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To: James Strauss who wrote (9379)	8/15/2001 3:02:49 PM
From: Jibacoa	Read Replies (1) \| Respond to of 13094

JIM: TELM: Are all the optical switch companies dead ? The insiders at TELM still hold 92% of the shares after the IPO in May.<g> The price is down from the May H of 29.75 and the lock-up period is now ready to expire.<g> TELM is up 21% today and volume is now 8,298,600 How does it look to you. (No problem with money flow.<g>) finance.yahoo.com 10:29AM Tellium (TELM) 9.52 +0.43 (+4.7%): -- Update -- Intraday spike in stock as shorts begin to bring in positions taken in anticipation of IPO lock-up expiration. Stock has rebounded off a session low of $8.63; faces intraday resistance in the $10.20 area. siliconinvestor.com RAGL Bernard

To: James Strauss who wrote (9379)	8/15/2001 6:57:00 PM
From: Sergio H	Read Replies (2) \| Respond to of 13094

The IMF is also worried about the possibility of funds moving out of the US market. Specifically the IMF said that the dollar could face a steep devaluation due to the large current-account deficit and that the dollar could come under additional pressure should US productivity figures fall. The key paragraphs: <Directors observed that judgments about whether domestic and external financial imbalances in the U.S. economy would be resolved in an orderly manner depended importantly on prospects for underlying productivity growth. These prospects would play a crucial role in determining whether the favorable economic performance of the late 1990s could be resumed and inflation pressures remain contained. The deterioration in the external current account balance to a large extent had been driven by the surge in U.S. productivity growth during the second half of the 1990s which had boosted the relative return on capital and attracted substantial capital inflows to the United States. Although evidence suggests a reasonably favorable outlook for underlying productivity growth—reflecting continued gains in technological innovation and in the adoption and diffusion of technology—Directors cautioned that less optimistic productivity prospects could trigger a less favorable outcome and pose a significant challenge for U.S. policy. Directors indicated that the size of the U.S. external current account deficit did not appear sustainable in the longer term and that it raised concerns that the dollar might be at risk for a sharp depreciation, particularly if productivity performance proved disappointing. A sudden correction in the current account deficit was seen as possibly having adverse effects on the United States and the rest of the world economy. Directors stressed that disciplined macroeconomic policies-including continued fiscal surpluses-would help to facilitate an orderly adjustment in the dollar and the current account deficit. At the same time, they observed that further reforms in other major countries, that would enhance prospects for profitable domestic investment, would also help to ensure that the adjustment of global external imbalances takes place in a manner conducive to strong growth in the world economy.> The entire report: imf.org Sergio