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To: John O'Neill who wrote (65028)	9/17/1998 8:20:00 PM
From: Tony Viola	Respond to of 186894

John, check this stellar call by Merrill on Tuesday. The stock they were touting, Vitesse, was down $4 11/16 today. Oh well, can't win them all, we all know that. Maybe this latest blunder will hasten MER's freefall. stockmaster.com To: lazarre (1594 ) From: MoonBrother Tuesday, Sep 15 1998 7:42PM ET Reply # of 1620 Merrill's Analyst's Latest Comment - We view the recent volatility in VTSS stock as opportunity to accumulate the shares. --------------------------------------------------------------------- 03:00pm EDT 15-Sep-98 Merrill Lynch (Investor Support) AMCALL VTSS NT SUMMARY RESEARCH SUMMARIES:Intra-Day Special Calls; VTSS; NT ML++ML++ML Merrill Lynch Global Securities Research ML++ML++ML RESEARCH SUMMARIES Intra-Day Special Calls; VTSS; NT Investor Support 15 September 1998 Vitesse Semiconductor (Vtss; $26 3/8; C-2-1-9) Sep98E $0.65 99E$0.83 o We believe investors are concerned about Tellabs difficulties impacting VTSS however only 3% of the company's revenues are derived from Tellabs. o Ciena and Tellabs together constitute between 5-7%, not a significant amount, in our opinion. o Tellabs difficulties appear to be centered on execution and are not a result of end demand issues. We think if there is any market shift in favor of Lucent it should not impact VTSS as the company sells to both Lucent and Tellabs. Lucent remains VTSS's single largest customer. o There has also been some concern regarding a potential decrease in VTSS automated test equipment. o The company stated that business will be up sequentially this quarter. We have factored a down sequential quarter into our model to be as conservative as possible. o After speaking with the company we continue to be comfortable with our SepQ EPS estimate of $0.19 and our FY98. o We view the recent volatility in VTSS stock as opportunity to accumulate the shares. o We maintain our intermediate term Accumulate, long term Buy rating. (J. Osha) Next Previous \| Previous \| Next \| Respond \| View reply to this message Quotes - 100-Day Chart - News - Profile - Earnings - Discussion - Semiconductors View SubjectMarks Bookmark this Subject Vitesse Semiconductor (NASDAQ: VTSS) Time: 4:01PM Last Trade 23 9/16 Change - 4 11/16 (-16.59%) Bid 23 9/16 Ask 23 7/8 Volume 04,317

To: John O'Neill who wrote (65028)	9/17/1998 8:22:00 PM
From: Timothy Liu	Read Replies (1) \| Respond to of 186894

> INTC manipulates the news to make money on puts they sell Just like TK issued warning prior to last month's expiration. Of course they have to buyback shares at a higher price for stock buyback plan. Intel use to make a lot of money selling put. Because stock price go up, those puts are worthless. Right now it is a buyback plan vehicle. I think it is good strategy, in this speculative market, options carry a big premium. Neither Intel or any other company I know do sell calls, except give them to employee as incentive. If they are excercised, the number of shares increase. The buyback plan is to keep the number of shares more or less a constant. Tim 0.02$ are mine, not Intel's