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To: pater tenebrarum who wrote (31255)	10/25/2000 4:11:15 PM
From: cfimx	Read Replies (1) \| Respond to of 436258

the sanford bernstien guy (who actually did research by surveying capital spending plans) says NT is toast, and by extension cisco no doubt. It came across the tape at 03:57. <G>

To: pater tenebrarum who wrote (31255)	10/26/2000 1:41:41 AM
From: Craig Richards	Read Replies (2) \| Respond to of 436258

yep. i just heard the myth that NT trades at 50 times earnings? as far as i know they have never had any earnings. and if i back out the 'extra-ordinary, non-recurring' losses which recur every quarter, they still trade at 1100 times 'earnings'. What are you talking about? Estimates are for NT to earn $1/share in 2001. The reason they have GAAP losses all the time is because, as a Canadian company, they don't do pooling acquisitions. So they have massive writeoffs of goodwill due to their acquisitions. But if you exclude the depreciation of goodwill, their P/E based on 2001 earnings is around 45, not anywhere near 1000.