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Technology Stocks : How high will Microsoft fly? -- Ignore unavailable to you. Want to Upgrade?

To: Charles Tutt who wrote (51595)	10/18/2000 11:36:35 PM
From: David Howe	Read Replies (2) \| Respond to of 74651

<< How do you justify including investment gains, but ignoring the $375 million loss on derivatives and hedging as an extraordinary item? >> It's listed as an extraordinary item because the rules changed. The analysts projected EPS using the previous rules. The earnings report excluded the charge in order to get an apples to apples comparison of EPS projections vs. actual EPS. Is that clear? I often type too fast for my own good. Dave

To: Charles Tutt who wrote (51595)	10/19/2000 11:05:31 AM
From: DiViT	Respond to of 74651

Listen to the conference call. That was addressed.

To: Charles Tutt who wrote (51595)	10/19/2000 12:18:24 PM
From: DiViT	Read Replies (2) \| Respond to of 74651

Microsoft jumps on upgrades By Margaret Kane ZDII Shares of Microsoft Corp. (Nasdaq: MSFT) jumped 13 percent in morning trading, as analysts began to sound cautious notes of optimism about the stock. "We believe the worst may be behind us and look for a possible relief rally in the shares," wrote Goldman Sachs analyst Rick Sherlund in a research note. Shares were up 6.69 to 58.44 in morning trading. Microsoft topped analysts' expectations for the first quarter, fueled by strong sales of its Windows 2000 and Windows ME operating systems. The company earned $2.58 billion, or 46 cents a share, on sales of $5.8 billion. First Call consensus was for a 41 cent per share profit. "The worst is over for revenue growth," said Andrew Brousseau, an analyst with SG Cowen. "But there are lingering questions." Brousseau said Office sales were disappointing and he expected sales to slow more in the next quarter. He added that growth in the mid-teens isn't bad, but that makes the stock fairly valued at current levels. Brousseau, who rates the stock a "neutral," said he would upgrade if he saw evidence that the company could deliver upside surprises with new products. Sherlund said when unusual investment gains were excluded, revenues, before unearned revenues, were in line with expectations. He raised his 2001 earnings estimate to $1.91 a share from $1.88. Merrill Lynch analyst Chris Shilakes also raised his fiscal 2001 earnings per share estimates, upping them to $1.90 a share from $1.86. zdii.com