com, Preview Travel, Razorfish SportsLine USA,
StarMedia, TicketMaster Online-CitySearch,Youbet.com, Value
America, Xoom.com and Yahoo! and has been a managing or
comanaging underwriter or has privately placed securities of
Alloy Online, Ask Jeeves, AutoWeb, Beyond.com, CareerBuilder,
Digital River, eBay, Egghead, eToys, E*Trade, Excite @Home,
InfoSpace.com, INS, Modem Media Poppe Tyson, Multex,
Mapquest.com, Media Metrix, NetGravity, Net Perceptions,
Network Solutions, ONSALE, Priceline.com, Preview
Travel,Razorfish, StarMedia, SportsLine, TicketMaster
Online-CitySearch, Youbet.com, and Value America within the
past three years.
* BancBoston Robertson Stephens is acting as advisor in the
merger between Alta Vista and CMGI. In keeping with firm
policy,our rating on CMGI goes to No Rating.
** BancBoston Robertson Stephens is acting as advisor in the
merger between NetGravity and DoubleClick. In keeping with
firm policy,our rating on DoubleClick goes to No Rating.
*** BancBoston Robertson Stephens acted as an advisor in
Excite@Home's acquisition of iMall; in keeping with firm
policy, our rating on Excite@Home goes to No Rating
Rating Definitions: The following are basic definitions for
our recommendation ratings.
Strong Buy - Rating for a stock, which we believe could have
significant, positive price movement near-term and/or
represents outstanding competitive and business model
potential. Therefore, we would be aggressive buyers of the
stock.
Buy - Rating for a stock, which we recommend buying, however
believe there may not be near-term news or events to move the
stock price.
Long-Term Attractive - Rating for a stock, which we believe
could have long-term value, however we would not necessarily
recommend buying.
Market Performer - Rating for a stock, which we believe will
perform at, or below, market levels.
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Unless otherwise noted, prices are as of the close August 12,
1999.
FOR ADDITIONAL INFORMATION, PLEASE CALL YOUR BANCBOSTON
ROBERTSON STEPHENS REPRESENTATIVE AT (415) 781-9700.
The information contained herein is not a complete analysis
of every material fact respecting any company, industry or
security. Although opinions and estimates expressed herein
reflect the current judgment of BancBoston Robertson
Stephens, the information upon which such opinions and
estimates are based is not necessarily updated on a regular
basis; when it is, the date of the change in estimate will be
noted. In addition, opinions and estimates are subject to
change without notice. This Report contains forward-looking
statements, which involve risks and uncertainties. Actual
results may differ significantly from the results described
in the forward-looking statements. Factors that might cause
such a difference include, but are not limited to, those
discussed in "Investment Risks." BancBoston Robertson
Stephens from time to time performs corporate finance or
other services for some companies described herein and may
occasionally possess material, nonpublic information
regarding such companies. This information is not used in the
preparation of the opinions and estimates herein. While the
information contained in this Report and the opinions
contained herein are based on sources believed to be
reliable, BancBoston Robertson Stephens has not independently
verified the facts, assumptions and estimates contained in
this Report. Accordingly, no representation or warranty,
express or implied, is made as to, and no reliance should be
placed on, the fairness, accuracy, completeness or
correctness of the information and opinions contained in this
Report. BancBoston Robertson Stephens, its managing
directors, its affiliates, and/or its employees may have an
interest in the securities of the issue(s) described and may
make purchases or sales while this report is in circulation.
BancBoston Robertson Stephens International Ltd. is regulated
by the Securities and Futures Authority in the United
Kingdom. This publication is not meant for private customers.
The securities discussed herein are not FDIC insured, are not
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loss of any principal amount invested.
Copyright * 1999 BancBoston Robertson Stephens Inc. |
