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To: Johnny Canuck who wrote (35546)	12/15/2001 2:33:50 PM
From: Johnny Canuck	Respond to of 69746

Tellium Growing Faster Than Long-Haul Optical Switch Market Tellium, a manufacturer of intelligent core optical switches, has announced that Infonetics Research, a market research and consulting firm, has identified Tellium as a leader in the worldwide long-haul optical switching market, growing revenue faster than the market as a whole. Tellium's third quarter revenue grew by more than 30 percent over second quarter revenue as reported in Intelligent Optical Network Hardware, Infonetics Research's quarterly worldwide market share and forecast service. In comparison, the total worldwide revenue for the third quarter 2001 long-haul optical switch market was approximately $161 million, an increase of 20 percent over second quarter 2001 totals of approximately $134 million. The forecast also reported that Tellium has 25 percent of third quarter 2001 revenue market share in the long-haul optical switch market. "Our market share and forecast service tracks the leading companies in the intelligent optical networking hardware arena," said Michael Howard, Infonetics Research principal analyst and co-founder. "Among all long-haul optical switch makers, Tellium is a strong second based on their third quarter revenue, following Ciena." Since the fourth quarter of 2000, Infonetics Research has been providing the industry with its Intelligent Optical Network Hardware forecast. According to Howard, over the past four consecutive quarters, Tellium has been among the leaders consistently gaining revenues and capturing market share. "Infonetics Research further validates Tellium's position in the industry," said Harry Carr, Tellium's chairman and chief executive officer. "We're pleased once again to be recognized as a company capturing market share." Tellium delivers high-speed, high-capacity, intelligent core optical solutions that empower service providers around the world to create, run, control and optimize their networks. First in the world to provide in-service, intelligent optical switches, Tellium's Aurora Optical Switch family and the StarNet Software Suite together offer service providers a simple and cost-effective evolutionary path to next-generation public networks. More information is available at www.tellium.com. wdm.pennnet.com

To: Johnny Canuck who wrote (35546)	12/16/2001 12:40:12 AM
From: Johnny Canuck	Read Replies (3) \| Respond to of 69746

Article on Market direction and S&P valuation: Message 16781716 My studies -- in terms of immediate moves higher after the kind of dislocation we experienced in September -- still point to volatile outperformance by techs and early cyclicals, the capital-goods and industrial manufacturers like Alcoa (AA ), Boeing (BA ), Caterpillar (CAT ), 3M (MMM ), United Technologies (UTX ) -- stocks like those. Besides the big-name high techs [Harry: I essentially agree with most of the elements of the article. I am not sure I agree with their picks, but understanding that fund managers will still with well known and established names when the recovery come you can't blame them for going with them [alternative on the captial spending side DY and MTZ]. As for the retailers, I am not sure how you price them at this stage in the economic cycle. You have shoe companies like SHOO, SKX and VANS trading at a trailing P/E of about 8, but some of them have just in time models to reduce the risk of excess inventory. What kind of risk premium was priced in during the last recession/bear market? As for the timing of the recovery, my guess it will take longer than expected and it won't be a V shape. As suggested the extreme valuations given the current earnings out look caps their valuations. Only a change in the E in earnings expectation will get stocks higher. Short term the scenario I am working from is: 1) A re-trace from this critical support level, options expiration is usually a fake out. The trading Monday in the absence of news will tell the real mood of traders. Watch the critical 1944 level in the COMPX. If it break go short or run for the hills. 2) A failed re-test of the 2050 area. 3) A sell off driven by limited earnings outlook into the later half of January (MSFT earnings). 4) A rally there after as managers take positions for the year. Keep in mind the critical support levels of COMPX 2050 and 1944 to invalidate the hypothesis. Also remember the SOX will lead the COMPX.]