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To: Bill Harmond who wrote (8209)	8/7/2001 5:23:34 PM
From: Mark Fowler	Respond to of 57684

Bill i sold Juniper i'll keep csco in this environment top tier for me! Cisco claims that it gained 3-5 percentage points of market share against Juniper (JNPR) in the core router market this quarter.

To: Bill Harmond who wrote (8209)	8/7/2001 5:27:00 PM
From: Mark Fowler	Respond to of 57684

That i believe John Chambers is right on!

To: Bill Harmond who wrote (8209)	8/7/2001 5:35:01 PM
From: Mark Fowler	Read Replies (1) \| Respond to of 57684

Emulex (EMLX) 25.69 -1.01: Company reports Q4 earnings of $0.11 per share, $0.01 better than the consensus estimate; reports Q4 revenues of $58.4 mln vs the consensus estimate of $60 mln; warns for Q1; sees revenues of about $54 mln vs current consensus estimate of $64 mln; sees earnings of $0.09 vs current consensus estimate of $0.10 EPS; see press release. -- Company warns for 2002; sees revenues in the range of $250-$255 mln vs consensus estimate of $300 mln; sees earnings of $0.43 per share vs the consensus estimate of $0.50 E Emulex Reaction : Prices vs 4 pm close... Shares of EMLX -2.56 are not responding well to its warning on earnings and revenues. Other storage-related issues are also trading lower in sympathy... QLGC -0.90, BRCD -0.31.

To: Bill Harmond who wrote (8209)	8/7/2001 5:51:39 PM
From: Mark Fowler	Respond to of 57684

-- Chambers sees Oct qtr revenues flat to -5%; does not think bottom has been hit yet, but thinks it could be seen in next 1-2 qtrs in the US while becoming worse in Europe/Asia. Says "only time will tell" if markets can grow 30-50% in good economic times.

To: Bill Harmond who wrote (8209)	8/7/2001 9:02:54 PM
From: Mark Fowler	Read Replies (1) \| Respond to of 57684

Bill here's another analyst report from 7/30 0n Csco CSCO downgrade...by Mahler said Cisco's stock price has held up or even increased in recent weeks on the back of expectations of a recovery in the second half of calendar 2002. However, such expectations are not based on analysis as much as on hope that Federal Reserve interest rate cuts will soon have a positive impact on the economy and large corporate customers will start spending again on information technology communications toward the end of the year, Mahler said. ``We believe that investors will be disappointed as to the speed of the reversal of the current cycle,'' she said. Mahler left her earnings estimates for fiscal 2001 and 2002 unchanged and set a fiscal 2003 estimate of 35 cents a share, saying this assumes a steady recovery.

To: Bill Harmond who wrote (8209)	8/8/2001 1:32:32 AM
From: Mark Fowler	Respond to of 57684

I'm going to look at Exds carefully again something i found on it that makes since. What the he11 is this idiot talking about? Does this guy know how to read a balance sheet? First of all gross margins, excluding restructuring and asset impairment charges, were 23 percent of revenue or $74.7 million. But that number includes depreciation and amortization of $63.1 million. Gross margins were 43 percent of revenue or $137.8 million if you exclude depreciation and amortization. If this person excluded asset impairment charges then why not depreciation and amortization? Second, the guy said "these are terrible times for raising money". Uh hello, in the conference call they gave several options for raising more cash. One of the major ones was a sale and lease-back. It doesn't matter what shape the economy is in for a sale and lease-back. Third, the guy said "With just $466 million in cash, and a cash burn rate of $140 million a quarter, they just don't have much time." EXDS said they had $616 million in cash so I'm assuming he is figuring in the repaying of their $150 million loan that was done after last quarter ended. But, if this idiot would look at the cash burn it's mostly due to capital expenditures. In other words they are spending that cash by choice. But let me also say that that cash is being transfered into assets, it's not evaporating. So even though their cash is going down their asset value is increasing. And they have said that capital expenditures will slow to a halt in the next few quarters. So basically since the company is EBITDA profitable, all they have to do is pay interest of $75 million per quarter on loans. If they have $200 million in the bank at the end of 2001 that would give them 2 1/2 quarters of cash left. But that is only if EBITDA remains around breakeven. They expect to post EBITDA of approximately $65 million in the next 2 quarters, so I imagine next year it will be even higher. Basically they don't need to raise anymore cash. But they are because it's always nice to have a cushion. Assuming their revenue doesn't start rapidly dropping, they have plenty of cash to reach breakeven.