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To: j g cordes who wrote (24888)	1/24/2000 4:00:00 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 71371

Jim, The selling seems across the board today, I only have Semi Equip as a positive group. The fact that NT is weak in spite of the fact that they announced that they will beat estimated indicates the upside is limited. For the most part, the trend has been to sell the news this quarter, after the run up before earnings. I think NT will be the same, as people start to position for the Fed meeting. There is still selected strength so the market is not panicing, but most of the big companies will have reported by the end of this week. I have my doubts about QCOM beating estimates and JDSU may or may not meet revenue projections. IFMX still looks good and is a safe play as it is undervalued by a lot of measures.

To: j g cordes who wrote (24888)	1/26/2000 2:34:00 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 71371

Jim, It looks like the reported blow out in the NT numbers were not as first reported. Under US GAP it looks like they beat by 3 cents or 7 percent not 10 cents or 22 percent. . This is the last Q they report in US and Canadian GAP and it looks like they messed it up the press release. As we talked about before the question was whether the enterprise sector was weak or not.It looks like wireless and optical did better than most people anticipated. The fact that OC192 is so dominant was surprising. This is a fact LU did not discuss in their CC. ****************************** **************************** CC Notes: Message 12677604 ****************************** ****************************** To: ~Kenneth E. Phillipps </wsapi/investor/personalprofile-4290058> (~4360 </wsapi/investor/reply-12677307> ) From: ~Mighty Mizzou </wsapi/investor/personalprofile-4831797> Tuesday, Jan 25 2000 6:40PM ET Reply # of 4399 Did NT miss their number? Can anyone confirm? The Wall Street Journal Interactive Edition -- January 25, 2000 Tech Center Nortel Networks' Profit Misses Estimates as Revenue Rises 21% An INTERACTIVE JOURNAL News Roundup BRAMPTON, Ontario -- Nortel Networks Ltd. posted net income that fell just short of Wall Street's estimates, despite a surge in revenue and lower tax rates. The company also announced a 2-for-1 stock split. Under U.S. accounting standards, the maker of networking and telecommunications equipment reported net income of US$178 million, reversing a loss of US$143 million a year earlier. After the payment of preferred dividends, the profit applicable to common shares was 12 cents apiece, reversing a year-earlier loss of 11 cents. Excluding charges related to acquisitions and other one-time items,the profit applicable to common shares was 44 cents a share. Analysts surveyed by First Call/Thomson Financial were expecting a profit of 45 cents a share. Revenue, meanwhile, rose 19% to US$6.57 billion from US$5.52 billion a year earlier. The healthy revenue growth comes as traditional phone companies and upstarts alike are spending billions to build or upgrade networks to handle large volumes of Internet traffic. They also are looking for ways to consolidate voice, video and data traffic on a single network for cheaper delivery of communications services. Revenue in Nortel's carrier segment -- which includes fiber-optic gear and high-speed Internet-access gear -- increased 31%. But the company said its enterprise-segment revenue decreased in the quarter primarily due to lower data-networking revenue. The company's effective tax rate fell to 23.9% from 35.5% a year earlier. ************************ ************************** Clarification on the accounting. The Q is not so positive as initially reported. Message 12679422