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To: scotty who wrote (871)	3/17/1998 11:25:00 AM
From: zx	Respond to of 2341

hi Scotty, would love go to fishing with you sometime. congratulations on your boat. MU down 2. MU is terribly wounded. it will not go higher until they have a business breakthough. ie, everyone else goes out of business or they get new products or into a new business. the losers will sell into strengh. the shorts will be patient. i think it will break 20 before they turn things around. if they can. wounded stock. this was a good trade. lets keep it up. i wish your puts would have been just on month further out. good luck, ag

To: scotty who wrote (871)	3/17/1998 7:55:00 PM
From: zx	Respond to of 2341

what do you think about this Scotty, are all network stocks going to be down? DB 14:24 [BAY] BAY NETWORKS SEES ACCELAR REVS INCREASING, NEW PRODUCT INTRODUCTION DB 14:24 [BAY] BAY NETWORKS SEES MARKET CONDITIONS TO BE COMPETITIVE IN FUTURE. DB 14:23 [BAY] BAY NETWORKS SAYS PLEASED WITH ACCELAR PRODUCT LINE. DB 14:22 [BAY] BAY NETWORKS SAYS Q3 CHARGE ON R&D FROM RECENT ACQUISITIONS. DB 14:22 [BAY] BAY NETWORKS SEES Q3 CHARGE OF $154 MLN, OR 67 CENTS/SHARE. DB 14:21 [BAY] BAY NETWORKS SEES Q3 GROSS MARGIN LOWER THAN Q2 51.5% LEVEL. DB 14:20 [BAY] BAY NETWORKS CITES WEAKER DEMAND IN MANY CUSTOMER SEGMENTS. DB 14:20 [BAY] BAY NETWORKS SEES Q3 REVS DOWN 10% FROM Q2 REVS OF $645 MLN. DB 14:19 [BAY] BAY NETWORKS SEES Q3 REVS, OPER INCOME LOWER THAN PRIOR GTR. good luck, ag

To: scotty who wrote (871)	3/17/1998 8:25:00 PM
From: zx	Read Replies (1) \| Respond to of 2341

hi Scotty, more on NKE. -------------------------------------------------------------------------------- Tuesday March 17, 9:23 am Eastern Time S&P cuts Nike Inc outlook to negative (Following press release provided by the rating agency) LONDON, March 17 - Standard & Poor's today revised Nike Inc.'s outlook to negative from stable. The company's single-'A'-plus long-term corporate credit and senior debt ratings, as well as its 'A-1' short-term corporate credit and commercial paper ratings, were affirmed. Total debt outstanding as of Nov. 30, 1997 was $630 million. The outlook revision reflects weaker-than-expected operating results in fiscal 1998 due to weakness in the Asia/Pacific region, and slowing demand and excess inventories in the U.S. Nike's rating reflects the company's number-one share in the U.S. athletic footwear market and its leading position internationally in this very competitive, marketing-intensive industry. The rating also reflects the company's moderate financial profile, supported by continuing strong profitability and cash flow. Nike has been able to achieve growth rates well above the industry average due to the strength of its brand franchise and its capacity to fund the high levels of marketing expenditures required to support athletic footwear and apparel products. Expanding apparel and international revenues (accounting for about 27% and 38%, respectively, of total revenues in fiscal 1997) add to earnings diversity and growth opportunities. In the first half of fiscal 1998, revenue increased 14% and operating income was relatively flat. Revenue growth is expected to be significantly lower in fiscal 1998 than the 42% growth experienced in fiscal 1997, due to weakness in the Asian markets and softening demand for U.S. footwear. Additionally, gross profit margins are being negatively impacted by lower selling prices and inventory reserves. Financial ratios are expected to be somewhat weak for the rating over the next few quarters, but Standard & Poor's expects improvement in fiscal 1999 as a result of anticipated cost-reduction measures and gradual strengthening of demand. Management has stated that Nike is likely to take a restructuring charge in fiscal 1998 covering realignments and work force reductions. In addition, financial policies are expected to remain moderate. Nike recently received board approval for a $1 billion share repurchase program to be completed over a period of up to four years. Given Nike's strong cash flow, coupled with the four-year term of this program, Standard & Poor's believes that this share repurchase program can be completed without jeopardizing the company's balance sheet strength. OUTLOOK: NEGATIVE If credit measures continue to erode due to further weakening of demand or a more aggressive financial policy, the rating could be lowered. Contact: Lucy Patricola, CFA, New York (1) 212-208-1719 Pamela E Gelles, New York (1) 212-208-1355 ag