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Technology Stocks : Broadband Wireless Access [WCII, NXLK, WCOM, satellite..] -- Ignore unavailable to you. Want to Upgrade?

To: Rono who wrote (747)	10/4/1999 4:02:00 PM
From: SteveG	Respond to of 1860

from Paine Webber's John Hodulik & Soo Kim <<NXLK_toVA.doc>> NEXTLINK: Moves to Virginia October 4, 1999 KEY POINTS * NEXTLINK announced that it would move its headquarters from Bellevue, Washington, to Northern Virginia. This move is not unexpected and follows a similar step made by the new CEO Dan Akerson when he took control of Nextel. * While the company stated it would maintain a regional headquarters in Seattle, it appears the functional areas involved in overseeing its operations will be moved east. We believe this may cause further change in the management ranks of the company following the resignation of President and COO George Tronsrue last week. * This is likely to be the first of many initiatives by Akerson to put his stamp on the company as it moves from a development stage entity to a large multi-national carrier. Given his track record at MCI and, most recently, at Nextel, we have confidence these changes will improve the long-term prospects of the company. * Maintain Buy rating on NEXTLINK shares with 12-month price target of $68 per share based on our discounted cash flow analysis. Continue to believe that NEXTLINK's access to capital, management talent and unique asset collection make the company an excellent long-term play on telecommunications deregulation in the U.S. and abroad.