BANCBOSTON ROBERTSON STEPHENS
The Internet Stock Team
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September 3, 1999
The Web Report - Volume 2, Issue #35
Internetstocks.com Overview - Keith E. Benjamin -
mailto:keith@rsco.com
This week, the NETDEX index fell 7% to 498.145 compared with the
NASDAQ's 2% increase.
MOMENTUM BUILDING - We expect the whole group will generally rise
through September, heading toward old highs by year-end. We expect
investors to focus on improving fundamental trends, particularly
related to back-to-school and holiday shopping. We've also begun
to hear of higher advertising rates, particularly for targeted
banners. We find a wider range of stocks appealing and have been
trying to focus on a few stocks each week. This past week, ICG and
Fatbrain stand out. For the next few weeks, we expect some of the
lagging stocks to rebound, including CMGI, Lycos and TicketMaster
Online CitySearch. We also want to stick with Yahoo!, as the
group's leader, in our view. And Amazon could be the biggest
turnaround, in our opinion.
FATBRAIN CREATING NEW PUBLISHING MARKETPLACE: Fatbrain launched
eMatter this week, a new model for digital publishing. The idea is
to allow secure downloading of documents, enabling publication of
smaller-than-book length work on an economically viable basis.
Adobe and Microsoft have developed a technology that stops
consumers from sending electronic copies of downloaded file
formats. However, upon receiving a forwarded email, one could
chose to buy and effectively unlock the file. As such, we believe
the technology lends itself to viral marketing. Security functions
also allow publishers or authors to disallow printing. eMatter acts
as almost an online auction service, connecting publishers/authors
with readers. The publisher or author sets the price per download
per document, then pays eMatter a $1 monthly listing fee and splits
the royalty 50/50 with eMatter. Until the end of the year, the fee
will be waived and the authors will be allowed to keep 100% of the
royalty price. This should help build a critical mass of content.
Fatbrain already has an audience that should generate some
significant amount of demand. The service will be consistent with
Fatbrain's eBusiness strategy and is focused primarily on the
professional marketplace. Documents such as research reports,
self-published documents, presentations, and newsletters will be
available as both Adobe pdf files and Microsoft Word documents.
The promise of virtual publishing has been buzzing for years. We
believe Fatbrain may have figured out the formula with eMatter.
eMatter's strategy appears to have less friction than the music
downloading technologies, which could displace the role of music
labels, allowing self-publishing through the major Web networks.
MP3 technology has enabled thousands of want-to-be recording stars
to give away music to test demand before selling full albums,
effectively eliminating the need for traditional clunky music
labels. eMatter can provide some of the marketing functions
currently provided by publishers, but is more of an enabling system
for both publishers and authors. It helps the publishers exploit
the 10-100 page range of short stories and articles from authors.
Publishers like MacMillan and McGraw-Hill have joined eMatter to
distribute content. We expect much more new content can emerge.
We believe there are plenty of aspiring authors of both fiction and
professional writing that can self-publish.
If a digital publishing market emerges, who is positioned to
compete? We expect it would be natural for Amazon and eBay to
consider adding this capability. We believe Fatbrain has a
first-mover advantage at this stage and can stay focused. As we
have seen with eBay, there seems a strong advantage to building the
biggest base of suppliers and buyers. Maintaining focus has
appeared to help eBay maintain its wide lead against Amazon.
Fatbrain is starting with its current reach of over 1 million
people within its corporate customer base of outsource online
bookstores. Already, Fatbrain reaches over a million potential
customers through its outsource corporate bookstores. With some
marketing efforts, eMatter should be able to reach a much broader
audience. In fact, we wonder how quickly this model can grow by
word-of-mouth.
How big can this market become? While we are keeping our revenue
and earnings estimates unchanged, we think the market could easily
start in the hundreds of millions to multiple billion range
someday. Some titles might generate hundreds of dollars and
others much more. In either case, the business appears highly
profitable for Fatbrain. For a hypothetical $320 in revenue per
title, a gross margin of $115 less a $5 processing cost and a $10
customer acquisition cost results in a $100 contribution. The
marketing cost may vary somewhat, depending upon the profile of the
title. Some authors may be worth more of an investment. We liked
the stock before eMatter, which now provides a relatively
open-ended and more profitable business opportunity.
eTail Update - Lauren Cooks Levitan
The eTailDEX fell 7% to 1025.4 versus 1099.3 last week, ending a
2-week rebound from the lows tested in early August. The eTailDEX
is up 26% from the recent low of 812.5 on 8/4/99 but still down 43%
from the 52-week high of 1807.45. We expect the group to resume
its recovery following the Labor Day holiday as investors start to
focus on those stocks best positioned to benefit from growing
consumer enthusiasm for online shopping during the holiday season.
