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To: JHR who wrote (13695)	7/27/2000 11:13:36 PM
From: drsvelte	Read Replies (1) \| Respond to of 14427

One of my favorites, although I sold in the 40's. Worries about losing contracts to ARTG and IWOV. I will buy again at 30-ish. Vignette (VIGN) 38 7/8 -4 3/4: ING Barings downgrades to BUY from STRONG BUY based on concern that business for Vignette may: (1) become more dependent on large deals, (2) become more back-end loaded; (3) face an increasingly more competitive selling environment; and (4) off-balance sheet licensing (which the company does not disclose) may grow less rapidly. 25-Jul-00 AFTER THE CLOSE Vignette (VIGN) 43 5/8 +1/2: Reports Q2 earnings of $0.01 a share, $0.01 better than the First Call consensus of $0.00; revenues rose 418.6% to $718 -Jul-00 12:26 ET Interwoven (IWOV) 71 1/16 +9/16: It has been a rocky ride for IWOV the stock, but the story for Interwoven the company has never strayed. Interwoven develops Internet content management software, and thus falls under the umbrella of Internet infrastructure software companies. The success of these companies varies widely, but IWOV has found itself a great niche and the proof lies in its revenue and customer growth. In Q2, revenues exploded 738% year/year and a stunning 75% sequentially to $24.3 mln, and the company edged closer to profitability with a smaller than expected loss of two cents (First Call estimate was -$0.05). Interwoven's customer count jumped to 363 from 255 at end of Q1, a 42% sequential increase. And the customer list is impressive. While there has been concern in the market that the demise of many dubious dot-coms would hurt some infrastructure companies, Interwoven is selling to more old economy companies than new. Among its customer wins this quarter were GM, John Deere, Eli Lilly, Lucent, US Bancorp, and Target Stores. This list supports the IWOV claim that it benefits not from short-term dot-com hype, but from a long-term shift of corporate communication and commerce to the web. This is one of the few companies that truly has hitched its wagon to the overall growth in Internet usage. The management of web content is a problem that is growing exponentially as corporations integrate the web into every facet of their business, and Interwoven's TeamSite product is one of the only pure content management tools on the market. Their most significant competitor is Vignette (VIGN), another company that we like, but we don't see this battle as an either/or proposition. Vignette's products offer content management capabilities as well as personalization tools to enhance B2C and now B2B (with the OnDisplay acquisition) relationships, thus bringing it into competition with the likes of Broadvision (BVSN) and Art Technology (ARTG). Interwoven stays out of the eCRM fray with its exclusive focus on content management, a focus that is serving it well. The argument against IWOV would be that it does not offer a horizontal solution for companies moving onto the web. But it's arguably the case that no one does, and that the biggest hole in the offerings of most infrastructure software companies is content management. If someone is to develop a horizontal package, they might well turn to Interwoven as an attractive acquisition target. Interwoven is clearly doing well on its own, but any of the previously mentioned eCRM companies that combined its own commerce and customization skills with Interwoven's content management would be a formidable foe. - Greg Jones, Briefing.com