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To: Yakov Lurye who wrote (10921)	12/3/1997 4:36:00 PM
From: D.J.Smyth	Respond to of 25960

yakov, my wife shows resistance to my sox at any level when i remove them from my feet (a joke)

To: Yakov Lurye who wrote (10921)	12/3/1997 4:39:00 PM
From: D.J.Smyth	Respond to of 25960

another analyst left his calculator at home regarding National Semi: 15:38 DJS National Semiconductor Rating Cut To 'Hold' By NationsBanc 5:38 DJS National Semiconductor Rating Cut To 'Hold' By NationsBanc NEW YORK -(Dow Jones)- NationsBanc Montgomery Securities Inc. Wednesday cut its rating on National Semiconductor Corp. to "hold" from "buy," citing trouble at 3Com Corp. as one of the reasons for the downgrade. Analyst Jonathan Joseph trimmed his earnings estimates on National Semiconductor to $1.85 a share from $1.95 for fiscal 1998 and to $2.15 from $2.40 for fiscal 1999, a source at the firm said. 3Com (COMS) said Tuesday that earnings for its latest quarter will be hampered by a promised inventory clear-out. Profit for the period is expected to be slight, the Santa Clara, Calif., networking company said. No further details were reported regarding Joseph's downgrade, but selling in National Semiconductor's shares Wednesday was blamed largely on the 3Com outlook. According to Cowen & Co. analyst Drew Peck, because 3Com has historically been a large customer of National Semiconductor, "the assumption is if 3Com has a problem, then National Semiconductor has a problem." At the close, National Semiconductor shares (NSM) were trading down $1.625, or 5.03%, at $30.688 on volume of 4.4 million shares. Despite the stock's fall, Peck said he wasn't entirely convinced 3Com posed a major problem for the Santa Clara, Calif., maker of semiconductor components. "The level of profitability that National has from 3Com is real low," the analyst said. "I don't believe that National has a problem because of 3Com. I believe the whole semiconductor industry has a problem from the Far East." The question for investors, he said, is "whether or not you believe the situation in the Far East is going to deteriorate further." Company officials at National Semiconductor weren't available for comment. Copyright (c) 1997 Dow Jones & Company, Inc. All Rights Reserved. 12/03 3:38p CSTEOF