We look for Amazon, which split 2-for-1 this week, to benefit
disproportionately from this attention and continue to strongly
recommend purchase.
AMAZON CRITICS MISS THE BIG PICTURE - In our view, the company's
critics who believe the company's business model is flawed have
made inconsistent and irrelevant assumptions regarding Q2 results.
Simply put, we believe taking snap shots of companies in early
stages of growth (realize 6 of Amazon's 7 store tabs did not exist
a year ago) can greatly misrepresent operating performance and
overlook longer-term growth opportunities. In fact, we have been
surprised and impressed by Amazon's surging traffic statistics (as
measured by MediaMetrix) during the summer months. This figure is
particularly impressive, given the proliferation of eTailers vying
for customer time and dollars. We fully expect the combination of
this strong momentum as we head into Q4 as well as Amazon's high
level of back-end preparedness, to support opportunities for
substantial upside to our Q4 estimates. We continue to view Amazon
as a core eTail holding and believe its stock performance can
exceed the averages.
EBAY - AOL COBRANDED SITE HIGHLIGHTS MASS MARKET OPPORTUNITY -
While eBay's brand strength and scaleable business model have won
investor admiration, we believe some investors have been challenged
to understand how eBay's service extends beyond fanatical
collectors to reach a true mass market (even with 5.6 million users
at the end of Q2 versus just 851,000 users a year earlier). We
expect the launch this week of the company's much anticipated
co-branded site within the AOL environment could shift that
perception. AOL and their 18+ million users clearly represent the
mass market online pointing to a tremendous growth opportunity for
eBay. We believe this news is the first in a series of upcoming
AOL-related endeavors, which should include local and international
site launches via AOL's DigitalCity. In our view, integration with
AOL represents a valuable opportunity for eBay to extend its
person-to-person auction service from the early adopters (i.e.
serious Pez collectors) to mainstream Web users while also
extending its lead versus newer auction market entrants.
ETOYS DRIVES ON THE LEFT SIDE OF THE ROAD - eToys announced its
first foray into international markets will be the United Kingdom
and will occur sometime this fall. We believe eToys has hired a
sound management team to build the eToys brand in Europe. More
importantly, we believe eToys, like most smart retailers, has
developed a business and site that is country specific, not simply
an exported version of what has been successful here in the U.S. We
believe eToys is well ahead of its competition and view the
company's international expansion plan as an opportunity for the
company to further its lead this holiday season.
PRICELINE MOVING PAST TRAVEL - Priceline expanded its mortgage
service offering this week through a 49% owned joint venture with
Alliance Capital Partners, a unitary thrift holding company. To
date, Priceline has helped its customers secure approximately $500
million in accepted mortgage, refinancing, and home equity loans
through its business relationship with LendingTree. Priceline also
expanded its car buying service to five new states, and now
services areas that account for an estimated one-third of all new
car sales in the U.S. We look for Priceline to offer its car
service in all 48 contiguous states by the end of Q1:2000. While
these two announcements concern expansion of previously available
Priceline services, we believe Priceline is on the verge of making
several similar announcements of extension into new service
offerings. We believe Priceline's demand collection system, coupled
with the company's strong brand awareness, can be extended into
several business-to-consumer and business-to-business product
categories. Recently however, we believe Priceline's stock
performance has been the victim of the company's own success. In
our view, Priceline's successful travel business has distracted
investors from the company's many growth opportunities in other
markets. We believe through additional announcements of Priceline's
brand extension into other product categories, such as this week's
mortgage announcement, investors should gain a better appreciation
for how Priceline can grow well beyond its current valuation.
