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To: Jacky AY who wrote (29574)	3/8/1998 11:29:00 AM
From: Thomas G. Busillo	Respond to of 53903

Jacky, hmmm...the financial media picks up on the Niles upgrade, but doesn't report (or doesn't have access to) his downside expectations? Who says CNBC isn't "spin central" <g> Also, if Niles used the word "pre-announcement", that's about the silliest term in the world to use with this company. If someone can show me where MU has given a pre-announcement TO THE PUBLIC, I would appreciate it. If Arthur Levitt is looking for a test case regarding the practice of guidance and subsequent trading on such information, I would suggest beginning with a thorough examination of any and all contact between officials and/or employees of MU and the analyst community between the time period of 7/31/97 and 8/13/97. To my eyes, the activity during that entire period looks more than a little funky and I think the following questions should be asked: Was there any contact between officials and/or employees of MU and the analyst community between the time period of 7/31/97 and 8/13/97? If no: case closed. If yes: When? Who was involved (by name and firm)? What information was conveyed? Was it material information? If no: case closed. If yes: Was there any subsequent trading activity that could be grounds for a test case of whether the Supreme Court's adoption of the "misappropriation theory" of insider trading can be extended to trades made following management "guidance" to selected members of the investment community? Good trading, Tom