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To: Johnny Canuck who wrote (36214)	2/22/2002 11:59:16 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69967

9:33 ET NTT to cut capex 10% Reuters reports that Japan's Nippon Telegraph and Telephone will cut its capital spending by 10% in the next business year (starting April 1) due to worsening financial conditions; total capex by NTT's 4 biz units will be less than $7.45 bln, the lowest since NTT was privatised in 1985. Briefing.com notes that while this is yet one more negative data point for struggling telecom equipment manufacturers, the 10% decline is actually not horrible considering the estimated 25-30% decline in capex by US telecoms. 11:51 ET Q Qwest Comms: CEO optimistic about Q1, sees better than expected cash flow (8.44 +0.01) Dow Jones is reporting that CEO Joseph Nacchio "feels good" about the co's first qtr, and that the co should see negative cash flow for the qtr of about $300-$400 mln, vs previous estimate of negative $500 mln. 08:45 ET EXTR Extreme Networks seeing softness in enterprise mkt, tougher competition from Cisco (8.89) UBS Warburg says that field checks suggest that US enterprise mkts are experiencing softness in Feb after showing relative strength in Jan and Dec, and that up to 20% of EXTR's planned sales to that mkt could be at risk (see also 8:17 CSCO comment on same topic). Also, firm notes that it is becoming increasingly difficult for EXTR to compete against CSCO. Maintains Buy rating but lowers 2002-03 ests and cuts price target to $15 from $20. 08:16 ET CSCO Cisco Systems: UBS lowers ests, cuts price target (15.11) UBS Warburg lowers 2002-03 ests on CSCO due to channel checks indicating a lack of meaningful pick up in the U.S. enterprise market, continuing weakness in carrier capex spending, and delays in decision-making on next-gen SONET RFPs; maintains Buy rating, but lowers price target to $21.50 from $23.50. Separately, Goldman Sachs initiated coverage on CSCO last night with a Mkt Outperform rating (see 9:35 PM comment).