BEYOND.COM EXTENDS ITS GOVERNMENT REACH - Beyond.com was awarded a
government contract by the Department of the Navy to provide up to
$30 million in Corel packaged software to all Department of Defense
(DoD) agencies. The contract is for one year, with the option to
renew for a second and third year. In comparison to Beyond's other
DoD contracts which are with specific agencies, this agreement
covers all DoD agencies and its over 3 million employees. Given the
contract is not for a fixed number of titles, we are maintaining
our estimates until we gain visibility over the next couple of
quarters on how much demand Beyond can expect. We are impressed by
Beyond's growing presence in the government market and feel this
contract could pave the way for additional future contracts.
eNetwork Update - Michael Graham - mailto:michael@rsco.com
AOL SET FOR HOLIDAYS - We believe investors have been concerned
about price competition and broadband access. We believe AOL's
brands are holding up well and see upside to our September quarter
domestic AOL estimate of 800,000 net domestic additions. However,
we suspect international growth may be closer to 100,000 than our
200,000 estimate. We suspect AOL's brand has not had enough time
to build momentum outside of the U.S. to move against price-based
local competition like FreeServe in the U.K. We expect AOL will be
able to use the same formula with CompuServe and regain share over
the next year or so. In the U.S., we believe CompuServe will
surprise us with its new discounted service bundled with free PCs.
We do not expect this to be at the expense of higher margin, AOL
branded member growth, which we believe continues to remain strong.
We continue to believe AOL's strength lies first in its growing
ability to reach nearly every Internet user through some client
(AOL, ICQ, Netscape, Compuserve, etc.), and second in its savvy
transformation of this reach into revenue and profits. AOL
launched its previously announced co-branded auction site with
eBay. We expect upside to our commerce estimates in the September
quarter, and more in the December quarter, due to the rent AOL is
able to charge merchants. While we suspect we are at least 6
months away from any sort of broad cable deal, we expect the first
evidence of DSL success in the December quarter. We believe steady
subscriber growth in the face of price-based competition and its
ability to capture a significant portion of holiday commerce will
help the stock at least perform in line with the group.
TMCS - TicketMaster Online CitySearch delivered a great June
quarter, in our view, but the stock reached a recent low this week
at under $25, down 38% from its July high of over $40. The stock
may be suffering from concerns regarding the influence of USA
Networks, which owns approximately 50% of the stock, with voting
control. Could another deal materialize that appears to favor USA
more than TMCS? It does not appear that TMCS needs traffic and
commerce from the proposed three-way merger, given its independent
improvements. We believe it is more likely that USA continues as a
passive investor, effectively using TMCS to make more acquisitions.
Recent deals have expanded local transaction offerings, including
auctions, personals, and employment classifieds. Online ticket
sales have already reached an inflection point with noticeable
acceleration. The idea is to generate incremental revenues by
offering more to the company's large local audience. The nature of
its business model is quite attractive, in our view, as it
effectively receives high-margin recurring revenues from its
services after its initial investment in building a base of
business customers and local audiences. We expect local content
and commerce to grow more important and valuable as individuals'
Web habits mature. With the integration of Sidewalk, the company
has cemented its leadership position, in our view. The one
remaining competitor, AOL's Digital City, appears to lack momentum.
By next year, we expect the possibility of a faster path to
profitability, although we expect the company to still invest
aggressively to build the business, which we expect will continue
to generate dramatic positive revenue surprises over the next few
quarters. We expect ticketing to be stronger in the December
quarter on seasonal strength of ticketed events.
CMGI - With the strong performance of ICGE's stock, discussed
below, we believe investors will continue to pay a premium for
investment expertise on the Web. As such, we expect CMGI's stock
to be among the leaders over the next few weeks. Currently, CMGI
is up 10.4% from its recent low of $73 *, but still 51% off its
Spring high of $165. We estimate the current asset value is at
least $57 per share. If we take an optimistic stance regarding the
IPO prospects for each of the more than 30 investments, we estimate
the asset value to be $127 per share. With the acquisition of
AltaVista, CMGI will be able to report more relevant operating
revenues. We see the opportunity for CMGI to effectively invest in
AltaVista's growth, starting with its free access promotion.
LYCOS - Lycos' stock is up 27% from its August low of $33, but
still down 22% from its July high of $54, despite fundamental
improvements demonstrated last quarter. Traffic has been growing
at the high end of the Web range. We believe new commerce
services, including music sites recently launched, will help
traffic over the next two quarters. The business has crossed the
threshold to profitability. We estimate CMGI only owns about 13%
of the stock, suggesting less real overhang than may be perceived.
