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To: Kelvin Taylor who wrote (34300)	11/6/2001 10:00:23 AM
From: Susan Saline	Respond to of 53068

intc into the green smtc into the green rfmd into the green amcc todays laggard tap tap tap -.52 cents

To: Kelvin Taylor who wrote (34300)	11/6/2001 10:02:00 AM
From: E.J. Neitz Jr	Read Replies (2) \| Respond to of 53068

Merrill Comments on CSCO(for what it's worth) Cisco Systems (CSCO, $18.72, C-2-1-9) Raising Jul02E from $0.13 to $0.20; 03E$0.38 (Comment Available) Going in the Right Direction • Cisco reported an upbeat October quarter, showing the first sequential growth of 2001. • Revenue of $4.4 billion was above our $4.2 billion estimate. In the U.S., government orders were strong, while demand in Canada, Latin America, Japan and parts of Europe also grew. The book-to-bill ratio exceeded 1.0. • Gross margin was 150 basis points higher than expected at 54.0%. Operating expenses came in $80 million lower than forecasted. Due to higher revenue and lower expenses, operating EPS of $0.04 exceeded both our estimates and the consensus. • We are raising our FY2002 EPS estimates to $0.20 from $0.13 to account for the slightly higher revenue run rate and tight expense controls. We are setting our FY2003 estimate at $0.38, which assumes an economic recovery in the second half of calendar 2002. • In our view, Cisco’s balance sheet continues to be stellar. Operating cash flow generated was +$1.4 billion, inventory turnover increased while DSOs declined. • While it is too early to give the all clear signal on the data networking market, we believe Cisco’s quarter is an important first step in the right direction. (M. Ching)