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To: philipah who wrote (105285)	7/6/2000 12:22:53 PM
From: Harry Landsiedel	Respond to of 186894

Philpah. Re: Joseph's downgrade "Worth the read, IMHO" I agree. Thanx. Here are the parts I liked best. HL "I have a lot of respect for [Joseph]," Banc of America analyst Richard Whittington told UpsideToday, "but this time he's wrong." "The deployment of technology of infrastructure equipment is not slowing, it's accelerating," said Whittington. He said Joseph has his facts wrong. "Demand is vastly in excess of need." "The [market] reaction today is more that valuation levels are high and need to be adjusted," Arun Veerappan, who follows the industry for Robertson Stephens, told UpsideToday. He added that market fluctuation today signaled a seasonal slowdown, which happens every July and August, and not a down cycle. Veerappan said that a down cycle requires two things: excess capacity and excess inventory. He sees neither. In fact, he's looking forward to a great second half. "At the end of the summer we should buy these stocks pretty aggressively," said Veerappan. Stefani Lako Baldwin is a financial writer for UpsideToday.