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To: KM who wrote (15904)	1/12/1998 7:00:00 PM
From: Tony Viola	Respond to of 27012

Hi Trufflette, I tried to get back to you last Friday but SI was screwed (in computer terms). Nice picture. Of course, the camera obviously had a lot to work with. (no <ggg>s here). Whatever happened to the TA for INTC you were going to put on the main Intel thread? Did I miss it? Are you still short Rambus? I think the street will be OK with MOT, as the whisper number was probably less than the consensus. We'll see tomorrow. Bye, Tony

To: KM who wrote (15904)	1/13/1998 8:24:00 AM
From: billwot	Respond to of 27012

Truflette-Re: NB earnings:http://www.hoovers.com/features/compoday.html An announcement of a 29% fourth-quarter earnings increase versus year-earlier figures usually sends a company's stock price up instead of down. Not for NationsBank, however. News of delays in integrating recently purchased Barnett Banks into the NationsBank system, which accompanied NationsBank's positive earnings announcement, helped send the firm's stock down 84 cents to a closing price of $58.125 on Monday. NationsBank, which recently paid $15.5 billion to purchase Barnett, had previously planned to integrate the Barnett system by this summer, but a decision to move more slowly in order to minimize disruptions in Barnett's Florida banking network has pushed back the intended completion date of the integration to October. The delay is also likely to have an effect on 1998 earnings. NationsBank VC and CFO James Hance said in a conference call on Monday that the company's lower-than-expected expense cuts from the Barnett integration, now down to $300 million in 1998 from an originally planned $450 million, could cut NationsBank's expected earnings for 1998 by ten cents a share. However, the company still plans to reduce overall annual expenditures by about $900 million within the next 18 months. Though the news of the delay may have sent its stock price down, NationsBank had quite a bit of other positive earnings news to announce Monday, in addition to its impressive fourth-quarter earnings increase. The company's earnings for 1997 rose 30%, excluding a merger-related charge in its fourth-quarter 1996 results, to $3.08 billion, or $4.27 per share. NationsBank's net interest income for 1997 went up 25% to $8.01 billion, and its noninterest income increased 37% in 1997 to $5 billion. On the other hand, not all the earnings news was sunny: the bank's return on shareholders' equity for the fourth quarter fell to 15.9%, in contrast to last year's figure of 19.1%. Earnings per share were also not on par with the company's overall results: A 24% increase in NationsBank's number of outstanding shares, a by-product of the bank's 1997 acquisitions, limited its earnings-per-share growth for the year to 6%. NationsBank is now the third-largest bank in the US, following the close of the Barnett acquisition last Friday. Barnett is one of three major properties NationsBank bought in 1997; earlier in the year it purchased Boatmen's Bancshares for $8.7 billion and Montgomery Securities for $1.2 billion. billwot