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To: Lizzie Tudor who wrote (16667)	4/15/2003 11:35:31 AM
From: Bill Harmond	Read Replies (1) \| Respond to of 57684

10:43 ET BEAS BEA Systems reiterated UnderWeight at Pacific Growth (9.80 -0.13) Firm believes that increasing competition and commoditization limits BEAS' growth. Notes that while IBM implies they are gaining share against co, BEAS continues to stress that IBM is not a threat. In the face of conflicting assertions, firm simply points to recently reported performances by the two companies, and finds that over the last few qtrs IBM's Websphere sales appear to be growing while BEA's license revs have been declining. IBM's positive results provide another data pt that suggests a challenging environment for BEAS.