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To: Calvin who wrote (152676)	1/30/2000 12:51:00 PM
From: rudedog	Read Replies (2) \| Respond to of 176387

Calvin - I commented on this on the CPQ thread but will do so here as well, since you brought it up... A friend of mine who is an internal analyst at a New York investment house attended the CPQ analyst conference. He said that there was no change in the statements made by Capellas and that the people who were saying things like "CPQ backed off" etc. were just "piling on" to a misrepresentation of what was actually said. His notes were as follows - 1) Capellas' revenue growth GOAL for CPQ across the board in 2000 is 15% and that is what he has used to set performance objectives for his team. In other words, to get a top rating at the end of the year, those guys need to deliver 15%. 2) He agreed with several who said that 12% or 13% was more likely - there is a lot of uncertainty about how the transition will work and the impression my guy got is that Capellas was saying "I won't shoot anyone if we only achieve 12%" 3) The current earnings forecast of $1.08 or whatever is based on 10% revenue growth, so Capellas is very comfortable with that. By projection, 13% would yield $1.40 (my personal favorite) and the stretch goal of 15% would yield $1.60 for the year. This guy said there was no change in these statements at any time between the earnings announcement and the close of the analyst presentations and that prepared material also outlined the difference between "goals" and expectations. He thought that the people in attendance who were having a hard time understanding what was said were "a little slow" (not mentioning any names, of course).