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To: jgideon who wrote (511)	2/19/1998 2:29:00 PM
From: Dale Baker	Read Replies (1) \| Respond to of 118717

I should be careful about saying "value" in this case. They are not a classic value. However, the Street has "valued" CBSL, IMRS, KEA et al in this range because they are "hot" at the moment. Start with computer consulting, toss in some offshore outsourcing and add a bit of Y2K for flavor (less than 20% in the case of SYNT) and the Street loves it - for a while. Instead of waiting for these stocks to crest before shorting, why not catch the ride up? I'm not saying it makes sense, but the check will clear when I hit the Sell button later. Just trying to get by in this crazy market. Think how much could have been made in YHOO, AOL and XCIT, not to mention the Y2K stocks in 1996. I guess I'm saying that we have to dispense with general principles if we are going to catch a few more waves. Don't worry - I do it very carefully. SYNT scraped 25 today so I can't complain.

To: jgideon who wrote (511)	2/19/1998 2:55:00 PM
From: Dale Baker	Respond to of 118717

Message 3473591 PLUS SYNTEL INC (SYNT) 23 3/4 +1 1/16. It's pretty tough to find a "Year 2000" stock these days that is worth your time, particularly considering the dismal results that have come out of major names such as Data Dimensions (DDIM) over the past few weeks. However, Syntel is one of the few companies in the group that is not only exceeding extremely high expectations, but surpassing them. For example, in the latest quarter Syntel reported earnings per share of $0.15 a share, a dramatic 275% improvement over year-ago earnings. More impressive was the company's ability to exceed Wall Street estimates by a full 67%. Year-over-year revenues advanced 46% to $35.4 mln and rose more than 5% on a sequential basis. The Achilles heel of these stocks during the latest reporting period has been weaker than expected margins. Well according to Syntel, its business mix continues to shift toward "higher value, higher margin IntelliSourcing services." And by mid-1998, the company forecasts that its offshore capability will have tripled from its levels at the end of 1996. Currently, Syntel has 11 offices in North America, Europe, as well as 4 Global Development Centers in the US and India.