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To: Clint E. who wrote (15261)	2/20/1998 11:06:00 AM
From: j g cordes	Read Replies (1) \| Respond to of 68294

Hi Clint, trust all is well with you. I'm relying on your judgement to confirm my getting back into APLX. Currently at 5 9/16-11/16ths. All they need to do is announce they're in Y2k solutions :~). Jim

To: Clint E. who wrote (15261)	2/21/1998 12:30:00 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68294

Hello Clint, >>.One casual comment she made a few weeks ago was >>something about buying LU and CSCO and forgetting >>about the rest. They are both starting to look a little pricy at these levels. They can't make a mistake. From a technology and management point of view I have to agree with her though. I did find LU management a little aggressive in some of their growth targets in the last conference call. I am just starting to get a feel for the management at LU. >>. Barring any negative earnings report from DELL and >>HWP, NAZ should make a new HI this week. Nice call. Let's see if we move higher next week or consolidate without the effect of options expiration. >>BTW, Is there a Sally??!!! Not that I know of. Interesting point about people that have their origins in China. Traditionally, all the Lew's , Wong's etc come from one specific village/region of the country. It is a throw back to the agricultural based society. There is not a lot of mobility in that society as you are tied to the land and the use of the land is passed on from generation to generation. There was no conference call re-play for ADCT. It looks like they are changing their forward guidance. They now say they see no weakness in the demand from the carriers. I have a call into Robert Switz at ADCT as Beth at Investor Relations could not answer my questions. I have not received a return phone call yet. I am curious to know what was the major factor for the short fall this Q and what is the basis for the change in guidance. What is your opinion on CIEN? I know you traded it for a while. I tend to stay away from IPO's so I don't know any specifics on this company. Do they have a presence in OC192? I know that NT and LU both have aggressive OC48 and OC192 programs going. Both companies reported good demand and good sales in the D-WDM area. It looks like CIEN has the same problem as SPCT as 75 percent of their sales comes from 2 customers. Have a good weekend. Harry

To: Clint E. who wrote (15261)	2/22/1998 4:56:00 AM
From: Johnny Canuck	Respond to of 68294

techweb.com Question: I am interested in Qualcomm and Comcast. What are your current thoughts on these companies? Answer: Qualcomm (QCOM): Company recently pre-announced poor fiscal 2Q98 earnings. Looks like revisions to EPS will be around $1.35 for 1998 and $1.85 for 1999. Several Korean players have added capacity to the current available production of 12 MM CDMA handset units causing a large over-supply of CDMA handsets. Most analysts on the street were too high anyway and their numbers are coming down. If demand in Korea is softer than expected or extended (which I think is a real possibility), I would not like to be in the stock right now. Also, rumblings that they are having additional delays on their 800 MHz Q-Phone is already weakening a soft Korean market. At $47, it is not a good enough deal to step up. Comcast (CMCSK): Will benefit from trends in cable (strong) but they also have a lot of other fires in the company, including a big one called QVC. They like having their own content and have a lot of fingers in the pie, including E! Entertainment. The company just recently sold its 27 percent interest in its U.K. operations (Comcast UK Cable Partners Ltd) for 4.8 million shares of NTL Corp. (NTLI). 4Q97 (ending Dec 31) earnings will be released on Feb 23. I expect core cable to be very strong. Cellular division should be modestly improved. QVC demonstrates the value of TV sales and should see double digit growth. Cash flow growth is more than 15 percent, and private asset value for the stock is roughly $35/share based on sum of the parts analysis with an appropriate discount rate. At $33.50, there is not much of a discount to fair value but the sector is hot and it should participate. I still like TCI better as a pure cable play.