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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: joemjo who wrote (27803)	12/12/1997 10:59:00 PM
From: Larry Myers	Read Replies (3) \| Respond to of 61433

Todd, I for one would not waste one second of my life concerning myself with any earnings estimates made by the biggest and best investment houses on ASND let alone a third rate outfit like Furman Selz. This company has earnings estimates as far out as a year from now (quarter ending 12/98). In the networking industry as in so many others, no one including the networkers themselves have a clue what they will earn a year out. How often I have seen one of them lower their estimates on a company's earnings by .01 per share. This is just for the sake of making a negative comment on a company for reasons intended to benefit only themselves. Also notice the timing of their downgrades. A good example is the truckload of downgrades released this week on Oracle after (of course) the company released earnings that missed the target. Some of these so called analysts were upgrading Oracle just a week ago. Whew......... I feel much better now. Best to all, LJM

To: joemjo who wrote (27803)	12/12/1997 11:25:00 PM
From: joemjo	Read Replies (2) \| Respond to of 61433

GENEVA (AP) -- Negotiators meeting through the night sealed a long-delayed global accord Saturday that opens up multitrillion-dollar banking and insurance sectors to foreign competition. Negotiators resolved a series of snags in frenzied late-night bargaining at the World Trade Organization, most notably a row between the United States and Malaysia over access to insurance markets, sources said. "We have got it," said Renato Ruggiero, director general of the WTO, his hands raised in jubilation. He called this year a "golden year" for the international trading system. It is the third global accord reached by the WTO in less than a year, following agreements on information technology and trade in telecommunications. U.S. and European industry leaders also hailed Friday's pact, which was reached shortly after a midnight deadline set by the WTO. The agreement incorporates about 70 countries all of which have made commitments to open their banking, insurance and securities markets to outside firms. President Clinton said the accord would help ensure the United States' strong global position in financial services. "In the wake of recent financial instability, it is particularly encouraging that so many countries have chosen to move forward rather than backward," he said in a statement read by chief U.S. negotiator Jeffrey Lang. Aside from paving the way for expansion in the financial services sector, the accord is expected to create a much more predictable and secure business environment, underpinned by international rules. At a time when a number of Asian countries are trying to climb out of financial straits, supporters say the deal will send a reassuring signal: that the world trading system is being carefully tended to. Although details had yet to emerge, the deal seemed to promise something for everyone. European and U.S. banks hope to gain a larger chunk of the banking business in South Korea and Thailand, while insurance companies are seeking better access to Japanese and Malaysian markets. Asian countries that have placed restrictions on foreign capital will likely benefit from the injection of overseas investment, even though local industries could be hurt in the short term. "It's a very good deal," said Bob Vastine, president of the Coalition of Service Industries, which represents U.S. and European banks, insurance and securities companies. "It's especially good for the growing markets and should lead to their stabilization," he said. At stake are the $1.2 trillion worth of foreign exchange deals done daily; total world banking assets of $20 trillion; and insurance premiums of $2 trillion. The accord comes amid dramatic growth in the number of foreign banks, insurance companies and securities houses either operating abroad or providing services to foreign customers. Cross-border commerce more than tripled between 1985 and 1995 and now tops $50 billion for the top trading countries. Since 1970, jobs in the financial sector have risen by 50 percent in some industrialized countries and currently represent 3 percent to 5 percent of total world employment, according to WTO figures. As the clock wound down on negotiators Friday, the United States kept up the pressure on Asian nations to improve their market-opening proposals. But fears that Washington might walk away from the talks, or opt for only a partial deal, subsided in talks over the course of the day. The main hitches holding up the deal involved the reluctance of Asian economies like Malaysia and South Korea to allow more foreign competition in their banking, insurance and securities markets. In particular, politically powerful U.S. companies like American International Group Inc. insisted that Malaysia guarantee that foreign insurers already in the country could keep 100 percent of their investments. The Malaysian government -- which blamed currency speculators for its recent financial woes -- proposed that foreigners should not be allowed to own more than 51 percent of local firms. Negotiators managed to overcome that dispute, or at least sidestep it, said the sources, who spoke on condition of anonymity. +++++++++++ I now see all the world's problems are solved Todd