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Technology Stocks : CheckFree Holdings Corp. (CKFR), the next Dell, Intel? -- Ignore unavailable to you. Want to Upgrade?

To: Charlie Smith who wrote (12341)	11/24/1999 8:42:00 AM
From: CAPT TONY	Respond to of 20297

CHECKFREE: POSITIVE EVENTS PROPEL SHARE PRICE 08:11am EST 24-Nov-99 J.P. Morgan (ARCHIBOLD, R. (1-212) 648-6231) CKFR November 24, 1999 J.P. MORGAN SECURITIES INC. - EQUITY RESEARCH RAIMUNDO C. ARCHIBOLD JR, CFA (1-212) 648-6231; archibold_raimundo@jpmorgan.com John Reilly Walsh, CFA (1-212) 648-8028; walsh_john@jpmorgan.com CheckFree (BUY) POSITIVE EVENTS PROPEL SHARE PRICE; REITERATE BUY; $80 PRICE TARGET Fiscal Earnings Per Share* P/E CKFR 52-Wk ------------------- -------- MkCap 11/23 Rge 6/98A 6/99A 6/00E 2Q/00E 2Q/99A 6/99A 6/00E Yld ($MM) ---- ----- ----- ----- ----- ----- ----- ---- ---- --- ----- $63.69 $69-14 $(0.05) $0.04 $(0.33) $(0.10) $0.00 NM NM 0.0% $3,503 Calendar Earnings Per Share* P/E CKFR 52-Wk ------------------- ---------- MkCap 11/23 Rge 12/98A 12/99E 12/00E 4Q/99E 4Q/98A 12/99E 12/00E Yld ($MM) ---- ----- ----- ----- ----- ----- ----- ---- ---- --- ----- $63.69 $69-14 $(0.25) $(0.16) $0.02 $(0.10) $0.00 NM NM 0.0% $3,503 Excludes nonrecurring items. Our reports and models are now available on the JPMS MorganWISE Website. Please contact your JPMS salesperson for more information. CheckFree shares have shown strong price momentum over the last few weeks as several positive events have rekindled investor interest and appreciation in CheckFree's opportunity and leadership position in electronic bill presentment and payment. Yesterday's announcement by AOL (AOL/$84.25/Buy) and Intuit (INTU/$44.06/Market Performer) to offer electronic bill presentment and payment services positions CheckFree as the vendor of choice for Yahoo! (YHOO/$221.19/Buy) and Excite@Home and AOL. These Internet partners significantly increase the distribution capabilities of the CheckFree service and we expect to see acceleration in subscriber growth in calendar year 2000. Furthermore, CheckFree provides bill payment services to Wingspanbank.com and 9 of the top 10 leading banks in the US. We believe marketing efforts in this channel as we head into the first quarter and Y2K concerns are alleviated. Accordingly, we reiterate our Buy rating and our $80 price target on the shares of CheckFree. AOL/Intuit Agreement Announced November 23rd Yesterday, AOL and Intuit announced they had reached a 5-year agreement that would provide presentment and bill paying services to AOL's 20 million customers. For electronic presentment and payment, CheckFree will provide the infrastructure and tracking for users. Intuit will be focused on the user interface and providing financial tools. The service is expected to go live in the first quarter of 2000. We believe the AOL offering is particularly compelling relative to the other "portal" arrangements as AOL already has a billing relationship with its customers. We view the AOL announcement as further validation of CheckFree's market leadership position and raises our confidence in their long-term prospects. $150 million Offering of Convertible Securities Strengthens Balance Sheet CheckFree priced a $150 million convertible subordinated note offering yesterday, the transaction will be completed on Monday, November 29th. The seven year notes will bear interest at 6.5% per annum and are convertible at the holders option into common stock at $73.20 per share or 13.6612 shares per $1,000 of face value. The notes are subject to call by CheckFree on or after December 1, 2002. We believe the additional capital will solidify CheckFree's balance sheet and will also provide the company with flexibility to make acquisitions where deemed appropriate, particularly in the area of enhance bill presentment capabilities. Genesis 2000 Platform Launch On November 16th, CheckFree announced its Genesis 2000 operating platform was supporting 80 "live" financial institutions. The strength of the Genesis platform has enabled CheckFree to provide the "CheckFree Guarantee" to distribution partners such as Yahoo!. that serves to minimize consumer concern about fraud or late fees. Other functionality includes: dynamic billing summary; "pay everyone" capability; online enrollment (no need to mail cancelled checks); and end-to-end customer care and transaction tracking. CheckFree Added to S&P 400 MidCap Index On November 12th, CheckFree was added to the S&P Mid-Cap 400 which we believe provided investors an opportunity to revisit the CheckFree story and began the impressive upward trek the shares have experienced. (The analyst and research associate holds a position in CKFR.) First Call Corporation, a Thomson Financial company. All rights reserved. 888.558.2500 FCviaNewsEDGE BROKER: J.P. Morgan :TICKER: CKFR

To: Charlie Smith who wrote (12341)	11/24/1999 8:44:00 AM
From: Rob C.	Read Replies (1) \| Respond to of 20297

Charlie, IMO the paper biller will be obsolete in the next 3 years. Once people are as comfortable with e-bill as much as they are with e-mail, the game will be over. BTW I use Quickbooks Pro 6.0, I would imagine that Quicken will use this program for small businesses to make-up their own e-bills to customers, it wouldn't be that hard to set up, I would say this is about 6 months away. Setting up a bill will be as easy as setting up a payment or a web page for that matter. I wonder who will sell e-bill publishing software, most likely INTU? One thing I have never understood is why CKFR has not signed up any health or life insurance companies? More un-tapped potential. BTW I am going to volunteer time to a deliver food to the poor tomorrow. I have alot to be thankful for this year. I hope everyone here does something similar, keep up the good karma and all. Have a great day and Happy Thanksgiving to those leaving early. Rob