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To: jjkirk who wrote (5444)	9/28/2000 9:45:41 AM
From: jjkirk	Respond to of 13572

08:55 ET: [BRIEFING.COM] So far this week, the market has traded in choppy fashion as earnings worries have been lingering, and the result has been three consecutive down days for the major averages... This has many market watchers wondering if buyers will step in soon, and stay in... For now, a lackluster open is expected as the S&P futures contract is currently trading at 1447, about 3 points above fair value of 1444.16 and indicating a positive Dow open of about 20-25 points.. The Nasdaq futures contract is trading at 3629, about 5 points above fair value of 3624.84... Cisco Systems (CSCO 57 5/16) and Nortel Networks (NT 59 5/8) are likely to be under pressure following negative comments from Sanford Bernstein... Firm downgrades both stocks to MARKET PERFORM from MARKET OUTPERFORM due to expected telecom spending slowdown... Global Crossing (GBLX 29 7/8) trades up to 31 pre-market after announcing that Exodus Comms (EXDS 53 1/4) will acquire GlobalCenter, a wholly owned subsidiary of GBLX for stock valued at $6.525 bln... 07:01 ET: [BRIEFING.COM] S&P futures trading at 1448.5, 4.6 points over fair value, Nasdaq 100 futures trading at 3638.5, 14.2 points over fair value. Bonds are unchanged at 5.898% 06:59 ET: FTSE -0.20%, DAX -0.79%: [BRIEFING.COM] German set-top box maker Met@box fell 40% after announcing that it expected a loss of DM 15 mln versus an earlier profit forecast of DM 14 mln. High growth sector telecom equipment makers such as Marconi and Alcatel helped pace declines on earnings fears. Cambridge Antibody rose 5.6% after announcing that it would sell a 0.9% stake to Genzyme Corp for $20 mln. The UK’s largest ISP, Freeserve plc fell 3.1% after announcing a widening loss in Q1 from GBP 7.1 mln to 13.1 mln 06:49 ET Nikkei -0.08%, Hang Seng -0.18%: [BRIEFING.COM] Japanese stocks were weighed down by internet related stocks such as Softbank and Yahoo Japan Corp. in the wake of profit warnings in the US. Sony fell 5.6% after announcing 1.3 mln shipments will be made to the US by year end, less than expected due to parts shortages. The Korean Kospi rose 6.5% helped by domestic chipmaker Samsung who announced a share buyback in the wake of their 50% decline since mid July. 08:56 ET Cisco Systems (CSCO) 57 5/16: -- Update -- To acquire privately held Vovida Networks and privately held IPCell Technologies for approx. $369 mln in cash. 09:22 ET ****** Global Crossing (GBLX) 29 7/8: Just three weeks after Exodus (EXDS 53 1/4) lost out to WorldCom (WCOM) for control of Digex (DIGX), Exodus reignited talks with Global Crossing as it announced it will buy Global Crossing's GlobalCenter, its web hosting unit, for $6.525 bln in stock. The Digex deal apparently spurned the two to come back to the bargaining table as this deal comes just two months after the companies abandoned their initial negotiations. Exodus wanted to get larger and with Digex off the board, it needed to move on GlobalCenter. Global Crossing will own roughly a 20% stake in Exodus. While GBLX is trading yp $2 on the news, Exodus shareholders are not excited about the dilutive effect of the deal as the stock is trading down over $4. As part of the deal, the two signed a 10-year network services agreement whereby Global Crossing becomes the primary network provider to Exodus. In exchange for agreeing to purchase 50% or more of its future network needs from Global Crossing, Exodus gets preferred pricing on all network services...We believe the deal is good news for both parties with the edge going to GBLX. For Exodus, the deal significantly increases its lead in the web hosting market both through increased scale and an alliance with a network provider to improve its cost structure and improve operational performance. Also, it gets them into Asia more quickly than they could alone. As for dilution fears, the deal will be cash flow accretive to Exodus in 2001 which is more quickly than we would have expected. Aside from the increased network demand, GBLX benefits by gaining additional certainty on revenue growth and the deal allows GBLX to focus on what it does best - running networks. The combined hosting businesses create a mammoth with $1 bln in sales with 32 Internet Data Centers....As the web hosting space is very fragmented, a bit less so this morning, consolidation should continue. Keep an eye on other web hosters to move on the news including Data Return (DRTN 16), Globix (GBIX 20 5/8), Interland (ILND 7 13/32) and NaviSite (NAVI 27 7/8). -- Robert J. Reid, Briefing.com

To: jjkirk who wrote (5444)	9/28/2000 10:23:20 AM
From: Boplicity	Read Replies (3) \| Respond to of 13572

Everyone, You have to keep this in the back of your mind. As always it's confusing and a lot of rationalization goes on when you invest. But the one the thing the remember about analyst is that they as a whole are late in what they are saying, so if they are downgrading in masses it's a good bet that the market is nearing a bottom. Of course their are the some brighter bulbs in the pack. Frankly, they all should be rated, the SEC should force this on the industry. Greg