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To: FJB who wrote (50824)	3/17/2000 2:54:00 PM
From: IceShark	Respond to of 53903

Robert, do your search functions and try and figure out why that "were" is in there for the TXN 740mm convert. As in did something change and the are now convertible? Why they would use that "were" word but not explain what the current terms are makes me very suspicious. I might just call MU next week if we can't find it.

To: FJB who wrote (50824)	3/17/2000 2:58:00 PM
From: Freedom Fighter	Respond to of 53903

Robert, I don't have an earnings estimate, but I can use the 1st quarter as a guideline for what might happen. They benefited strongly in the 1st quarter when DRAM prices ramped up to $25 because of the earthquake. Perhaps some of that will spill over into this quarter. The estimates out there seem to be based on 1st quarter results. Since that time the price of DRAM has been in free fall with occasional bounces. So whatever they earn, it will be much less that 4 times the first quarter. So basically I believe estimates are way way too optimistic even if I don't know what the actuality will be. In addition, even if they could come in with $4 this year and $6 next year, I still think a cyclical tech stock like this should be selling at a huge discount to the market because losses are a way of life during the down part of the cycle. It's still a commodity business as far as I can tell. Wayne