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To: Jerry Olson who wrote (1002)	7/16/2002 7:16:37 AM
From: 2MAR$	Read Replies (1) \| Respond to of 1854

Yep, hard to think of INTC's lay-off announcement being construed as "positive" if that's what they will say . I have been playing the SOX since last thursday's pop off 340's , and blowing up past 360 after pulling back there briefly friday ...just a trading "op" the ratio of sells to buys completely reversed to positive from the week before of 3-1 "sells to buys". Started adding NVLS @$29 for instance , and aved down . AMAT in the $17's... Good job on BRCM , it was holding $17 very well before it popped too.. *** VRTS is in-play bigtime tonight as well, ORCL/Japan posts first losses , here's what CSFB is looking for in VRTS report: csfb on VRTS: (VRTS-$17.4-Cap $10.5B-PT $41-Buy) George Gilbert / Michele Laverty Q2 Preview: Expect Flat to Positive Q3 Guidance FY02: $0.60, FY03: $0.73 * VRTS will report FQ2 earnings on Tue 16 July after the close. Conference call 5pm EDT, dial in (800) 289-0436/code 582965. Replay (888) 203-1112/code: 582965. We forecast total revenues of $360m, license $244m (-6% Q/Q, -17% Y/Y, and EPS of $0.14, in line with consensus. * Based on recent checks, we expect Q2 to be in line. Expect Q3 guidance to be flat to positive, above investors' negative Q/Q growth expectations (even if below our consensus 4% forecast). Higher Q3 expectations predicated on VRTS’ less-discretionary per-server based license model (vs per seat based models of tools & applications companies), and positive expected seasonality in OEM revenues (OEM contribution from MSFT / SUNW’s FQ4 (June) recognized in Sep). We believe an in-line Q2 with clean metrics, and flat guidance, would be positive for the stock. * We would focus on: 1) state of back up demand (drives >2/3 of license revenue growth), 2) Any indication of pull-through of high availability products by back up 3) commentary on magnitude of positive OEM seasonality, 4) Any translation of post 9/11 consulting mandates into license deals.