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Strategies & Market Trends : Market Gems-Trading Strong Earnings Growth and Momentum -- Ignore unavailable to you. Want to Upgrade?

To: Jenna who wrote (1501)	1/11/2001 8:47:39 PM
From: Dave Gore	Respond to of 6445

Jenna, as you know, upgrades or downgrades usually follow within 12-48 ours after a conference call. Here's a history, FWIW - 11-Jan-01 Ariba (ARBA) 42 1/8 +2 1/16: -- Update -- Company issues upside preannouncement for Q2; sees EPS of about $0.06 and revenues in the range of $180-$185 mln; current EPS estimate is $0.04; see press release. 11-Jan-01 Ariba (ARBA) 42 1/8 +2 1/16: Reports Q1 earnings of $0.05 a share, $0.03 better than the First Call consensus of $0.02; revenues rose 624.9% to $170.20 mln from a year-ago of $23.48 mln; see press release. 08-Jan-01 i2 Technologies (ITWO) 46 7/16 +4 1/2: -- Update -- Stock up 4 1/2 in after hours trading following upside preannouncement. Ariba (ARBA +1 7/8) and Commerce One (CMRC +1 1/2) up on the news. 12-Dec-00 B2B Initiations : Lehman Brothers initiates coverage on Commerce One (CMRC 43 3/4) with a OUTPERFORM rating and price target of $55, believes rating reflects appreciation of company's growth strategy but is tempered by the critical transition ahead over the next 2-3 quarters; initiates coverage on Ariba (ARBA 86 7/8) with a NEUTRAL rating saying $25 bln diluted market capitalization overstates company's realistic growth prospects. 30-Nov-00 Ariba (ARBA) 54 7/8 -3: -- Update -- Banc of America Sec reiterates STRONG BUY rating and price target of $180 after company appoints Robert Calderoni chief financial officer, replacing Edward Kinsey, who is retiring. 30-Nov-00 Ariba (ARBA) 57 7/8: Prudential downgrades to ACCUMULATE from STRONG BUY; price target cut to $65 from $210. 28-Nov-00 Ariba (ARBA) 65 1/2 -1 1/2: Wedbush Morgan initiates coverage with a BUY rating and price target of $100; cites rapidly growing blue-chip client list; believes powerful alliance with i2 Technologies and IBM boosts ARBA's profile; says near-term revenue guidance from management appears to offer an easy hurdle, following revenue growth of 515% in FY 2000. 27-Nov-00 Ariba (ARBA) 68 1/16 -10 3/8: -- Update -- Merrill on Ariba; believes that there is significant upside potential to the ARBA business model; says no news in competitors downgrade today which simply rehashed concerns about valuation and the market opportunity in e-procurement. 27-Nov-00 B2B Downgrades : Wit SoundView downgrades Ariba (ARBA 76 15/16 -1 1/2) and Commerce One (CMRC 41 13/16 -1 1/2) to HOLD from BUY ratings; even after recent declines, firm does not believe that that prices reflect the limited opportunity for simple procurement and marketplace applications; cuts price targets to $52 for ARBA and $39 for CMRC. 17-Nov-00 Ariba (ARBA) 76 1/8 -1 3/4: -- Update -- First Analysis Sec upgrades to STRONG BUY from ACCUMULATE as a result of recent pressure on the share price; adding to firm's confidence: management has made clear its intention to expand its offering of supply chain collaboration software; believes company may be exploring further opportunities for product expansion. 17-Nov-00 Ariba (ARBA) 77 7/8: Merrill Lynch reiterates NT BUY/LT BUY following 30% pullback in the stock over the last three weeks; believes investors will be rewarded for adding to positions at these levels. 20-Oct-00 Ariba (ARBA) 130 15/32: ABN AMRO reiterates BUY; ups price target to $150 from $125 to reflect higher revenue projections; says there has been some confusion surrounding Ariba's slowdown of deferred revenue growth, would use weakness as buying opportunity; believes ARBA may have slowed shipments in Sept. quarter to control level of earnings outperformance; demand for company's products has remained robust. 19-Oct-00 Ariba (ARBA) 119 -8 1/16: Wit SoundView reiterates BUY rating and price target of $160 following company's earnings release; strong demand for its procurement and marketplace applications fueled growth of 67% sequentially; firm believes that by expanding its customer base and growing deferred revenues 33% ARBA continues to develop high degree of visibility through long-term recurring revenue streams. 18-Oct-00 Ariba (ARBA) 127 1/16 +1/16: -- Update -- Guides numbers higher for the Dec quarter: now sees revenue at $150-160 mln and EPS of $0.02-0.03 vs previous estimates of a loss of $0.04; stock still off about 10 after hours. 18-Oct-00 Active After Hours : Both Extreme Networks (EXTR) and Ariba (ARBA) beat earnings and revenue estimates handily, but both are getting hammered after hours: EXTR -17 vs the close, and ARBA -8. Not clear whether there is something in the reports, or -- more likely -- just a continued selling into good or bad news. We are holding for the conference calls and will be attempting to talk to both CEOs this evening. 18-Oct-00 Ariba (ARBA) 127 1/16 +1/16: Reports Q4 net of breakeven, $0.05 better than the Zacks consensus of ($0.05). Revenues were $134.9 million, up 67% from the previous quarter and up 687% from the same period last year. 16-Oct-00 Ariba (ARBA) 131 15/16 +10 1/4: USB Piper Jaffray initiates coverage of provider of Intranet-and Internet-based B2B e-commerce solutions with a BUY rating.

