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Technology Stocks : Network Solutions (NSOL) -- Ignore unavailable to you. Want to Upgrade?

To: Billy Joe who wrote (507)	3/24/1999 12:09:00 PM
From: stockvalinvestor	Respond to of 1377

NSOL and AOL are located very closely together in Washington area. I would be very scared if I was short and knew that the news could come out anyday now.

To: Billy Joe who wrote (507)	3/25/1999 8:21:00 PM
From: MoonBrother	Respond to of 1377

In my view, shorts have created an incredible opportunity for us to get into NSOL relatively cheap. With more than 30% discount to the 52-week high reached just couple weeks ago, and three major positive facts supporting NSOL, I think we are just purely lucky to have this wonderful opportunity to get in at $100. The three major positive facts are 1) Q199 is poised to be extremely strong, in fact BankBoston analyst Keith Benjamin expects a major upside surprise (see the analysts' reports following this post) from NSOL. 2) All analysts are extremely positive on NSOL's both near and long term business trend and fundamentals, and 3) yes, we now know that we have a big shorty out there who will HAVE to BUY his shares back at near future. If we squeeze him hard, we can get his help BIG TIME to push NSOL back above 52-week high! So, for those who have NSOL, hold on to your shares, don't be fooled by that stupid shorty and hand over your shares to him cheaply. For those who do not have NSOL shares yet, this is the time to jump in!!! You are guaranteed to make up to 30% quick money with next month or so! Don't let this one skip by you!!! Good luck! MB

To: Billy Joe who wrote (507)	3/25/1999 8:27:00 PM
From: MoonBrother	Read Replies (2) \| Respond to of 1377

11:10am EST 24-Mar-99 BancBoston Robertson Stephens (Benjamin, Keith 415-693-3 Internet Group Earnings Preview (Page 1 of 3) Internet Group Earnings Preview STOCK STRATEGY: As we look to quarterly reporting season, we expect to see record quarters for most of the Internet companies, despite results being up only modestly over the December quarter. Fundamentals of the group remain strong, with audience growth, increasing advertising and commerce revenues, and the path to profitability becoming much clearer. We believe there is an accelerating shift in economic spending towards the Internet, which will justify the valuations on a few emerging companies. We continue to focus on the biggest companies that are moving faster to grow into those valuations, by beating quarterly estimates or using inflated stock currencies to acquire value through acquisition. We expect the AOL, Amazon, Lycos, Network Solutions, and Yahoo! to show the biggest positive surprises on a percentage basis. Our focus stocks remain Amazon and Lycos. ** We believe Amazon's formula for growing into its valuation is becoming clearer, as it uses its cash to build superior fulfillment capabilities for its core products and its stock to add new product categories. Ticker Period BRS BRS Consensus Rating Report Co EPS E Revenue EPS-E Date AMZN 1Q:99 $ (0.29) $260 M $ (0.29) Strong Late High Yes $119 3/8 F1999 $ (0.93) $1190.9M $ (0.92) Buy April FY: Dec F2000 $ (0.22) $1561.8 M NA In our opinion, Amazon is the model e-tailing portal and partner. We believe its focus on building superior fulfillment capabilities will continue to differentiate it from its virtual competition. We expect it will expand past books to such categories as software, for which it may use Digital River as an outsourcing agent. The Amazon brand has attracted one of the biggest Web audiences, which it can effectively lease to partners. Examples include its recent investment in Drugstore.com, and recent linking agreement with Dell Computer, both of which point to an evolving business model. When we consider Amazon's current 6.2 million customers spent on average $98 in 1998, it is not hard for us to imagine, by our estimates, that 15.7 million customers will spend $135 each in the year 2002, leading to roughly $2.1 billion in revenues. Given Amazon's magnetic brand and the growing allure of Web shopping, we would not be surprised if average spending doubles or even triples by that time. Our current model reflects Amazon's impressive e-tail business, but not yet its expanding rental revenues. Customer acquisition costs have continued to decline as a percent of sales. We believe the combination of revenue growth, margin improvement from lead-fees, and lower customer acquisition costs point to long- term profitability. In the near term, we expect more deals to provide stock catalysts. For the quarter, we expect modest sequential growth in revenues will be based on a slight increase in the number of shoppers and higher revenues per person. We rate the shares of Amazon a Strong Buy. Ticker Period BRS BRS Consensus Rating Report PS-E Revenue EPS-E Date e?NSOL 1Q:99 $0.25 $36.0 M $0.24 Buy 4/22 High Yes $231 9/16 F1999 $1.20 $172.0 M $1.18 FY: Dec F2000 $1.70 $258.7 M NA We expect another strong quarter for Network Solutions as the world rushes to establish Web identities. The company recently announced it had registered its 4 millionth name. We continue to like NSOL's major marketing head start, and believe there is big upside to our estimates as new registration rate accelerates and the company layers in additional services. Regulatory confusion should be substantially resolved within weeks, as the first five new registrars are selected and as the fee split between NSOL's registry fee and the registrar fee. The stock appears to be moving past concerns of potential new competitors, which we believe will not materialize for many quarters, if not years. Even then, we expect Network Solutions will remain the leader by a wide margin. We believe the fact that Yahoo! and Netscape have chosen to partner with Network Solutions reinforce the company's unmatched competitive position. We expect more deals early in 1999. Further, the company is in the process of more aggressive marketing of its primary and complementary services, which we believe can significantly increase revenues per account. We believe there is considerable long-term upside to our estimates.

