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To: Bill Harmond who wrote (11032)	4/5/2002 6:08:50 PM
From: stockman_scott	Respond to of 57684

Cowen says Q1 capex won't be the bottom --3:56pm - By Julie Rannazzisi / CBS MarketWatch SG Cowen offered its outlook on carrier capital spending, claiming in a research note that the first quarter won't be the bottom. "Our conversations with carrier contacts suggest that first-quarter capex will likely not be the bottom [and that] the second quarter is shaping up to be equally challenging -- if not worse. We expect sequential improvements after the second quarter to be modest at best," analyst Christin Armacost commented. The analyst notes that carriers continue to see price pressures on services and declines in customer access lines and believes those trends may lead to revenue disappointments and, ultimately, more capex reductions. "Even if first-quarter capex appears to be a low point, we would be cautious," Cowen warned.