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To: Jay Lowe who wrote (3617)	5/15/1998 12:41:00 PM
From: SteveG	Read Replies (2) \| Respond to of 9236

<..PAIR stock didn't jump..> Nor did Westell- Cowen reiterates neutral rating: (excerpts) ======== "..concern over the timing of commercial market development, Westell's position in the market particularly in relation to DMT-based products, and pricing and margin trends force us to remain neutral on the shares..." "..we continue to believe that the carriers will look towards xDSL to increase the bandwidth of the huge installed base of copper, but feel that this technology will become a feature of another platform, either a data networking device [read CSCO/BAY/ASND/NN] or a carrier digital loop system from AFCI, DIGI or others. Even though Westell has ventures with some of the DLC vendors to upgrade systems, timing, margins and WSTL's position in the key DMT-based products are question marks. As such, we maintain our Neutral (3) rating on the stock..." =================== (note the use of the term "ventures" to describe WSTL's various "relationships") As has been often postulated, the uncertain timing for commercial rollouts, substantial and well-capitalized competition and the resulting razor thin margins will remain major xDSL concerns.

To: Jay Lowe who wrote (3617)	5/20/1998 12:47:00 AM
From: Jay Lowe	Read Replies (1) \| Respond to of 9236

Anecdote re high-bandwidth adoption. Today the town of Issaquah, WA (10 mi south of MSFT campus) renewed TCI's cable franchise for the town after a protracted negotiation subject to the following conditions: - TCI must upgrade it's plant to offer digital cable and internet access - Must be completed within 12 months or TCI pays $1.3M fine. - Must be completed within 18 months or Issaquah can yank franchise - TCI must lay fiber between 12 Issaquah town public buildings. - town gets to use the fiber for whatever they want (Gigabit ethernet?) Another landmark. Here the town has used it's leverage on the franchise to force the MSO to step up and offer advanced cable service or lose it's investment. The MSO's and to a lesser extent the RBOC/CLEC/EtcLEC's may be in for some surprises on the demand side!