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To: Road Walker who wrote (114332)	10/18/2000 11:54:33 AM
From: techtonicbull	Respond to of 186894

Osha's coming on now. Let's see if he "backpeddles" or "mealymouths" his downgrade. Actually, I don't care either what he says about 2001, how does he know?

To: Road Walker who wrote (114332)	10/18/2000 1:37:03 PM
From: Bob Kim	Read Replies (1) \| Respond to of 186894

John, Here's an excerpt of why ML didn't downgrade IBM today: "Now, investors face a Faustian choice. There will be little visibility into the availability of CPU supply, making IBM volatile and probably dead money near term. But demand is clearly and finally ramping. In our opinion, IBM’s fundamental issue has been lack of demand for its key platforms. With Global Services ramping, albeit at a slower rate due to a higher outsourcing mix, and platform demand accelerating, this is not the time to dump the shares. This is the real key to long term improvement in the outlook. The disappointment was in the shares in after hours trading as IBM sank to $99. There’s not a good reason to downgrade here, in our opinion. Instead, we would let IBM shares settle in and get a clearer picture of CPU availability and demand. We would cautiously buy on this weakness." [emphasis added]