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To: Art Baeckel who wrote (4788)	7/26/2001 12:48:01 PM
From: Art Baeckel	Read Replies (2) \| Respond to of 6873

09:02 ET Plug Power (PLUG) 12.02: Reported a Q2 loss of $0.41 per share vs the First Call consensus of ($0.43) per share. Contract revenue was $1.3 mln vs $2.4 mln in the year-ago period. Company says it had $55.1 mln of unrestricted cash and investments at the end of the quarter. ART

To: Art Baeckel who wrote (4788)	7/28/2001 2:25:09 PM
From: davidandgoliath	Read Replies (2) \| Respond to of 6873

What a POS HOMS is...look at this weeks DOJ article.. Homestore Shines Brighter, But Valuation Concerns Remain Dow Jones Online News, Thursday, July 26, 2001 at 14:21 By Ross Snel Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Homestore.com Inc. (HOMS) continues to emerge as one of the few bright spots in the consumer e-commerce landscape. The Thousand Oaks, Calif., company reported second-quarter results Wednesday that beat analysts' predictions. At the same time, Homestore executives and analysts said the company, which operates a variety of real estate-related Web sites and services, has plenty of room to grow as it introduces services and grabs more of the dollars real estate pros spend on marketing. Homestore, "as the leading online technology platform for the real estate industry, is well-positioned to reap the benefits of this strong market, as home buyers and realtors continue to migrate online," wrote Prudential Securities analyst Mark Rowen Thursday. Further brightening Homestore's prospects, analysts say, is the Justice Department's recent abandonment of an antitrust investigation that had focused on the company. Investors responded to the second-quarter results by driving Homestore's shares as much as 10% higher Thursday. Nevertheless, some analysts are advising investors to keep in mind one concern amid all the otherwise good news. It has to do with the way Homestore prefers to calculate pro forma earnings, which exclude operating expenses it pays for with its own stock. AOL Time Warner Inc. (AOL) and Budget Group (BD), which owns Budget Rent a Car Corp. and Ryder rental trucks, are the primary beneficiaries of these payments. Merrill Lynch & Co.'s Henry Blodget contends that the pro forma earnings are not a "meaningful" tool for valuing Homestore's stock because they exclude these payments. Using an alternative measure that includes a tax rate on earnings and those stock-based operating expenses, Blodget cautions that Homestore's stock carries a "relatively high" multiple of about 70 times his estimates for 2001 earnings. Meanwhile, Rowen wrote that Homestore shares currently trade at a price-to-earnings multiple of about 100 using his own method of accounting for the stock-based payments. Gary Gerdemann, a Homestore spokesman, said the company is satisfied with the way it reports its results. He noted that Homestore provides results on both a GAAP (generally accepted accounting principles) basis and a pro forma basis. He said many investors want to value the company based on the cash that it takes in and the cash it pays out. Hence, Homestore excludes the stock-based payments in its pro forma numbers. "There are as many different ways to value a company as there are people doing the valuation," Gerdemann said. "We can't produce (financial information) in 20 different ways." Homestore doesn't apply a tax rate to its pro forma earnings because it currently doesn't pay taxes, Gerdemann said. That's because Homestore still loses money on a GAAP basis. (This story was originally published by Dow Jones Newswires) Goliath