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To: Steve Lee who wrote (96635)	1/18/2000 1:45:00 PM
From: Paul Engel	Respond to of 186894

Steve - Re: "Paul, What is your rationale for IBM having poor results. " I have just noticed a trend where companies that do a flurry of press releases - to build up their "image" - within a week or so of their earnings report - often report marginal or poor earnings (based on ANALysts expectations. They seem to think that they can build up positive sentiment among investors - by PUMPING UP real or imaginary successes in their press releases - that will cause the investors and analysts to neglect any bad news in the upcoming earnings report and think positively about their future - as "intimated" by the flurry of press releases issued PRIOR to the earnings report. HP - under Platt - also seemed to do this. Too soon to tell about Fiorini. Paul

To: Steve Lee who wrote (96635)	1/18/2000 2:07:00 PM
From: Tony Viola	Read Replies (1) \| Respond to of 186894

Steve, >>What is your rationale for IBM having poor results. Do you think they will have benefited from their withdrawal from selling PC's through the retail channel? How about their consultancy and ecommerce? Lotus software? None of the above. IBM is the company most affected by whatever Y2K lockdowns there were late last year. They already warned back in the fourth quarter that they would be affected because of this. When their mainframes servers and storage HW and SW are impacted, they take a hit in spite of all those spiffy things you mention. Another indicator: Unisys came out today and said their lower Q4 YOY revs were due to Y2K lockdowns. I just heard their CEO. Tony Edit, by none of the above, I don't mean those businesses you list aren't good for IBM. I meant that, in spite of all of those good things, the old big iron still rules at IBM.