The stock becomes poolable again October 9th. We expect this may
facilitate larger acquisitions, which could provide positive
catalysts for the stock. The company is also planning a spinout
IPO for its European ventures at the beginning of next year at a
potentially high valuation.
DIGITAL RIVER INTRODUCES NEW EBOT SOFTWARE - Digital River
introduced a new digital product this week called eBot. eBot is an
electronic robot that sits on a user's desktop and helps determine
which software, upgrades, bug fixes, add-ons and patches a specific
PC might need. Then eBot allows you to download and install
selected products. We view this as another valuable tool Digital
River offers its customers. We expect that the service could lead
to incremental commerce revenues as users purchase upgrades to the
free applications they demo through eBot. Digital River's stock is
up 25% from its recent low of $19 *, but still down 30% from its
recent high of $35 in June. We find Digital River's stock
attractive at these levels, relative to open-ended opportunities to
provide outsource services just in the software category. We
believe there is significant value to Digital River's technology
and believe we could see upside from other applications of this
technology in the near future.
eBusiness Update - Eric Upin - mailto:eric@rsco.com
ICG BECOMING THE GE OF THE WEB: This week, we initiated coverage
of Internet Capital Group with a Buy rating. ICG invests in and
acts as the operating manager of a collaborative network of
eBusiness companies. As of June 30, 1999, ICG owned interests in
35 companies engaged in electronic business-to-business commerce.
ICG focuses on two segments within the eBusiness segment: market
makers and infrastructure service providers. We believe ICG is
similar to CMGI but differs in its focus on eBusiness companies as
well as in its more integrated approach as an operating manager.
As such, we believe that ICG is a combination of a venture capital
firm and a technology company. We believe ICG can evolve into an
eBusiness conglomerate, such as General Electric, providing
operating guidance, strategy and resources to its eBusiness
companies. We view ICG as a great way to play the eBusiness stock
market. We believe the stock will trade at a significant premium
based on a growing penetration of the large eBusiness opportunity.
Our arguably conservative estimate of the company's asset value is
approximately $2.6 billion and our optimistic estimate, assuming
most companies go public, would be close to the current market
capitalization. We believe in a market cluttered with stocks,
investors will bet on a management team with an impressive track
record of picking winners. We expect catalysts for the stock
include the individual performances of the partner companies as
well as a strong IPO market.
EMarketing Update - Lowell J. Singer - mailto:lowell@rsco.com
HIGHER AD RATES BENEFIT eMARKETING SECTOR: - We expect a potential
increase in advertising rates by the largest Web publishers
demonstrates the power of targeted Web ads and could benefit the
leading eMarketing companies. While click-thru rates on poorly
targeted banners have declined, we believe that ads on highly
targeted Web pages (Yahoo! Finance) remain effective. We expect
continued price increases on target pages and potential
stabilization on run of site inventory. We continue to believe
that eMarketing companies like DoubleClick will provide the
targeting to allow all Web publishers to compete for advertising
spending with the large portals.
eBrokers - Weekly Stock Volume Report - Scott Appleby -
mailto:scott@rsco.com
Volumes Update - The seasonal lull in trading continues to take its
toll on trading volumes. This week's NETDEX volumes were down 2.8%
from 686 million to 667 million shares traded, the lowest volume
total this quarter. Total NASDAQ volume for the week also declined
0.7% from 4.4 billion to 4.37 billion shares traded. The slowdown
in volumes is not a surprise given that lower volumes have
historically marked the end of August. Additionally, volume levels
have further been affected by the Fed's decision to tighten
interest rates 25 basis points last week.
This week we are also introducing a market cap-weighted price
eBrokerage Index to measure the performance of our eBrokerage
stocks relative to the beginning of the year. E*Trade, AmeriTrade,
Schwab, NDB, Waterhouse, DLJ Direct, ITG, and Knight/Trimark make
up the new eBrokerDex. We believe the seasonal slowdown in volumes
has negatively affected the stock prices of our eBrokers in recent
months. Relative to a January 4, 1999, baseline of 100, the
eBrokerDex reached 190 on June 30, the end of the second quarter.
