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To: Mark Fowler who wrote (6657)	4/28/2001 12:22:42 AM
From: Bill Harmond	Read Replies (2) \| Respond to of 57684

If you get the chance listen to Ciena's shareholder presentation on their website...comes with slides which are very interesting, IMO. Nettles is very matter of fact about their numbers.

To: Mark Fowler who wrote (6657)	4/28/2001 1:59:57 AM
From: Mark Fowler	Read Replies (1) \| Respond to of 57684

Company News Back to Quotes/Charts/News Lehman Analyst:Internet Companies Should Focus On Domestic Market Dow Jones Online News, Friday, April 27, 2001 at 11:41 By Shaheen Pasha Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Leading Internet companies may need to temper their international expansion and put more focus on nurturing their core business in the U.S., a Lehman Brothers analyst said Friday. Analyst Holly Becker wrote in a research note that many top New Media companies, such as Amazon.com Inc. (AMZN), eBay Inc. (EBAY), and Yahoo! Inc. (YHOO), have been moving their operations overseas too rapidly. Becker said the desire to gain a foothold internationally and benefit from the increasing Internet penetration has resulted in the companies spending more time and money abroad. While the benefits of an international market are not under dispute, Becker wrote, she believes the "pace of expansion should be tempered - especially now when competition has lessened and Internet growth has slowed." Becker said there are difficulties in international expansion such as hiring strong local talent to head up international operation. Yahoo!, in particular, has experienced problems in retaining international management, having lost almost all of its entire international team since the beginning of the year. Becker viewed Yahoo's progress as the most disappointing, but said the difficulties have been factored into expectations. Amazon and eBay are too reliant on their international expansion for near-term growth, Becker wrote. Amazon, which has expanded its business into four international markets, is incurring heavy losses despite driving impressive top line growth. Lehman Brothers expects the company to face challenges in reaching profitability internationally due to poor order economics and higher marketing requirements. EBay - which has roughly 12% of its revenues streaming in from its international operations and has made three acquisitions that have sped up its international roll out - will face challenges "in building out the online auction industry on its own on a country-to-country basis," Becker said. She sees the company as having higher marketing requirements and lower penetration rates overseas. Becker was more positive on AOL Time Warner Inc.'s (AOL) approach towards international expansion. She said the company has faced difficulties in competing internationally due to the entrenched competition of local telecommunication companies abroad as well as regulatory issues and cultural difference. Becker, however, does believe the U.S. management is more seasoned than other companies in the space and its approach to international expansion is more prudent. "In the case of AOL, we view international expansion as a strategic imperative and that the company is well positioned for future growth," Becker wrote.