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To: Lizzie Tudor who wrote (16530)	4/3/2003 8:48:49 PM
From: Bill Harmond	Respond to of 57684

17:29 ET PSFT PeopleSoft guides below consensus (16.50 +0.35) Company warns for Q1 (Mar), sees $0.11-0.12 vs Multex consensus of $0.14, on revs of $450-455 mln vs Multex consensus estimate of $486 mln. Company cites weak economy and delays in capital spending. 18:12 ET PSFT trades down 17% following warning

To: Lizzie Tudor who wrote (16530)	4/4/2003 2:09:59 PM
From: Bill Harmond	Respond to of 57684

14:06 ET YHOO What is Yahoo! going to acquire with new cash? maybe nothing (23.70 -0.64) -- Update -- As reported this morning, Yahoo! raised $750 mln through a convertible bond offering. Salomon Smith Barney believes that terms of the convert are highly favorable to Yahoo! and estimates that new money raises co's cash hoard to roughly $2.3 bln. Firm believes that speculation may immediately run to "What is Yahoo! going to acquire?", but firm believes that may be over-thinking the situation. While it is common practice to speculate about the use of proceeds in such instances, firm thinks this was primarily opportunistic, rather than strategic, on Yahoo!'s part and that it there may not be any immediate ideas in mind. In firm's opinion, this offering was as close to free money as it can recall seeing (convertible into stock at $41, comes due in 2008, and pays no interest). Effectively, Yahoo! sold 18.3 mln shares at $41 per share with no financing or carrying cost outside of underwriting fees. Yahoo!'s mgmt continues to impress firm with its prudent, opportunistic and value-creating oversight of co's capital base and financial structure.

To: Lizzie Tudor who wrote (16530)	4/4/2003 4:15:57 PM
From: Bill Harmond	Read Replies (1) \| Respond to of 57684

16:05 ET SEBL Siebel Systems cuts guidance (7.75 -0.41) -- Update -- Co guides Q1 revenue outlook to a range of $330-$335 mln (Multex consensus $369.16 mln). Net income for the qtr (after taxes) is projected at $3-5 mln. SEBL says a number of customers unexpectedly postponing purchase decisions beyond the end of the quarter. "While the Company believed the sales pipeline remained sufficient to meet its sales projections for Q1, a few transactions were postponed late in the quarter. Had these transactions not been postponed, the Company would have been within its license revenue and earnings guidance for the quarter."

To: Lizzie Tudor who wrote (16530)	4/4/2003 6:18:09 PM
From: fedhead	Read Replies (2) \| Respond to of 57684

Yeah right. The war did not cause this bear market and the end of the war won't end the bear market either. Take a look at gold prices, its signalling deflation not inflation. And at this juncture the fed would love for signs of inflation to show up in the economy. Once the war is over and there is no signs of an economic recovery the market will start adjusting to that through much lower prices. The only thing bullish is that all economic news appears to be uniformly bad and the market has put on a strong showing on the belief that things can only get better. Anindo