To: Jenna who wrote (1501)	1/11/2001 8:48:11 PM
From: Dave Gore	Respond to of 6445

Jenna, as you know, upgrades or downgrades usually follow within 12-48 hours after a conference call. Here's a history, FWIW - 11-Jan-01 Ariba (ARBA) 42 1/8 +2 1/16: -- Update -- Company issues upside preannouncement for Q2; sees EPS of about $0.06 and revenues in the range of $180-$185 mln; current EPS estimate is $0.04; see press release. 11-Jan-01 Ariba (ARBA) 42 1/8 +2 1/16: Reports Q1 earnings of $0.05 a share, $0.03 better than the First Call consensus of $0.02; revenues rose 624.9% to $170.20 mln from a year-ago of $23.48 mln; see press release. 08-Jan-01 i2 Technologies (ITWO) 46 7/16 +4 1/2: -- Update -- Stock up 4 1/2 in after hours trading following upside preannouncement. Ariba (ARBA +1 7/8) and Commerce One (CMRC +1 1/2) up on the news. 12-Dec-00 B2B Initiations : Lehman Brothers initiates coverage on Commerce One (CMRC 43 3/4) with a OUTPERFORM rating and price target of $55, believes rating reflects appreciation of company's growth strategy but is tempered by the critical transition ahead over the next 2-3 quarters; initiates coverage on Ariba (ARBA 86 7/8) with a NEUTRAL rating saying $25 bln diluted market capitalization overstates company's realistic growth prospects. 30-Nov-00 Ariba (ARBA) 54 7/8 -3: -- Update -- Banc of America Sec reiterates STRONG BUY rating and price target of $180 after company appoints Robert Calderoni chief financial officer, replacing Edward Kinsey, who is retiring. 30-Nov-00 Ariba (ARBA) 57 7/8: Prudential downgrades to ACCUMULATE from STRONG BUY; price target cut to $65 from $210. 28-Nov-00 Ariba (ARBA) 65 1/2 -1 1/2: Wedbush Morgan initiates coverage with a BUY rating and price target of $100; cites rapidly growing blue-chip client list; believes powerful alliance with i2 Technologies and IBM boosts ARBA's profile; says near-term revenue guidance from management appears to offer an easy hurdle, following revenue growth of 515% in FY 2000. 27-Nov-00 Ariba (ARBA) 68 1/16 -10 3/8: -- Update -- Merrill on Ariba; believes that there is significant upside potential to the ARBA business model; says no news in competitors downgrade today which simply rehashed concerns about valuation and the market opportunity in e-procurement. 27-Nov-00 B2B Downgrades : Wit SoundView downgrades Ariba (ARBA 76 15/16 -1 1/2) and Commerce One (CMRC 41 13/16 -1 1/2) to HOLD from BUY ratings; even after recent declines, firm does not believe that that prices reflect the limited opportunity for simple procurement and marketplace applications; cuts price targets to $52 for ARBA and $39 for CMRC. 17-Nov-00 Ariba (ARBA) 76 1/8 -1 3/4: -- Update -- First Analysis Sec upgrades to STRONG BUY from ACCUMULATE as a result of recent pressure on the share price; adding to firm's confidence: management has made clear its intention to expand its offering of supply chain collaboration software; believes company may be exploring further opportunities for product expansion. 17-Nov-00 Ariba (ARBA) 77 7/8: Merrill Lynch reiterates NT BUY/LT BUY following 30% pullback in the stock over the last three weeks; believes investors will be rewarded for adding to positions at these levels. 20-Oct-00 Ariba (ARBA) 130 15/32: ABN AMRO reiterates BUY; ups price target to $150 from $125 to reflect higher revenue projections; says there has been some confusion surrounding Ariba's slowdown of deferred revenue growth, would use weakness as buying opportunity; believes ARBA may have slowed shipments in Sept. quarter to control level of earnings outperformance; demand for company's products has remained robust. 19-Oct-00 Ariba (ARBA) 119 -8 1/16: Wit SoundView reiterates BUY rating and price target of $160 following company's earnings release; strong demand for its procurement and marketplace applications fueled growth of 67% sequentially; firm believes that by expanding its customer base and growing deferred revenues 33% ARBA continues to develop high degree of visibility through long-term recurring revenue streams. 18-Oct-00 Ariba (ARBA) 127 1/16 +1/16: -- Update -- Guides numbers higher for the Dec quarter: now sees revenue at $150-160 mln and EPS of $0.02-0.03 vs previous estimates of a loss of $0.04; stock still off about 10 after hours. 18-Oct-00 Active After Hours : Both Extreme Networks (EXTR) and Ariba (ARBA) beat earnings and revenue estimates handily, but both are getting hammered after hours: EXTR -17 vs the close, and ARBA -8. Not clear whether there is something in the reports, or -- more likely -- just a continued selling into good or bad news. We are holding for the conference calls and will be attempting to talk to both CEOs this evening. 18-Oct-00 Ariba (ARBA) 127 1/16 +1/16: Reports Q4 net of breakeven, $0.05 better than the Zacks consensus of ($0.05). Revenues were $134.9 million, up 67% from the previous quarter and up 687% from the same period last year. 16-Oct-00 Ariba (ARBA) 131 15/16 +10 1/4: USB Piper Jaffray initiates coverage of provider of Intranet-and Internet-based B2B e-commerce solutions with a BUY rating.

To: Jenna who wrote (1501)	1/11/2001 8:49:51 PM
From: Dave Gore	Respond to of 6445

Jenna, as you know, upgrades or downgrades usually follow within 12-48 hours after a conference call.