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To: keithcray who wrote (7636)	7/20/2001 7:58:54 AM
From: keithcray	Read Replies (1) \| Respond to of 208838

07:55 ET PMC-Sierra (PMCS) 31.31: Bear Stearns downgrades to NEUTRAL from Attractive after company met lowered estimates but shippable backlog shrank to $62 mln from $94 mln and weak turns biz suggests Q3 rev. in the $62-$65 mln range (-30% qtr/qtr); PMCS estimates that customers hold about 2 qtrs of inventory in components, WIP, and finished goods; makes any type of significant recovery during the next 2 qtrs unlikely, sees stock as dead money at best at current prices. 07:48 ET Documentum (DCTM) 11.39: CSFB upgrades to BUY from Hold after company reported a Q2 loss that was 8 cent better than consensus. Raises FY01 est. to ($0.80) from (0.82) and maintains FY02 est. of $0.09. Physical order rates (not pipeline) showed tangible signs of recovery in Q2 and looks promising into Q3. At 1.6x CY02 revenues, thinks valuation is compelling