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To: Clint E. who wrote (34242)	9/18/2001 1:30:46 AM
From: Clint E.	Read Replies (2) \| Respond to of 67992

post-wtc-wl *SECURITY* AH IDN VSNX VISG INVN MAGS DMRC *VIDEO_CONF* PLCM ACTT AVSR WEBX UOPX TECD WONE MCSI *ENG_SUPPORT* EASI RTN LLL *DEFENSE* LMT NOC ATK CACI FLIR GD EDS ISSC MRCY *STORAGE* EMC BRCD NTAP CMNT QLGC MCDTA MCDT JNIC STOR VRTS SDS CDO IRM ACS RNBO *SECURITY_SW* CHKP VRSN ISSX NETE RSAS SNWL Symbol Last Trade Change Volume Avg Vol Open Day's Range 52-week Range P/E *SECURITY* No such ticker symbol. Try Symbol Lookup (Look up: *SECURITY) AH Sep 17 19.92 +5.62 +39.30% 2,181,000 53,363 23.50 19.70 23.50 11.0000 19.2500 39.72 IDN Sep 17 10.96 +2.36 +27.44% 372,400 14,954 14.75 10.15 14.75 3.7000 15.1250 N/A VSNX Sep 17 8.25 +3.98 +93.21% 3,508,300 76,363 9.87 7.60 10.37 2.3750 7.8400 N/A VISG Sep 17 4.70 +2.76 +142.27% 3,299,100 36,909 4.80 3 5.50 0.7500 3.3750 45.12 INVN Sep 17 8.25 +5.14 +165.27% 9,857,500 18,636 10.885 7.68 11.70 1.3125 4.2500 51.83 MAGS Sep 17 8.30 +3.31 +66.33% 1,244,100 61,090 10.20 7.40 10.20 2.7500 9.4600 12.47 DMRC Sep 17 14.74 +1.75 +13.47% 174,500 131,000 12.91 12.50 14.75 9.0000 28.2000 N/A VIDEO_CONF* No such ticker symbol. Try Symbol Lookup (Look up: *VIDEO_CONF) PLCM Sep 17 25.45 +6.31 +32.97% 14,538,000 991,000 24.06 24 28 10.7500 72.2500 33.29 ACTT Sep 17 7.35 +2.35 +47.00% 332,400 16,181 6.90 6.75 7.60 3.8900 9.7500 21.28 AVSR Sep 17 2.80 +1.40 +100.00% 262,700 7,500 2 1.82 2.85 0.8750 9.8750 N/A WEBX Sep 17 21.26 +4.11 +23.97% 6,138,300 644,545 19.63 19.63 23.41 5.0625 52.1250 N/A UOPX Sep 17 28.40 +0.31 +1.10% 230,900 243,500 25.30 24.80 29.15 9.2708 40.1266 N/A TECD Sep 17 37.75 -2.65 -6.56% 891,900 607,863 39.50 37.39 39.80 24.9375 49.8750 15.71 WONE Sep 17 5.25 +0.97 +22.66% 1,108,000 64,681 4.90 4.75 5.65 1.4375 11.5625 N/A MCSI Sep 17 14.65 +1.93 +15.17% 3,172,700 283,227 13.19 13.16 15.40 10.7600 33.6875 10.29 ENG_SUPPORT* No such ticker symbol. Try Symbol Lookup (Look up: *ENG_SUPPORT) EASI Sep 17 41.71 +10.66 +34.33% 1,809,800 220,409 42.41 38 45.95 12.4000 47.2100 17.68 RTN Sep 17 31.50 +6.65 +26.76% 22,094,600 1,419,363 35.50 29.60 36.00 23.9500 36.6800 15.93 LLL Sep 17 87.00 +24.00 +38.10% 7,259,800 414,545 92.00 84.00 92.00 51.8750 91.0000 24.45 DEFENSE* No such ticker symbol. Try Symbol Lookup (Look up: *DEFENSE) LMT Sep 17 43.95 +5.63 +14.69% 12,632,100 1,286,590 46.00 42.00 46.00 27.2500 40.7700 N/A NOC Sep 17 94.80 +12.86 +15.69% 4,258,700 479,727 99.00 94.30 99.10 74.0000 99.1000 6.15 ATK Sep 17 78.70 +13.41 +20.54% 2,500,200 152,000 66 66 87.00 34.2501 71.9999 19.87 CACI Sep 17 50.47 +9.12 +22.06% 959,100 141,045 42.95 42.94 51.43 19.1250 47.0000 22.97 FLIR Sep 17 34.89 +5.99 +20.73% 887,500 204,818 29.15 29.13 37.40 3.0000 35.3000 N/A GD Sep 17 82.90 +6.93 +9.12% 6,142,800 830,909 86.50 80.77 86.60 58.7500 85.4800 15.61 EDS Sep 17 57.00 +1.00 +1.79% 3,518,800 2,691,500 55.40 54.70 57.45 39.4375 67.4000 19.51 ISSC Sep 17 8.08 +0.02 +0.25% 65,600 53,363 8.74 7.50 9.73 7.6000 20.0000 12.79 MRCY Sep 17 37.05 +11.50 +45.01% 3,824,000 295,954 30.24 30 43.60 23.7500 58.9500 19.21 STORAGE* No such ticker symbol. Try Symbol Lookup (Look up: *STORAGE) EMC Sep 17 13.75 -0.20 -1.43% 46,666,500 17,359,364 12.95 12.90 15.30 12.6000 104.9375 20.36 BRCD Sep 17 20.23 -0.17 -0.83% 19,292,800 13,166,909 18.72 18.52 22.29 16.7500 133.7188 60.00 NTAP Sep 17 9.97 -0.65 -6.12% 8,252,000 7,887,818 9.86 9.28 10.99 9.5500 152.7500 53.64 CMNT Sep 17 10.46 +0.63 +6.41% 310,900 183,818 9.76 8.67 10.65 7.8000 40.0000 N/A QLGC Sep 17 25.78 -1.00 -3.73% 11,141,100 7,346,909 24.30 24.15 29.512 17.8125 130.2500 37.19 MCDTA Sep 17 11 -0.21 -1.87% 2,076,900 1,681,000 10.50 9.85 12.45 10.2400 53.5781 40.76 MCDT Sep 17 11.29 +0.06 +0.53% 4,537,700 N/A 10.50 9.75 12.44 10.2000 141.3750 40.84 JNIC Sep 17 6.08 +0.24 +4.11% 877,000 431,090 5.34 5.10 6.26 5.0800 126.0000 49.49 STOR Sep 17 4.18 +0.27 +6.91% 4,546,100 2,816,954 3.73 3.65 5.40 3.6900 111.7500 N/A VRTS Sep 17 23.17 -0.85 -3.54% 26,799,700 12,553,954 22.15 22.10 25.65 22.2200 166.8750 N/A SDS Sep 17 24.70 +1.45 +6.24% 9,524,900 1,429,000 28.00 24.60 28.05 19.4375 32.4900 27.19 CDO Sep 17 0.68 +0.04 +6.25% 3,432,300 1,485,727 0.98 0.65 1.09 0.5300 24.2500 64.00 IRM Sep 17 42.03 +1.18 +2.89% 649,500 150,636 43.00 41.91 44.95 29.5000 45.0000 253.73 ACS Sep 17 82.25 +2.24 +2.80% 970,500 799,454 78.00 77.80 82.49 43.3750 86.8700 32.52 RNBO Sep 17 4.65 +0.20 +4.49% 105,300 101,045 4.25 4 4.79 4.0000 27.0625 164.81 SECURITY_SW* No such ticker symbol. Try Symbol Lookup (Look up: *SECURITY_SW*) CHKP Sep 17 30.60 -2.39 -7.24% 14,735,700 8,979,363 30.31 29.50 32.80 29.1000 118.5834 27.42 VRSN Sep 17 39.90 -0.18 -0.45% 17,961,900 7,637,272 38.51 37.86 42.79 26.2500 214.3750 N/A ISSX Sep 17 13.25 -0.26 -1.92% 3,301,900 1,745,454 13.21 13.20 16.25 12.7000 102.9375 50.79 NETE Sep 17 11.30 -1.84 -14.00% 3,546,000 1,561,318 11.80 11 12.57 11.6400 80.8750 42.12 RSAS Sep 17 17.55 +1.20 +7.34% 1,770,600 1,055,090 16.16 16.15 19.65 16.1100 44.3334 6.18 SNWL Sep 17 16.70 +0.49 +3.02% 1,146,000 824,500 15.65 15.61 19.20 8.5000 31.6250 N/A

To: Clint E. who wrote (34242)	9/18/2001 3:39:48 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 67992

No grand illusions Commentary: Consumers may bow out of this marathon By Bambi Francisco, CBS.MarketWatch.com Last Update: 12:31 AM ET Sept. 18, 2001 SAN FRANCISCO (CBS.MW) - No one could have fathomed the magnitude of the Internet bubble fallout, the technology spending retrenchment, or the wallop to the financial system as a result of the September 11th terrorist attack. FRONT PAGE NEWS Dow Industrials plunge to lowest in almost 3 years Selling pressure abates despite Oracle's caution Investors wipe out $12.4 billion in airline value Federal Reserve cuts interest rates Market news and more! Sign up to receive FREE email newsletters Get the latest news 24 hours a day from our 100-person news team. And who would have expected how much we'd be asking of consumers? To be sure, Americans' indomitable spirit to overcome adversity leaves hope on the table that frail consumer confidence will surprise on the upside. There are some favorable signs: rate cuts; stock buybacks from Cisco Systems (CSCO: news, chart, profile), Intel (INTC: news, chart, profile) Siebel Systems (SEBL: news, chart, profile) and others; $200 billion of liquidity injected into the banking system; and $40 billion in government spending approved with more to come. Small investors who waged war against terrorism by saying "yes" to stocks Monday instead saw a sell-off that sent many shares to fresh 52-week lows and the Dow to its lowest level in 30 months. There may yet be a bounce in stock prices. Yet the fact that technology stocks did crumble Monday reveals that shaky fundamentals far outweigh any amount of force-feeding as a short-term fix. The world has changed, and consumers are being asked to muster enough zeal and hard-earned cash to buy stocks, give charitably, buy stocks, acquire homes, buy stocks, take a cruise, buy stocks and then travel. They've already been sapped of confidence (at its lowest since the Gulf War) as they contend with their shrinking wealth, tenuous job security, and more importantly the outbreak of war, perhaps in their own backyards. Just as the United States' resolve is unknown, the enormity of the economic impact of last week's attack and its sway on the consumer and stock markets is uncertain. Lessons from the past suggest equanimity and prosperity can follow disasters. Stock