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To: Lizzie Tudor who wrote (14582)	10/28/2002 11:16:42 PM
From: Bill Harmond	Respond to of 57684

biz.yahoo.com

To: Lizzie Tudor who wrote (14582)	10/29/2002 12:40:03 PM
From: Killswitch	Read Replies (2) \| Respond to of 57684

Make of it what you will "No News We Want to Hear By James J. Cramer 10/29/2002 10:49 AM EST No pickup. I know that's not what you want to hear. You want to hear pickup. So did everyone in the Intel (INTC:Nasdaq - news - commentary - research - analysis) breakout room at the Prudential Tech Conference at the Grand Hyatt. But no-can-do. Andy Bryant just simply said he "hadn't seen it yet" when asked whether the bullish comments made by Michael Dell over the weekend had infected his company yet. Nope, not happening. I guess the bearish facts just keep interfering with the bullish tech story. Dell (DELL:Nasdaq - news - commentary - research - analysis) may be going up, but that's because of share-taking, not because of business comeback. Not only that, here's the real bad news for tech: The Intel meeting was wall-to-wall people. I couldn't even get into it at first. I had to push my way in, and when I did people were furious. The place was crawling with portfolio managers looking for a turn. In fact, the whole conference is extremely well-attended, which, I believe, is still one more bad sign for those looking for a bottom. We need to see this conference devoid of people before we can put in terra firma. It was just the opposite. You have to believe that until Andy Bryant talks and only a handful of people listen, we still are going to find bottom-fishing an extremely unrewarding sport."

To: Lizzie Tudor who wrote (14582)	10/30/2002 3:50:55 AM
From: XBrit	Read Replies (1) \| Respond to of 57684

I just saw this in Wednesday's Financial Times. I'm not sure if there are any money-making trading ideas here, but it's an interesting perspective. ======== Lex: Enterprise software Published: October 29 2002 20:24 America's enterprise software industry urgently requires rationalisation. Demand has collapsed. What little customers are spending is going to large vendors, leaving the plight of mid-sized software groups grim. New licence revenue has evaporated, and cash balances are dissipating. Many companies have seen their shares fall more than 98 per cent and have had to do reverse splits to avoid delisting. A few are even trading below their cash value. In such circumstances, the industry should be buzzing with mergers and acquisitions. But so far this year, the value of software deals has been just $7.1bn compared with a peak of nearly $150bn in 2000. The problem is not an absence of buyers but a shortage of sellers. Top executives remain focused on cutting costs, waiting for an industry-wide upturn and developing the latest version of the software they hope will save their company. They are in denial. There is no reason for corporate America to increase its spend on technology, and an ever smaller proportion of what is spent will go to software companies whose viability is in doubt. It is time for non-executive directors to seize the initiative and prevent top management destroying further value. They should either close down the company and return the cash to shareholders or find a buyer. Either way, these companies should be put out of their misery, consigned to history as anomalies of the technology boom of the 1990s.