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To: Crimson Ghost who wrote (36357)	1/31/1999 11:26:00 AM
From: BigBull	Read Replies (1) \| Respond to of 95453

George: Thanks for that post. Here's more on Venezuela. Ain't the internet grand! vheadline.com vheadline.com vheadline.com The Venezuelan congress will probably give Chavez extraordinary powers to right their economy. Looks like that suicidal brain dead policy of "pump at any cost to gain market share" is about to end - soon! JMVVHO

To: Crimson Ghost who wrote (36357)	1/31/1999 11:28:00 AM
From: Dragon 1	Respond to of 95453

George, is this the indication that sector rotation is going to start? January 31, 1999 MARKET WATCH Oh, Those Pesky Little Financial Details Related Articles The New York Times: Your Money Forum Join a Discussion on Career and Workplace Issues By GRETCHEN MORGENSON EW YORK -- This is a tale of two earnings reports from Micron Technology Inc., one of the world's largest makers of semiconductor chips. Micron also happens to be a very hot stock. The reports detail the results for the company's first quarter, which ended Dec. 3. One is a news release issued Dec. 23; the other is the quarterly report, or 10-Q, filed with the Securities and Exchange Commission on Jan. 5. The two reports differ in intriguing ways. The most glaring discrepancy is in Micron's sales of semiconductor memory products. The news release says these totaled $428.1 million in the quarter. The 10-Q says they totaled $409.5 million. Which number is correct? A Micron spokeswoman, Julie Nash, said: "There was a $19 million reclassification of numbers that went from semiconductor memory products sales into 'other.' These were sales that were relative to providing semiconductor revenues, but they were actually service fees." She said Micron, of Boise, Idaho, found the error and fixed it in the 10-Q. But it did not publish a corrected news release. "It was not material," she said. So it's immaterial that 4.3 percent of the company's semiconductor sales weren't semiconductor sales at all. None of this would matter if investors relied on 10-Qs rather than news releases for investment information. But that is not the case. Dan Niles, an analyst at BancBoston Robertson Stephens, has a strong "buy" rating on the stock. The revenue number he has used in recommending the stock is the $428.1 million from the news release. Niles did not know the number was incorrect until a reporter told him on Friday. He said the new, lower number would not change his positive view of the company. There is another interesting difference in Micron's two reports. The 10-Q states that net sales of semiconductor memory products increased 10 percent over the previous quarter, a result of an 18 percent increase in the chips' average selling price being partly offset by a 10 percent decline in megabits shipped. The news release, however, is mum about the decline in shipments. It is a big deal to show a decline in megabits shipped. With chip makers constantly improving the memory capacity of their products -- also known as the yield -- a drop in megabits shipped is not good news. Why did the news release not mention this? Ms. Nash again: "The press release is a summary document used to discuss what we believe is of interest to shareholders and reflect company trends." Whether this passes the smell test is something Arthur Levitt, chairman of the SEC, may want to ponder. Levitt is justifiably concerned that companies make accurate disclosures to investors. Who uncovered the Micron discrepancies? Sleuths on the Internet -- specifically, three people who post comments on the "Ask Michael Burke" and "Micron Only" threads on Silicon Investor; and Larry Woods, editor of the Tech Review newsletter in Stoney Creek, Ontario. Two footnotes: Since Micron's news release came out, its shares have risen 49 percent. Not bad for a company that lost $46.2 million in the quarter. And on Wednesday, the company filed a registration of 2.75 million shares to be sold to the public. Home \| Site Index \| Site Search \| Forums \| Archives \| Marketplace Quick News \| Page One Plus \| International \| National/N.Y. \| Business \| Technology \| Science \| Sports \| Weather \| Editorial \| Op-Ed \| Arts \| Automobiles \| Books \| Diversions \| Job Market \| Real Estate \| Travel Help/Feedback \| Classifieds \| Services \| New York Today Copyright 1999 The New York Times Company

To: Crimson Ghost who wrote (36357)	1/31/1999 11:32:00 AM
From: Dragon 1	Respond to of 95453

Re: Venezuela expansion with Iran Can an assumption be made associating Mike's post on Chavez with the following NYTimes article? January 31, 1999 Iran Sets Up Anti-American Fund A.P. INDEXES: TOP STORIES \| NEWS \| SPORTS \| BUSINESS \| TECHNOLOGY \| ENTERTAINMENT Filed at 9:25 a.m. EST By The Associated Press TEHRAN, Iran (AP) -- The Iranian parliament has approved creation of a special fund to counter what it sees as American interference in Iran's affairs, Iranian television reported. The broadcast late Saturday did not disclose the amount of the fund but said it could be used to ''initiate proceedings against America in international courts.'' Another purpose, the broadcast said, would be to ''enlighten the public inside and outside the country regarding America's cultural onslaught.'' During the vote, deputies of the Majlis, or parliament, chanted ''Death to America,'' the broadcast said. Relations between the United States and Iran, broken off in 1979, have warmed slightly since the election of moderate Iranian President Mohammad Khatami in 1997. But Washington still considers Iran a sponsor of terrorism. Home \| Site Index \| Site Search \| Forums \| Archives \| Marketplace Quick News \| Page One Plus \| International \| National/N.Y. \| Business \| Technology \| Science \| Sports \| Weather \| Editorial \| Op-Ed \| Arts \| Automobiles \| Books \| Diversions \| Job Market \| Real Estate \| Travel Help/Feedback \| Classifieds \| Services \| New York Today Copyright 1999 The New York Times Company The information contained in this AP Online news report may not be republished or redistributed without the prior written authority of The Associated Press.