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To: Joseph Pareti who wrote (133234)	4/23/2001 4:24:11 PM
From: Tenchusatsu	Respond to of 186894

Joe, <Terrific timing from ML, reflecting their true acumen. Of course they didn't do it last week> Had Intel failed to meet even lowered estimates, ML would have based their downgrade on such a failure, saying "We knew it all along." Instead, they have to base their downgrade on weaker reasoning. Tenchusatsu

To: Joseph Pareti who wrote (133234)	4/23/2001 4:44:47 PM
From: Bob Kim	Respond to of 186894

Of course they didn't do it last week Here's what ML said last week: 4/20 on PMCS "While we expect inventory and demand issues to weigh on PMCS in the near term, we are still positive on the secular drivers for the stock, and reiterate our Accumulate / Buy rating." 4/18 on INTC: "We expect the semiconductor business to bottom over the summer, and we believe we are close enough to that bottom to merit staying with our accumulate rating." 4/17 on VTSS: "Despite near term inventory and demand challenges, we remain positive on the intermediate and long-term secular drivers for Vitesse. We reiterate our Accumulate / Buy rating."