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To: Olu Emuleomo who wrote (106072)	7/13/2000 1:48:21 PM
From: H James Morris	Respond to of 164684

Olu, this is one hell of a crazy market. Not long ago the Street thrashed my Amcc due to concerns of slowing sales to Nortel. Look at it today. Full disclosure. No position in Tfs until today. I think one of the real skills needed is to read between the noise the Internet has created. The internet has created more noise than 100 F-18's taking off together. Tempe, Arizona, July 13 (Bloomberg) -- Three-Five Systems Inc. fell as much as 50 percent on word that top customer Motorola Inc. may delay orders, prompting analysts to cut ratings and earnings forecasts. The shares of Three-Five Systems, maker of liquid-crystal displays used in electronic equipment, fell 29 1/2 to 33 in midday trading after a delayed opening. They were the second- biggest percentage loser on the New York Stock Exchange. Shares of the company had more than doubled this year. Motorola's delays will slow Tempe, Arizona-based Three-Five in the near-term, wrote Banc of America Securities analyst Mark McKechnie, who cut his rating on Three-Five to ``buy'' from ``strong buy.'' Three-Five got 85 percent of its first-quarter sales from the No. 2 cellular-telephone maker. ``If the vision can change so dramatically so quickly, investors have a right to be concerned,'' said Theodore O'Neill, an analyst at Needham & Co., who said he's reviewing his ``strong buy'' rating for possible downgrade. ``The good news is that the company is more diversified than it's ever been and getting a lot of design wins but that isn't going to help the stock today.'' ING Barings analyst Robert Cihra cut his rating to ``buy'' from ``strong buy,'' citing a ``weaker'' second-half outlook. McKechnie now expects Three-Five to earn 70 cents a share, down 12 cents from an earlier forecast, in 2000 and $1.00 a share, down 10 cents, in 2001. Revenue is expected to be $164 million this year, down from the earlier $201 million, and $240 million next year, down from $275 million. Three-Five made $6.92 million, or 65 cents, on revenue of $147.4 million in 1999. The company yesterday said it expects second-half revenue to match the $84.1 million of the first half. Overall, revenue will between 10 percent to 15 percent more than last year and profit will more than double, Three-Five said in a statement. Three-Five also reported second-quarter profit was 21 cents a share, beating the 17-cent average estimate of four analysts polled by First Call/Thomson Financial. Revenue rose 42 percent to $44.9 million. Proceeds from a recent stock offering will used to increase manufacturing capacity next year, the company said. Schaumburg, Illinois-based Motorola rose 2 7/8 to 39 1/8. Jul/13/2000 12:07 ET