To: Billy Joe who wrote (507)	3/25/1999 8:36:00 PM
From: MoonBrother	Respond to of 1377

12:11pm EST 23-Mar-99 BancBoston Robertson Stephens (Benjamin, Keith 415-693-3 NSOL: Stock Down on No News; Believe Growth and Competitive Po... March 23, 1999 N E T W O R K S O L U T I O N S Stock Down on No News; Believe Growth and Competitive Position Still Strong with More Distribution Deals Imminent; Buy Keith E. Benjamin, CFA (415) 693-3285 keith_benjamin@rsco.com BANCBOSTON ROBERTSON STEPHENS BANCBOSTON ROBERTSON STEPHENS NETWORK SOLUTIONS, INC. NSOL $250 3/23/99 Key Points: NSOL was down yesterday on no news. We believe day traders took the stock down after bidding it up on news of a stock split, which is effective for trading tomorrow. We believe some investors may have been confused by the launch of NSOL's new Web site, which is designed to improve the customer experience, but may have been viewed negatively as several Web sites were consolidated into one simpler site. We believe some Internet message boards incorrectly suggested that Register.com, a current reseller of registration services, had been approved by ICANN as a registrar to compete with NSOL. ICANN selects the five initial registrars on April 12. This will be our first glimpse at the identity of the initial competitors, although we believe no strong company has indicated it will step forward. More importantly, we believe NSOL has marketing partnerships that will be almost impossible to beat. We believe that by April 26 we will know the price NSOL can charge competing registrars for registry services. We believe something in the range of $10 to $16 per domain name per year would be fair and reasonable to expect. We believe the pace of new registrations is strong, and would not be surprised to see total registrations well over 4 million by the end of the March quarter. Buy. SUMMARY: NSOL was down yesterday on no news. We believe day traders took the stock down after bidding it up on news of a stock split, which is effective for trading tomorrow. We believe some investors may have been confused by the launch of NSOL's new Web site, which is designed to improve the customer experience, but may have been viewed negatively as several Web sites were consolidated into one simpler site. We believe some Internet message boards incorrectly suggested that Register.com, a current reseller of registration services, had been approved by ICANN as a registrar to compete with NSOL. This is no reason for the stock to be down. First, it is probably not true because we won't see the list of new registrars from ICANN until April 12. Even if Register.com is eventually selected as a registrar, which we expect is likely, they are one tenth the size of NSOL with limited capital currently and we believe they will have a difficult time growing rapidly in the face of NSOL's marketing relationships. We believe the stock must continue to work past fears of new competition, which we believe will take a long time to surface. A big part of this is the process for ICANN selecting new registrars. The key dates to focus on are as follows: March 29 -- Applications are due for selection of the five initial new registrars. April 12 -- The initial five registrars are chosen. We suspect this may be the first time we see who the initial competitors will be. April 26 -- The initial five registrars begin operation. We expect the price NSOL can charge registrars will be set by the end of March, and believe something in the range of $10 to $16 per domain name per year would be fair, based on NSOL's cost. June 25 -- The initial testbed period ends, and ICANN reviews, on a continuous basis, any applicants for registrar status, with no limit on the number of registrars allowed. We are still unaware of any large competitor planning to step in that would change our optimistic stance on the stock. Deutche Telekom and France Telecom have suggested they may participate, although neither has made much noise in the past few months. We believe a few domain name resellers like Register.com and Namesecure will probably apply for registrar status, but none of these very small companies seem capable of approaching NSOL's marketing muscle. BUSINESS IMPACT: We continue to believe NSOL is in a leading competitive position. New competitors will emerge, although we believe they will be challenged to take significant market share from NSOL given the company's extensive distribution relationships and marketing head start. Also, NSOL continues to earn revenue, although a smaller amount, for every new customer gained by competitors as it remains the sole registrar for the .com, .org, and .net top-level domains. We believe there is still significant upside to our estimates. We recently raised our estimate of new registration additions to 500,000 per quarter from 300,000, which is below the current run rate and could be accelerated through additional marketing deals like the recent ones with Yahoo and Netscape. We expect total registrations in the March quarter to be well over 4 million, up over 600,000 from last quarter. We recently raised our estimate for quarterly revenue per registrant slightly, from $8.85 to $9.00, and believe that with increased marketing focus on additional products such as premium registration and directory services, $9.00 could be significantly low as the model matures. We view the portal agreements as significant for Network Solutions in that they will help ensure a broader reach for Network Solution's products into both consumer and international markets. While we believe the market is large enough to support multiple competitors, so far no significant volunteers have stood up. We believe the fact that Yahoo!, Netscape and American Express have chosen to partner with Network Solutions will help reinforce Network Solutions' unmatched, in our view, competitive position. We believe there could be upside to our revenues and earnings estimates, based on these deals, and expect several more marketing deals over the next two months. We believe that many companies, which we may have thought could be possible competitors, could actually wind up being partners with Network Solutions instead. We would not be surprised to see other similar type announcements in the near future. Another potential competitor is Microsoft (MSFT $170). However, we doubt Microsoft would spend the time or the government-related aggravation to enter the registration market itself. INVESTMENT IMPACT: The stock appears to be moving past concerns of new competition, which we believe will not materialize for many quarters, if not years. Even then, we expect Network Solutions will remain the leader by a wide margin. We believe the stock could still rise substantially and still be relatively inexpensive, as it is one of the few Internet companies with current earnings and significant earnings leverage. We would not be surprised to see continued stock fluctuation until we hear the last data points out of the regulatory environment, which we believe will be the finalizing of the registry price NSOL can charge competing registrars and which companies are selected as testbed participants. Once this news is known, we believe investors will feel more confident in NSOL's leadership position. THE COMPANY: Network Solutions (NSI) is the exclusive registrar of Internet domain names ending in .com, .org, .net and .edu. NSI currently has approximately 3.4 million domain names registered. For approximately the last 20 years, NSI has been a consultant to the government. In 1993, NSI bid for, and won, a Cooperative Agreement with the National Science Foundation (NSF) to handle registration, maintenance and renewal of these individual domain names and update the master registry. At that time, the NSF funded all name registration. The initial agreement expired March 31, 1998, with a six-month flexibility period through September 1998 and a two-year extension granted in October 1998. INVESTMENT THESIS: In our opinion, NSI's 3.2 million registered domain names only scratch the surface of an incredible opportunity. We believe this represents a handful of businesses whereas there is a much larger opportunity to capture every business in the world and every person in the world. We believe NSOL's growth will be dependent upon how extensively and how quickly the company can attract new people to register domain names. NSI has done limited marketing to date, which we believe could spur even faster growth. We believe by offering value-added services, over time NSI should be able to increase revenue and margin per customer on an annualized basis, as well maintain its competitive lead. We expect investors to become increasingly enthusiastic about NSOL's powerful business model and enviable market position. INVESTMENT RISKS: Among the risks are the uncertainty of Internet governance and regulation, the company's dependence upon efficient and secure computer and telecommunications equipment, its high level of uncollectible receivables, and its dependence on the growth of the Internet and Internet infrastructure. In addition, while Network Solutions is currently the exclusive registrar for domain names in the .com, .org, .net and .edu, the company could face more serious competition going forward.

