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To: Boplicity who wrote (6040)	2/7/2002 5:33:52 PM
From: Sig	Read Replies (4) \| Respond to of 13815

We are going down. The problem is obvious from tonights earnings + 4 vs+ 4c -14 vs -30 -11 vs -7 -19 vs -8 +1 vs+5 +2 vs +2 +2 vs +5 +6 vs +9 And on and on Pennies are not earnings! Pennies say the company squeezed everything they could out of the process (x-pro-forma)and still could barely make it. And the economy for these companies is not improving since many are competitors and will have to reduce margins to survive next quarter. 9 cents for Csco -thats not enough - if they hit just a bit harder year a company that size could lose dollars, which could take years to make back. Many of these companies are running on fumes and hope. Sig (practicing bear talk)

To: Boplicity who wrote (6040)	2/8/2002 12:42:05 AM
From: stockman_scott	Read Replies (1) \| Respond to of 13815

07:37 ET Cisco helped by deferred revenues; downgraded by Dresdner (CSCO) 18.61: Merrill Lynch says that demand was overstated by roughly $200 mln due to contingent contracts exercised this qtr for products shipped in previous qtrs; maintains near-term BUY rating. Dresdner Kleinwort Wasserstein is less forgiving, downgrading CSCO to SELL from Reduce citing accounting concerns; says that revenue upside came primarily from recognition of deferred revenues, also argues that gross margins would have been 45% instead of 57% had Cisco followed the same accounting practices as its peers. -Briefing