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To: H James Morris who wrote (108364)	9/12/2000 1:59:02 PM
From: GST	Read Replies (1) \| Respond to of 164684

HJ -- I bought JDSU today for a technical bounce -- no commitment. Love em and leave em -- but I do not own any of the fuel cell companies. I know Ballard is expensive -- but it seem to be the CISCO or whatever of this space. True? I want to fall in love.

To: H James Morris who wrote (108364)	9/12/2000 2:19:06 PM
From: gladman	Respond to of 164684

SAP Integration team IPO...these guys bill out @200-250/hr, no wonder it's oversubscribed. ps - thanks for the FMKT info.September 12, 2000 >>SAP Systems Integration's IPO Is 56 Times Oversubscribed Dow Jones Newswires FRANKFURT -- The initial public stock offering of SAP Systems Integration AG looks set to make a strong debut Wednesday on Frankfurt's Neuer Markt as it rides the coattails of its majority owner, software company SAP AG. SAP said Tuesday that the offering was 56 times oversubscribed. The issue price of 19 euros ($16.30) amounts to proceeds of 181.1 million euros ($155.38 million) for SAP SI, which is listing 8.7 million shares, plus an overallotment, or greenshoe option, of 803,000 shares. The 19 euro issue price gives SAP SI an initial market value of about 700 million euros. However, at current gray market prices, its value would rise to about 1.5 billion euros. SAP SI shares have been trading at 39 euros to 42.50 euros on the gray market, more than double the 16-19 euros bookbuilding range set by lead managers Commerzbank AG and Bayerische HypoVereinsbank AG. Last week the company, which specializes in installing SAP software, ended its subscription period two days early amid very strong demand. Retail investors are interested in the IPO because of SAP SI's affiliation with SAP, one of Germany's best growth stocks during the past 10 years. Institutional investors also are scrambling for shares because SAP SI is expected to join the Neuer Markt's NEMAX 50 growth index this year. SAP SI's close ties to the world's fourth largest software maker give it access to a strong partner and a massive customer base, investors said. "SAP stands for quality," said Andreas Rachor, fund manager of Julius Baer in Frankfurt. "SAP has an interest in the future of SAP SI." Demand for the shares has been so strong that the company, which specializes in installing SAP software, last week ended its subscription period two days early because the offering was already more than 10 times oversubscribed. SAP SI was created in April through the merger of three SAP consulting subsidiaries, SAP Solutions, SAP SI and SRS, and the systems integration units of Software AG and Siemens AG. After the listing, the company will have 26% of its shares trading in the public market, leaving SAP with a 54% stake. Software AG will have 11% and Siemens 9%. Expansion Plans SAP SI plans to spend the proceeds to expand in the U.S. as well as in Britain, France and Spain and has said it expects sales to climb to 180 million euros this year, up from 152 million in 1999. Net profit last year totaled 31 million euros. Some institutional investors are worried about the company's dependence on the German market. Only 10% of sales comes from outside of Germany right now. The U.S. market is already full of SAP systems integrators, so that market could be tough to crack. Another concern: SAP SI also hopes to grow its business outside of the SAP customer base, but ties to its parent could weigh on its credibility as an independent IT-consultancy company, analysts said.

To: H James Morris who wrote (108364)	9/12/2000 3:34:17 PM
From: Bob Kim	Read Replies (1) \| Respond to of 164684

HJ, Your bud HB on DCLK today post analysts meeting: "...we expect the stock to perform well for the balance of the year and into 2001—especially if, as we expect, concerns about the impact of the dot-com shakeout on the industry leaders such as Doubleclick prove to be a bit overblown." Is he now calling his concerns overblown? Does that mean he will now upgrade DCLK? At $35, he only needs to give it a $42 price target to qualify for a Buy rating at ML.