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To: Mike Buckley who wrote (17813)	2/12/2000 11:50:00 PM
From: Percival 917	Respond to of 54805

Hi Mike, I was unaware of the Lehman price target of $150 whether it be rumor or fact. If it just started recently then I can see that the market could react to the target since it is approximately 130% above the current price. It's funny that it only takes one upgrade and a new 12 month price target (for some stocks) to make the market react and try to take the stock there in a month rather than a year. I guess there is something to be said for the herd mentality. Joel

To: Mike Buckley who wrote (17813)	2/13/2000 10:24:00 AM
From: straight life	Read Replies (2) \| Respond to of 54805

you wrote: "and the rumor (if not a fact) that Lehman set a price target for the Gem of $150." Here's a bit of the GMST thread, post #367 from Sept 24, by NY Stew; perhaps this is what you mean? (I believe the 300 referenced was pre-split, leading to a present target of 150) A few more bullet points from the Lehman Bros. report this morning. The report is a followup to a conference call held yesterday afternoon with Henry and Lehman institutional investors: - Management indicated comfort with our 2q Rev and EPS estimates of $45.8 million and $0.17. Maintain 1-Buy and 12-month price target of $100, we think 2-year price target of $300 is very achievable. - We believe that the the conclusion of the GI arbitration will happen in the next 10 days. GIC damages on analog boxes less relevant than digital portion, however Motorola may intercede to settle both. - TV Guide has made public comments that a settlement was near at hand. Gemstar indicated that while progress was being made, no settlement has been reached. We envision an amicable settlement, by which Gemstar is the only guide, and TV Guide is allowed to private label. Our guess: revenue splits likely 60% Gemstar and 40% TV Guide (after 10% MSO split). - As for AT&T's desire for a global settlement, management was unwilling to characterize any aspect of the case. Since anyone can walk away at any time, it can be construed that progress is being made. Our sources indicate that a settlementin the next 30-days possible and before xmas "highly probable". - The Sony contract with Cablevision was termed "a positive" for Gemstar. Given Gemstar's relationship with Sony, any Sony set-top box that ships with an EPG is likely to include a Gemstar guide. This is a huge win for GMST because multi-year roll out of 3 million boxes.