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Technology Stocks : PSFT - Fiscal 1998 - Discussion for the next year -- Ignore unavailable to you. Want to Upgrade?

To: Tom Gebing who wrote (3463)	11/4/1998 8:26:00 AM
From: Tom Gebing	Read Replies (1) \| Respond to of 4509

CREDIT SUISSE FIRST BOSTON CORPORATION Equity Research November 3, 1998 PeopleSoft (PSFT, $23.25, HOLD) Target (12 Months): N/A PSFT's annual user conference provided another opportunity to second-guess Q3. While we got some more insight into the surprise, the picture was still vague. Aggressive competition from SAP (SAP, $43 7/16, HOLD) on the administrative financial and HR applications seems to be the thread most likely to endure for the near-term. Presentations for the industry business units seemed more upbeat than expected, given CY99 guidance. Though the debate over investment levels is not over, the company can meet commitments to products already announced with its current development organization. The new services strategy aims to lower the lifecycle costs for customers - and to help in competitive evaluations. Customers appear to have been demanding more PSFT consultants because of dissatisfaction with partner quality. The ship dates for the analytic applications were reconfirmed for Q1 and Q4. But the biggest splash of the day was reserved for the E- Business strategy announcement. Though not a material revenue producer in '99, it represents a leap in usability, functionality, and potential penetration within customer organizations. Despite the bruises, PSFT showed themselves to be a very strong #2. But we still need to see one or more of the industry business units kick- in as a locomotive for growth before we can recommend an upgrade. So we maintain our Hold rating Annual EPS 12/99E $0.6812/98E $0.62

To: Tom Gebing who wrote (3463)	11/4/1998 2:36:00 PM
From: Wigglesworth	Respond to of 4509

Talk is cheap! PSFT wanna Yahoo. Oracle wanna Excite. Pretty soon Baan wanna InfoSeek. IN the beginning, Lawrence J. Ellison created Oracle Corp.'s (Nasdaq, ORCL) database business, and it was good. But when that product line faltered, Ellison brought in Booze Allen & Hamilton consultant Raymond L. Lane, who boosted the company's fledgling consulting practice and helped develop a still burgeoning software applications business. Now, as Chairman and CEO Ellison hones his message of network computing and a former rival (Sybase ex-CEO Mitchell Kertzman) joins Oracle's would-be Internet software spin-off, Network Computer Inc., President and Chief Operating Officer Lane is spearheading what Oracle hopes will be a fourth pillar to its slowing businesses. Oracle is developing a unit that will provide, for a fee, online management of functions like financial reporting and human resources for customers who currently buy its applications.