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To: Cooters who wrote (5861)	1/24/2001 9:03:27 AM
From: Nichols	Respond to of 10934

Softening demand in key markets???? I don't think so.

To: Cooters who wrote (5861)	1/24/2001 9:41:05 AM
From: DownSouth	Read Replies (2) \| Respond to of 10934

We should pay attention to this discussion about "key markets". The slow down in dotcoms is for real, and NTAP has done very well in that market. We may see some shortterm effect. Keep in mind, though, that NTAP tends to be at the middle to upper scale of the dotcom marketplace, simply because a little dotcom with a few NT or Unix servers in probably not in need of NTAP's products. Also, realize that NTAP's presence in the major ISP's, including AOL and Earthlink, is real. What deserves an answer is how are the capacity requirements of the ISPs being affected by the dotcom deflation. NTAP's presence in the Fortune 1000 is also very significant and will cushion a dotcom slowdown, imo. I do expect discussion about the effect of dotcom and telco slowdown during the cc. I expect management to be very cautious about this. I think the downgrade is prudent, but may be temporary, based on what management tells us in a couple of weeks. One thing I like realizing is that the analysts know little more than we do, now, unlike a few months ago. So this downgrade is based on analysis, not on privileged communications.

To: Cooters who wrote (5861)	1/24/2001 11:35:52 AM
From: Uncle Frank	Read Replies (3) \| Respond to of 10934

Here's a bio on Laura Conigliaro, the Goldman Sachs analyst who just downgraded ntap: thestreet.com Laura specializes in storage, and has been a vocal supporter of ntap. Her comments about the dot.bomb sector and a telco capex slowdown just rehash what has become "popular wisdom", so the only surprise is how much Mr. Market was spooked by such a mild downgrade. Laura seemed almost apologetic and was certainly less than emphatic in forming her conclusion. "While NTAP is expanding its exposure to new markets and gaining traction in existing ones, we are unable to convince ourselves that the gains here are enough to offset the likely slowing in telco and dot-coms for the near term" I think the over-reaction will be of brief duration. uf