...enterprise information
                          technology budgets are being readjusted for calendar 1999. Cowen
                          surveyed 22 companies and saw over one-third of the 11 financial
                          services companies responding to its survey changing IT investment
                          projections, which isn't surprising given job cutbacks in money center
                          banks and investment-related financial services companies. Given that
                          these are data-intensive companies and that 75% of Cisco's revenues
                          come from large customers with highly complex networking needs,
                          slower sales of less complex products hurts margins. Cowen also
                          recently published a report linking 30% of changes in networking
                          industry spending to changes in developed economy growth rates. With
                          Europe and the U.S. slowing, Cowen's direct work surveying enterprises
                          and its channel checks that have shown some pushouts evidence a
                          strong thesis. In addition to this, Y2K spending was also named as a
                      possible reason for a change in IT spending, which is another highly
                      plausible idea. Potholes in capital budgets could be seen in the
                      upcoming year as marginal IT disbursements shift from capital budgets
                      to Y2K spending.