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To: OLDTRADER who wrote (168892)	2/22/2002 10:53:38 PM
From: stockman_scott	Read Replies (2) \| Respond to of 176387

The following letter to the editor appears in the March 4, 2002 issue of BusinessWeek... 'ANOTHER LOOK AT WALTER HEWLETT' "What's the truth about Walter Hewlett?" (Information Technology, Feb. 11) accurately depicts my friend and colleague as serious-minded and being thoughtful. I have, however, been offended by Hewlett-Packard management's effort to dismiss him as a "musician and academic." He is all that and much more--including having a brilliant analytical mind and a thorough understanding of technology and the rapid pace of change. For the past five years, I have worked closely with Walter B. Hewlett on the Board of Overseers of Harvard University. He headed the committee on technology and has been immensely helpful to Harvard [and] an outstanding member of the board. With Walter Hewlett's vast family holdings of HP stock, he has far more incentive to do the "right thing" for shareholder value than HP's existing management. His actions are solely directed at increasing shareholder value. He is devoid of personal aspirations in these matters. I applaud his courageous stand against a management that has unlimited access to the corporate checkbook to pay for full-page advertisements seeking to portray opponents as being "out of touch" and for the "status quo". [signed] Richard H. Jenrette, New York [Editor's note: The writer is co-founder of Donaldson, Lufkin & Jenrette Inc. and former CEO of Equitable Companies Inc.]

To: OLDTRADER who wrote (168892)	2/25/2002 12:52:39 PM
From: kemble s. matter	Respond to of 176387

Bill, Hi!! RE: She will lose!If I can arrive at that conclusion I'm certain the large institutions will do a far better job of arriving at this conclusion for many reasons--but again it's just one man's opinion!- Do these institutions feel they have enough DELL? Someday DELL's gonna own 50%... Best, Kemble

To: OLDTRADER who wrote (168892)	2/26/2002 12:25:07 AM
From: stockman_scott	Read Replies (1) \| Respond to of 176387

TECHNICAL MARKET INSIGHT By Mark D. Arbeter chief technical analyst for Standard & Poor's FEBRUARY 25, 2002 Sounding the Depths Indications are mounting that the market is close to a near-term bottom While the Nasdaq continues to trade in a well-defined downtrend and the S&P 500 clings to support in the 1080 area, there are some indications the market is nearing a bottom. The major indexes have retraced about 50% of their rallies since September and moved into good areas of chart support. The indexes are fairly oversold, and some sentiment indicators have moved to levels not witnessed since the lows in September. The Nasdaq has traded in a narrow, bearish channel since posting an intraday high on Jan. 9. ... On Feb. 22, the index moved down to the lower boundaries of the downward sloping channel (short-term support) in the 1700 area. ... It remains in a good zone of support between 1628 and 1776, and has retraced a little over 50% of its move from September to January. The S&P 500 continues to hold around the 1080 area like a magnet, an important level because that was the low during the downtrend in Spring, 2001. ... The "500" is also in an area of good chart support that lies between 1054 and 1111. ... A 50% retracement (potential support) for the index comes in at 1060. ... While still early to call, both indexes could be tracing out very wide, head-and-shoulder reversal patterns. ...This formation would not be confirmed, however, until the averages break above their respective necklines which are well above current prices. Both the major indexes have moved into fairly oversold conditions that have led to decent rallies in the past. ...Because the correction off the January highs has not been dramatic, we have not moved to extreme oversold levels seen at capitulation-type bottoms. ...For this to occur, the market would have to cascade back down to the the September lows. ... We continue to believe that the lows in September will not be retested. ... The 14-day Relative Strength Index on the S&P 500 has moved to a fairly oversold condition with the 6-day RSI on Nasdaq doing the same. ... The Demand Index for the Nasdaq, which is an indicator that combines price and volume, has also moved to an oversold position usually seen at or near market lows. ........ The Demand Index typically oscillates between -40 and +40 for the Nasdaq, and is currently down near -31. Sentiment continues to deteriorate as more investors switch from the bullish camp to the bearish camp. ... This is essential for most major market lows. ... There have been three daily CBOE put/call ratio readings of 1.00 or above and two others above 0.98. ... The 10-day exponential CBOE p/c ratio recently hit 0.89, the highest level since September. ... The 30-day CBOE p/c ratio hit its highest level since the beginning of October, rising to 0.82 on Feb. 21. Some of the shorter term sentiment polls have moved to levels not seen since either the lows last Spring or since the lows in September. ... The Consensus poll is showing only 23% bulls, down from 62% bulls in early January, and the lowest since last Spring. ... MarketVane has moved to 36% bulls recently, the lowest level since October. ... However, a longer term sentiment poll of newsletter writers, Investors Intelligence, remains tilted towards the bullish side with 47.9% bulls and only 29.2% bears. ... At previous market lows, bearish sentiment usually equals or exceeds bullish sentiment, so this poll is still way too bullish. The market may be nearing a low but it always pays to be late at a market bottom. While indications are mounting of a near-term bottom, we will wait until there is clear evidence that institutions are getting involved in the market again, and that will be seen in the volume measures. __________________________________

