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To: Ted David who wrote (6327)	8/9/2000 8:45:48 AM
From: Haim R. Branisteanu	Read Replies (3) \| Respond to of 17683

Thanks for the response David. Please see CSCO balance sheet. Payable up $2.5 billion ---- slow payment to supplier (cancels increase in short term investments) "Other Assets" grew by $4.1 billion a preferred item to hide real expenses. Total Other assets are $5.360 not a small amount which is possible almost all goodwill or otherwise hot air. Investmetns grew by $5.5 billion another item who bears surprises. Just imagine a 10% haircut on Investments and 6 months profits evaporate. As to operating income $822 this year $853 last year. Operating and Gross margins are shrinking Y over Y from 23.6% to 17.1% this year. Out of $1,363 pretax profit $541 or 40% was investment income. Last year investment income was only 10% of pretax. Assuming same ratio as last year earnings are flat or slighly negative growth. Shrinking margins or flat earning growth? - PG was cut in half for it, HON was cut in half for same, NOK similar story. Therefore there it would be nice if CNBC would point out that CSCO released 2 sets of financial statements and the retail investor should pay attention to the second set and also to the balance sheet. The danger of CSCO underperforming is there at a tune of $20 billion not a small amount by any means.(including restricted investments). IMHO CSCO is in a dangerous situation at present prices and CNBC as a service to the public and un informed should mention those items. Aside even based on CSCO own addmision ACTUAL net earnings grew from 8 cents to 11 cents which sums up only 31% earnings growth and not 60% as reported by CNBC and other media. Thank you again, Haim As they say the devil is in the details.

To: Ted David who wrote (6327)	8/10/2000 11:17:51 AM
From: Yogizuna	Respond to of 17683

Hi Ted, Does it make you nervous at all when some very large companies always seems "to beat expectations" by 1 red cent??? Such things do not make me feel comfortable at all, as it's just "too perfect" for me, BWDIK? Yogi

To: Ted David who wrote (6327)	8/10/2000 5:12:10 PM
From: Haim R. Branisteanu	Read Replies (3) \| Respond to of 17683

To Ted David: Hi Ted, one day after CNBC trumpeted the great earnings of CSCO, the stock is down $4.5 or even worst $6.5 or 10% from yesterday high, on 59 million shares. At over 7.5 billion shares outstanding this is an haircut of around $40 billion. So the market voted which whose conclusion? The issue that I am trying to make is that CNBC and others in the media are nothing more than promoters of a company stock and by being so hurt the average person who gathers information from CNBC and tries to invest in the stock market. If you recall we had the same issue about AMZN at the time wen CNBC was promoting AMZN stock, I think at a price well above $50. Now AMZN is trading around $30. Kindly tell us how CNBC will handle the matter or should those hurt by CNBC rosy statements sue, GE, it's Chairman Jack Welsh personally and even CNBC staff for that? Haim