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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: gravity rules who wrote (13315)	4/16/2002 12:31:15 PM
From: Warpfactor	Read Replies (1) \| Respond to of 23153

Hard to say whats going to happen with tech tomorrow - based on recent activity. I'd guess if the NASDAQ holds the fort or rallies into the close, look for follow through tomorrow. Any morning selloff tomorrow will be buyable for an intermediate hold. GNSS and CHKP - they look like nice plays for a laggard slingshot effect if the techs continue to rally. At any rate, today's NASADAQ action should give Sivle something to do this evening. Warp

To: gravity rules who wrote (13315)	4/16/2002 2:31:57 PM
From: Terry D	Read Replies (2) \| Respond to of 23153

Sprint PCS( PCS 10.02 ) - Buy Sprint PCS Beats Q1 Numbers MarketCap: $10.1 Billion Index: S&P 500, NYSE Composite, Russell 1000 Todd Rethemeier - Telecom Services/Wireless PCS released results, reporting subscriber and operating nos. that were ahead of our expectations and consensus. Overall this was a flawless quarter on PCS’s part, with no noticeable missteps. We expect the stock will trade up on this news, as investors seem to be pricing in dismal growth and ARPU going forward. The co. reported 725,000 net direct subscriber additions, ahead of the 718,000 that we had expected. Churn was even from Q4 at 3% lower than our expectation of 3.2% and the co.'s earlier guidance of 3.1% to 3.2%. The co. indicated it believed it had worked through most of the poor credit customers added in Q301, and that churn could even improve from this point through '02. ARPU of $60 was slightly below our expectation of $61, but even with Q401 and ahead of the year-ago Q. We believe this supports our thesis of price elasticity of demand in the industry, and may help to calm voices that have been warning of an impending price war. EBITDA of $640 million in the quarter beat our estimate of $625 million. The difference was mostly based on lower churn and subsequently lower costs for acquiring new customers. Despite better than expected subscriber additions and churn, management has kept guidance steady at three million net additions and $3 billion in EBITDA. This is still different from our estimates for 3.2 million net additions and $2.9 billion in EBITDA, and we are not changing our forecasts. This was the first Q that PCS achieved positive operating income (and would have, even if goodwill and license amortization had not gone away). We continue to believe PCS is the best positioned wireless operator in the U.S. and our top pick. We expect the co. to achieve positive EPS in '03, and positive cash flow in '04.