To: OLDTRADER who wrote (168892)	2/27/2002 5:00:35 AM
From: stockman_scott	Respond to of 176387

Dissident says HP deal means millions for 2 leaders Bloomberg Business News Feb. 26, 2002, 11:11PM PALO ALTO, Calif. -- Hewlett-Packard Chief Executive Officer Carly Fiorina and Compaq Computer Corp. CEO Michael Capellas together may be paid more than $115 million if the two computer makers combine, director Walter Hewlett said Tuesday. Walter Hewlett for weeks has been pressing the companies to disclose what top officials would be paid if shareholders approve Hewlett-Packard's plan to buy Houston-based Compaq. He says the pay packages may affect investors' votes on the deal. Tuesday he released figures, which include two years' salary and bonus plus stock options, that he said the companies considered when they announced the agreement. Hewlett-Packard's Fiorina is pushing the $21.6 billion purchase of Compaq to shore up her company's sales of server computers and services. Walter Hewlett, son of co-founder William Hewlett, has started a proxy fight to topple the deal, which he says will make the 64-year-old company too dependent on low-profit personal computers. Hewlett-Packard investors will vote March 19. "The details of the compensation packages contemplated for Ms. Fiorina and Mr. Capellas are important," Walter Hewlett said in a report on the possible executive pay sets. "HP's stockholders deserve to know this information." The Palo Alto-based company had said the pay packages wouldn't be released until after the vote. Hewlett-Packard officials couldn't immediately be reached to comment on Hewlett's report. The company considered paying Fiorina $1.6 million in salary and a $4.8 million bonus annually for two years, and stock options with a "total estimated current value" of $57 million, said Hewlett, a member of the board's compensation committee. The group had weighed the pay package when the deal was announced Sept. 3, he said. Capellas may receive a $1 million salary and $3.8 million bonus for two years, with options worth $38 million, Hewlett said. Jerry Dodson, president of Parnassus Investments, said he's leaning toward voting "no," partly because he wants the company to release the pay figures before the vote. "People should know before they vote on it," said Dodson, whose firm owns 150,000 shares and manages $550 million. "That's serious money as far as I'm concerned." Also Tuesday, Brandes Investment Partners said it will vote against Hewlett-Packard's plan to buy Compaq. Brandes, owner of a 1.3 percent stake in Hewlett-Packard, is the largest outside investor to publicly align itself with Walter Hewlett. A recommendation from advisory firm Institutional Shareholder Services next week may sway about a fifth of investors, analysts said. While neither side has a clear lead, the Brandes decision may tilt the outcome, investors said. Vinit Bodas, a partner and senior analyst with San Diego-based Brandes, declined to provide specific reasons for the partnership's decision. The Wall Street Journal earlier Tuesday reported Brandes thought an acquisition would create too many cultural and integration risks and that it would be better for Hewlett-Packard to continue as a stand-alone company. Brandes owned 24.7 million shares as of December. The William and Flora Hewlett Foundation, which Walter Hewlett chairs, earlier Tuesday responded to criticism from the company about recent sales of Hewlett-Packard stock amid the proxy fight. The foundation said in a filing with the Securities and Exchange Commission that it's been diversifying its holdings since 1998, and that the Hewlett-Packard officials knew that because the company bought back two-thirds of the shares the foundation sold from May 2001 through the end of the year. Hewlett-Packard shares rose 3 cents to $20.01 Tuesday. Compaq fell 20 cents to $10.40.