prices recouped initial losses within three months after such turmoil as the Gulf War in 1991, Pearl Harbor in 1941 and the 1993 World Trade Center bombing. Historical perspective is valuable, but not perfect. There shouldn't be any grand illusions. Government spending will only help companies get back on their feet. The government isn't spending until our nation's airline carriers, insurance companies or auto manufacturers become profitable. If there are no profits -- and there hasn't been a capital market -- there will be no corporate spending. Profits are sure to shrink across most of the economy, as witnessed by the string of earnings warnings even before last week. Now we can add airlines and insurance companies to the list of gloom. No demand So Priceline.com's (PCLN: news, chart, profile) profitable quarter may be a one-time phenomenon as it competes with airlines to offer discounted prices to consumers, who are afraid to travel. Software applications that handle tasks such as customer relationship management and marketing have definitely fallen in the pecking order of urgent purchases. That's likely why they all came under pressure. WebMethods (WEBM: news, chart, profile) and I2 Technologies (ITWO: news, chart, profile) and Siebel Systems fell to new 52-week lows Monday. Then there is the issue of higher costs to account for increased security issues. This not only impacts companies with documents to secure, but those that have to transport products. Perhaps even Amazon.com (AMZN: news, chart, profile), already suffering from a potential slowdown in consumer spending, may have to pay additional costs to secure its packages. In fact, with the additional security, anyone transporting products is penalized. Information technology rebuilding in lower Manhattan certainly won't ignite enough demand to offset the slack in technology spending. A back-of-the-envelope calculation of the technology needed to provide 50,000 employees with personal computers, network equipment, servers and storage yields roughly $700 million in spending. Throw in $300 million to $500 million for consulting services, and that's about $1 billion in IT spending. Sanford Bernstein estimates are roughly the same. And the research outfit puts the spending into perspective: The need to rebuild $1- $1.2 billion of IT and communication infrastructure that was destroyed last week is unlikely to have a major impact on the overall growth rate of technology as it represents only about one-tenth of one percent of worldwide annual IT spending. Consumer spending, which accounts for two-thirds of the economy, is also a major force to contend with. Even in technology, consumer fallout can sting. While consumers account for just 5 percent of total technology spending, they make up 65 percent of total revenue for personal computer vendors. If they stop buying, then what happens to chip companies? Consumers do have tremendous purchasing power that's being called on to keep the economy afloat. But if it was hard to predict their unpredictable ways before, how much more so now? Are we asking too much of them? Who really knows? What we do know and what is predictable, however, is that pre-announcement season is sure to come. What is predictable is that old habits will resurface. Investors will drive stocks higher, as evident by the feeding frenzy in video teleconferencing stocks like Polycom (PLCM: news, chart, profile). They'll price in two to five years of business even if tomorrow, let alone a couple of years, has become even more uncertain. Just because business becomes better for a company in the short-term, doesn't mean their stock deserves crazy valuations. We may end up being wrong or right about consumers, but let's not have grand illusions about valuations.