Thereafter, our index showed a steady decline as the summer months
began, ending at 149 on July 30. This week, the eBrokerDex closed
at 131, down 4% from last week's index close of 137.
We continue to believe that the recent decline in volume is a
short-term setback, typical of this time of year. We continue to
believe E*Trade and AmeriTrade will remain leaders in eBrokerage,
while Knight/Trimark appears well-positioned as the leading market
maker.
Quicken.com Update - Intuit announced strong fourth quarter
earnings last Thursday, closing out a great fiscal year. The
company reported record revenues of $150 million, beating our
quarterly earning estimate by $0.07 ($0.04 continuing operations).
Intuit's Quicken.com continues to be the hidden jewel in the rough.
Internet revenue was $25.5 million for the quarter totaling $125.3
million for the fiscal year, up 157% from last year. Intuit's
consumer division made up the largest segment of Internet revenues,
bringing in $59 million, while the tax and business divisions
brought in $46 and $21 million respectively.
Quicken.com, Intuit's online financial portal, saw seasonally
strong page views in July of 160 million, up 78% from last July's
page views of 90 million. Online insurance also experienced
significant growth, reaching 3,500 life insurance policy
applications and about 165,000 auto insurance quotes for the
quarter, up from around 3,220 and 134,000, respectively, in 1Q99.
Quicken Mortgage originated over $1.2 billion in FY99, totaling
nearly $5 million in revenues. The company originated 2,427 loans
in 2Q99, 21% higher than E-Loan.
Intuit appears well-positioned to grab significant market share of
the growing number of Internet financial transactions. Intuit
possesses competitive strengths in brand, scale, and first-mover
status. Adding together Intuit's Internet business, software and
cash & marketable securities, we arrive at a six-month price target
of $110. We strongly encourage investors to accumulate shares in
the largest eFinancial portal.
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Ticker Rating Price Price
9/2 8/26 1-Wk 52-Wk Chg
Chg High 52Wk
8/26 High to
to 9/2 9/2
ALOY BUY $12 7/8 $13 1/4 - 3% $23 1/5 -44.5%
AMZN SBUY $60 $123 -51% $110 5/8 -45.7%
AOL SBUY $91 1/4 $93 1/4 - 2% $175 1/2 -48.0%
ASKJ BUY $31 1/8 $31 1/2 - 1% $77 4/5 -60.0%
AWEB BUY $ 9 $ 9 1/8 - 1% $50 -81.9%
BYND BUY $17 1/8 $16 1/4 5% $41 1/3 -58.5%
CBDR BUY $ 8 4/9 $ 7 4/9 13% $20 -57.8%
CDNW MP $13 7/8 $14 1/4 - 3% $39 1/4 -64.6%
CMDX BUY $26 3/8 $25 1/2 3% $34 7/8 -24.4%
CMGI NR $80 1/8 $81 7/8 - 2% $165 -51.4%
CNET BUY $35 4/9 $38 - 7% $79 3/4 -55.6%
DRIV BUY $23 4/7 $24 - 2% $61 3/8 -61.6%
DCLK NR $93 1/2 $100 1/3 - 7% $176 -46.9%
EBAY BUY $121 4/9 $123 - 1% $234 -48.1%
EGGS NR $ 7 $ 7 4/9 - 5% $40 1/4 -82.5%
ETYS BUY $44 $44 1/4 - 1% $85 -48.2%
ATHM NR $37 $40 1/8 - 8% $99 -62.6%
GMST SBUY $65 3/4 $66 1/4 - 1% $77 1/2 -15.2%
GETY BUY $19 3/8 $21 - 8% $30 1/2 -36.5%
SEEK MP $28 7/8 $30 - 4% $100 -71.1%
INSP BUY $46 $47 1/2 - 3% $72 5/8 -36.7%
LCOS BUY $41 1/8 $40 1/2 2% $72 2/3 -43.4%
MQST BUY $11 1/4 $12 - 6% $28 -59.8%
MMXI BUY $47 $47 1/4 - 1% $56 5/8 -17.1%
MMPT SBUY $30 7/8 $31 7/8 - 3% $55 1/8 -44.0%
