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To: 16yearcycle who wrote (12467)	7/1/2002 1:34:28 PM
From: Bill Harmond	Respond to of 57684

Another county heard from: 12:18 ET BRCD Brocade started with a Sell rating at Lazard Freres (16.90 -0.58) Storage sector continues to trade defensively, with group leaders off 2.8% to 4.7% today. Not helping matters is morning note out of Lazard Freres initiating coverage of Brocade with a SELL rating and $12 price target. The call is based on valuation, as firm believes investors have mistaken near-term market share gains for long-term organic growth. This has led to an enterprise value that is 2.4x greater than firm's estimate of the entire market in 2006. [...and no doubt LF is using the IDC study for market size!] I asked BofA for the report.

To: 16yearcycle who wrote (12467)	7/1/2002 1:52:58 PM
From: Bill Harmond	Read Replies (3) \| Respond to of 57684

QLogic: positive comments by Thomas Weisel (QLGC) 38.10: Thomas Weisel says that QLGC offers the most potential for upside relative to June ests; channel checks suggest SAN implementations are up sequentially, and solid SCSI biz, increasing traction in midrange, and apparent increase in Dell/CLARiiON biz are all good signs for the qtr; believes QLGC could report closer to the top end of 3-8% guidance range. Also, firm says ELX checks suggest at least an in-line qtr.