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To: 16yearcycle who wrote (11451)	5/9/2002 9:19:14 AM
From: 16yearcycle	Read Replies (1) \| Respond to of 57684

7:29AM Qualcomm: positive comments by Lehman (QCOM) 29.43: Lehman is out with positive comments on QCOM this morning; constructive data points from yesterday include: April Korean net add figures were FAR ahead of expectations; KDDI's sub figures (due this week) may show solid adoption of CDMA2000 1x; ANAD raised its rev outlook for 2Q02; NOK targeted a cap of 5% on W-CDMA royalty payments, which could lower industry barriers to adoption. Also, with several near-term potential catalysts (Lehman conference, QCOM analyst day, SE Asian contracts), believes shares could find support at current levels. Maintains Strong Buy rating and target price of $45. ------------------------------------- 7:21AM Sun Microsystems upgraded at Morgan Stanley (SUNW) 6.89: Morgan Stanley upgrades to EQUAL-WEIGHT from Underweight, as the firm's current expectations for the next several qtrs are conservative and downside risk appears limited given that the co is almost through its restructuring, new USIII products are rolled-out and tracking well, and SUNW demonstrated higher margin potential in Q3. Firm puts intrinsic value at $6-$8.

To: 16yearcycle who wrote (11451)	5/9/2002 11:11:30 AM
From: techanalyst1	Read Replies (1) \| Respond to of 57684

Well.... the way I look at it is this: If the stock is trading below the "typical" valuation that others in the sector are (or were historically), maybe it's a good value and maybe there is a problem with the fundamentals. Vrsn seemed to have such a good valuation that I asked Wizard a couple times what was wrong with it (if it seems to be too good to be true.......). I nearly bought it myself as a "value play" but decided against it due to the chart pattern that it had. I know that the reason symc had such a low p/s had to do with it's spotty execution and it's previous management (Gordon Eubanks... Mr. Befuddled). There are other things that come into valuation and when estimates keep getting cut, I would expect that stocks won't get a premium like they have in past years. I have a feeling that if we didn't see such a total implosion in the fundies of the telecom equipment makers, we'd not have valuations where they are in the software sector... Call me cautious, but I have NO CLUE if software has bottomed out fundamentally (and in fact even ceos do not know for sure either judging by the cc's that I listened to last quarter), and I hate to buy anything without that confirmation having seen what's gone on (tired of getting burned and my fingers chopped off). I know that I'm going to pay more, but I just feel like it's safer to wait. That's probably why the market can get no traction. TA