MLTX BUY $16 3/4 $17 1/8 - 2% $71 1/2 -76.6%
NETG NR $25 3/8 $27 - 6% $66 7/8 -62.1%
NETP BUY $16 5/8 $16 3/8 2% $35 -52.5%
NSOL BUY $56 2/3 $58 - 2% $153 3/4 -63.1%
NEWZ MP $ 7 1/8 $ 7 2% $14 1/4 -50.0%
ONSL NR $14 3/8 $15 1/4 - 6% $108 -86.7%
PCLN SBUY $64 $68 3/4 - 7% $165 -61.2%
PTVL BUY $16 1/5 $16 3/8 - 1% $36 -55.0%
QKKA BUY $ 8 7/8 $ 9 - 1% $15 7/8 -44.1%
SPLN BUY $22 4/7 $23 7/8 - 5% $59 1/4 -61.9%
STMP BUY $32 1/2 $35 1/5 - 8% $52 1/2 -38.1%
STRM BUY $42 3/8 $38 1/4 11% $70 -39.5%
STAD BUY $10 1/2 $11 5/8 -10% $15 1/4 -31.1%
TMCS BUY $24 1/2 $25 3/4 - 5% $80 1/2 -69.6%
SRCH BUY $ 7 1/8 $ 7 7/8 -10% $17 3/8 -59.0%
VUSA BUY $10 2/3 $10 4/5 - 1% $74 1/4 -85.6%
XMCM BUY $36 4/5 $39 - 5% $98 1/2 -62.6%
YHOO BUY $141 4/7 $145 7/8 - 3% $244 -42.0%
UBET BUY $ 8 $ 8 1/4 - 2% $24 1/4 -66.8%
NETDEX 498.15 538.17 - 7% 1273.17 -60.9%
KEBDEX 749.10 813.04 - 8% 801.41 - 6.5%
COMQ 2,734.24 2,692.40 2% N/A N/A
To improve the alignment of the table:
1. Highlight the data.
2. Go to the Format menu and choose "Font"
3. Choose "Courier" and press "OK".
(1) Change based on last 12-month's performance.
Source: AT Financial Information and BRS Estimates
BancBoston Robertson Stephens maintains a market in the shares of
Alloy Online, Amazon.com, Ameritrade Holding Company, Ask Jeeves,
AutoWeb, Beyond.com, CareerBuilder, CDNow, Chemdex, CMGI, CNET,
Digital River, DoubleClick, eBay, Egghead, eToys, E*Trade, Excite
@Home, Fatbrain, Gemstar, Getty, GlobalSports, Infoseek,
InfoSpace.com, Insweb, Intuit, Knight/Trimark, Lycos, Mapquest.com,
Media Metrix, Modem Media Poppe Tyson, Micron Electronics,
Microsoft, Multex, , NetGravity, Net Perceptions, Network
Solutions, NewsEdge, ONSALE, Portal Software, Priceline.com,
Preview Travel, Quokka Sports, SportsLine USA, Stamps.com,
StarMedia, Student Advantage, TicketMaster Online-CitySearch, US
SEARCH.com, Value America, Xoom.com, Youbet.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, Chemdex, Digital River, eBay, Egghead, eToys,
E*Trade, InfoSpace.com, Insweb, Intuit, Knight/Trimark,
Mapquest.com, Media Metrix, Modem Media Poppe Tyson, Multex,
NetGravity, Net Perceptions, Network Solutions, ONSALE, Portal
Software, Priceline.com, Preview Travel, Quokka, SportsLine,
Stamps.com, StarMedia, Student Advantage, TicketMaster
Online-CitySearch, US SEARCH.com, Value America, Xoom.com, and
Youbet.com within the past three years.
* BancBoston Robertson Stephens is acting as adviser in the merger
between Alta Vista and CMGI, and therefore in keeping with Firm
policy, CMGI goes to No Rating.
** BancBoston Robertson Stephens is acting as adviser in the merger
between NetGravity and DoubleClick, and therefore in keeping with
Firm policy, rating on DoubleClick goes to No Rating.
*** BancBoston Robertson Stephens is acting as an adviser in
Excite@Home's acquisition of iMall, and therefore in keeping with
Firm policy, 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.
Please use these links to download the Weekly Web Report in another
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Unless otherwise noted, prices are as of Thursday, September 2,
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
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