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Technology Stocks : USWeb (USWB) -- Ignore unavailable to you. Want to Upgrade?

To: Rick who wrote (644)	10/16/1998 12:15:00 PM
From: Rick	Read Replies (1) \| Respond to of 1188

One more thing on earnings: This idea of .45 earnings based on combination with CKSG does not excite me as a long or scare me as a short. CKSG was clearly in decline when this deal was agreed to, and I place very little value to their past history. The question is how much can be made as a combined operation, and we will not know for a few quarters - my bet is there is a better chance of disappointing than positively surprising. Intuitively, this combination is a major sign of mutual weakness. And if I had a dollar for every company that made a credible argument for synergies about a merger, and then floundered for a few years, I would be writing to you from the Maldives. Historically, mergers of equals have not been kind to investors, and there is nothing in this deal that suggests it will be different. Rick.

To: Rick who wrote (644)	4/29/1999 1:40:00 AM
From: SMALL FRY	Read Replies (2) \| Respond to of 1188

3) It is simply overvalued. A few days ago, I calculated US Webs value per employee at around $1,200,000 and compared that to CATP's current value of $200,000 per employee. Since revenue per employee was around $158,000 , it doesn't take a genius to see that the valuation is built on very high (excessive is my bet) expectations about growth. Hi Rick... come back around June/July timeframe and say that again will you? Last October you shorted this stock when it was at 14 5/8... haven't heard from you except when the stock is depressed. Your argument #3 is intriguing and full of holes... whose valuation template are you following? Yours, I take it... we're really sorry we're not geniuses... maybe USWB should hire another 10000 employees to get that number down... Amusingly yours, SF