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To: S. M. SAIFEE who wrote (5015)	10/13/1999 4:21:00 PM
From: Sir Francis Drake	Respond to of 10027

<<Considering market melt down it is not significant.>> Mixed bag as far as I can see. Yes, market meltdown is a factor, but many stocks that have had 'some' good news were able to buck the trend, even if they are not beloved 'darlings'. Example: COMS. I saw the Nokia/COMS item in the paper yesterday, and decided to play it long today despite the rotten market - I was not dissappointed. Doesn't seem NITE earnings/cc call were seen in equally bullish mode, otherwise you'd be able to hold the gains of the morning. In fact, enthusiasm, such as it was, came mostly from retail, as far as I could see. Institutional money was dumping - or at least most of the big blocks were sells, and they kept the pressure on NITE. I was also interested to see that the volume was not exactly impressive given the occassion. Any way you cut it, it certainly was not a love fest. The tactic - "short every rally in NITE" - is becoming something of a law of nature it seems - amazing considering NITE is now 70% off it's high; one day this game has just GOT to come to an end, but NITE seems to always be curious about what's behind the next door... today it was door #25. This has been about the easiest short over such a long period of time, that I have ever been involved in as a trader. Bottom line: this is a very, very long and hard road up for NITE. If you have the patience of a saint, you may do OK. Consider that there will be a mother of all tax-selling on this baby all the way through this year. Institutions do it mostly in October, and many individuals will do it in November to qualify for the wash rule should they wish to pick it up again cheap when the second wave of selling will take place in late December. Morgan

To: S. M. SAIFEE who wrote (5015)	10/13/1999 5:07:00 PM
From: Sir Francis Drake	Read Replies (1) \| Respond to of 10027

BTW, yes, SCH got crushed on anticipated earnings, but that is less relevant, than EGRP, which also had earnings. The market was bad for both, so that's no excuse. And what is the result? EGRP goes UP, while NITE goes down - in exactly the same "bad" market. Market sentiment in a nutshell (with emphasis on "nut"<g>). Clearly, NITE is not exactly a darling - none of the OLBs are getting much respect these days, but NITE which is lumped together with them, seems to be a "special." At this point, if you didn't trade, but simply bought NITE to hold, at any time in the last 7 months or so, you lost money. The technical damage at this point is so immense, that it will need practically a wholesale change of shareholder ownership - because as it climbs, many people will be selling at their various break-even points. There will be a reservoir of permanently traumatized former holders. This is not great news, because those were the people who were aware of NITE's existence. Now it'll have to recruit a whole new shareholder group - slow process. Meanwhile, there are still quite a few shares overhanging, that need to be cleared. Morgan