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To: Stoctrash who wrote (34789)	7/30/1998 3:53:00 PM
From: DiViT	Respond to of 50808

Good news, bad news... Banshee preview agn3d.com Good: Do you thing that you will see very many 3rd party manufactures taking advantage of the MPEG2 hardware upgrade? We have done development and we have a reference daughter card ready with one of the #1 MPEG decoder sellers on the market. At this point in the guideline, all we are going to do is develop new MPEG 2 products, based on customers demands. Bad: Do you think that hardware DVD is the way to go as far as video goes? I think software DVD is going to be more predominate as we look forward. It is virtually free, relative to hardware DVD, and the system CPU performance keeps on going up and up. Software DVD vendors are currently optimizing for pure performance. Quality is already there in software DVD, and I do not see consumers using the DVD as a playback station for high end DVD, you are going to use a console for that. For basic DVD playback, you can do that with software. And because of the price point, I think that it is going to be more popular. agn3d.com

To: Stoctrash who wrote (34789)	7/30/1998 3:53:00 PM
From: BillyG	Respond to of 50808

More on Thomson............ newsalert.com <<These partnerships reinforce the strategic development and the profitability of the company by providing to the Company technical, commercial, and industrial resources complementary to the existing strengths of Thomson Multimedia (market share position, brands, digital products and services). They will position Thomson Multimedia at the heart of the multimedia technology convergence. These MOU's which will be finalized in the fall of 1998, cover four main areas: -- With Alcatel, world leader of the telecommunications infrastructure: the development of technologies for future digital home networks linking home electronic appliances (heart of convergence between consumer electronic and telecommunications), and cooperations in certain areas related to the communication terminals activities of both companies. -- With Microsoft, world leader in software: the development and operation of digital and analog interactive (eTV) television products and services, covering built-in Electronic Program Guides, as well as the development and marketing of Internet-television products. -- With NEC, the world's second largest components supplier: the extension to DVD-ROM drives and components of the partnership agreement signed in March 1998 for development, production, and sales of flat-panel plasma screens. -- With DIRECTV, world leader in digital television, the development of a new generation of interactive digital receivers and advanced interactive services and joint activities designed to accelerate the transition to terrestrial digital television in the United States. In order to reinforce the range and the strength of these partnerships, the four partners will have the opportunity, pursuant to conditions to be approved by the French Minister of Economy, Finances, and Industry, and after submission to the - Commission des participations et des transferts -, to take each a 7.5% minority share interest in Thomson Multimedia through an increase of capital, representing a maximum 30 % of the capital. Welcoming the signature of these memoranda of understanding, Thomson Multimedia Chairman and CEO Thierry Breton said, "By establishing industrial, technological and commercial partnerships with four of the world's largest telecommunications, information technology, components, and digital TV companies, we open a new page in Thomson's history. This is a testimony to the value and quality of Thomson's people. Thanks to their talent and determination, Thomson Multimedia will be able to catch hold of, for the benefit of his customers, opportunities of development enabled by the convergence of key technologies and players of the information society." >>

To: Stoctrash who wrote (34789)	7/30/1998 4:06:00 PM
From: BillyG	Read Replies (1) \| Respond to of 50808

Thomson: <<A teleconference will be conducted today at 3:30 p.m. EDT. To access the call dial 888-618-8004 ask for conference 3222092. >> I'm listening. Missed the first part. DirecTV will get into terrestrial digital TV. They will announce more details on Monday.

To: Stoctrash who wrote (34789)	7/31/1998 12:48:00 PM
From: DiViT	Respond to of 50808

[off topic] Rocker... Investing/The Art Of Selling A Short-Seller Explains His Art Ruth Simon; David Rocker 05/01/98 Money Magazine Time Inc. Page 104A (Copyright 1998) {Not available in all editions} With the stock market so high, short-selling is one way to protect a portfolio against a downturn (or, if you're wrong, to lose your shirt). Short-sellers borrow shares and sell them, betting that a price drop will let them replace the stock at a lower cost. MONEY associate editor Ruth Simon talked with veteran short-seller David Rocker about shorting in a bull market. Rocker is general partner of Rocker Partners , a $200 million hedge fund in New York City that is heavily weighted toward short sales but also buys promising stocks. Rocker was a top-performing short-seller in 1997 with a 31.3% gain, according to MAR/Hedge. Like most shorts, he is down this year. Q. How do you pick your short targets? A. Often we start with a general theme, such as the declining economies and currencies in Asia. We'll look for potential shorts in companies that produce in the U.S. and have to sell in Asia or that compete with companies that have lower costs because they manufacture in Asia. We will look to purchase shares in companies that could benefit from cheaper prices because they buy their goods in Asia and sell goods here. Q. What else do you look for? A. We'll do a computer screen of companies' income statements and balance sheets. We'll search for companies that are reporting earnings but have high negative cash flow. If you were running a business, and at the end of the day you didn't have any cash, that wouldn't be a good business to be in. Usually it's because inventories or receivables are growing. We'll do some further research to find out why. It might be that the company is offering better terms to its customers to convince them to buy its products, or that it's getting product returns, which increase inventory. Q. Can small investors use these same strategies? A. Yes. It's the flip side of what Peter Lynch does. Use your experience, look around, and think about what's happening. What most people do is look for positive things. We look for things that are positive or negative. Q. Tell us about a sector you think is overvalued. A. Technology stocks. This includes cellular telephones, computers and computer suppliers. They clearly have exposure to the Asian marketplace. Q. What are some of the stocks you are short now? A. We're short Nike {NKE; New York Stock Exchange, $44.69}. This is clearly a company that is losing market share in an industry that is slowing down. Earnings estimates have been steadily lowered. The stock is too expensive. Another stock would be Dell Computer {Dell; Nasdaq, $65.75}. Dell is a terrific company, but it is selling at a price that will permit no disappointments. I have nothing negative to say about the company, but when you look at the fact that competitors such as Compaq and Hewlett-Packard are moving to emulate its "build to order" strategy, it suggests that either there will be pressure on profit margins or revenue could fall below expectations. Q. What makes you decide to cover a short? A. We'll cover a short for two reasons. One is when we think we are wrong on our facts. Then it doesn't matter if the stock has risen or declined. The other is if we think the market's emotion or focus on a particular stock makes it inappropriate to fight the war at that time. Q. In recent years, the bears have been disappointed and short- sellers have had a tough time making money. What makes you think stocks are finally poised to fall? A. The big thing that's different this year is that the market is up even though earnings estimates have been steadily ratcheted down. I don't feel terribly clever about being short in a market that's gone straight up, but you have to play the ball that's on the field. The stock market is at its highest levels ever. The public has a higher percentage of its assets in stocks than ever. The very strength of the stock market has pushed money managers to get rid of cash as fast as possible. Yet earnings are disappointing. It's time to drop back and punt with at least part of your assets. Q. Shorts have a reputation for being the market's demons. What kind of role do you see yourself playing? A. Everybody wants the market up. Companies want the market up. Managers typically have generous stock options. The analysts overwhelmingly recommend stocks. They want the investment banking business. Existing owners want the stock up. The reason shorts are hated is that we're the only guys who'll walk into the party and say the emperor has no clothes. COLOR PHOTO: NICK CARDILICCHIO CONSIDER PUNTING A soaring market and falling earnings growth estimates should give pause, says David Rocker.