To: Billy Joe who wrote (507)	3/25/1999 8:39:00 PM
From: MoonBrother	Respond to of 1377

10:27am EST 23-Mar-99 Hambrecht & Quist (James J. Pettit, 415 439-3563) NSOL New Web Site Ruffles Feathers; Fundamentals Unchanged; Maintain Strong Bu ** Hambrecht & Quist Hambrecht & Quist Hambrecht & Quist ** Company: Network Solutions, Inc. Price: 244.75 Recommendation: STRONG BUY Notes: a, b Analyst: James J. Pettit Phone: 415 439-3563 Associate Analyst: Matt Davies, (415) 439-3694 Firm: Hambrecht & Quist Department: Information Services Industry: Business & IT Services Date: 3/23/99 New Web Site Ruffles Feathers; Fundamentals Unchanged; Maintain Strong Buy NSOL was down 15% late yesterday following mixed reactions in the press to the Company's new Web site (www.netsol.com). The site: 1) adds 2 new product offerings (8 now in total), 2) simplifies purchasing, and updating domain name information, and 3) redirects customers who were previously going to Internic.net via their ISP to NSOL's new Web site. We would note that NSOL recently moved up from $222 to $265 between Fri. 3/12 - and Mon. 3/15, and that profit taking, with the stock recently hitting $300, appears reasonable following NSOL's 80% + move in the past 15 sessions. Recap of Events: Yesterday morning NSOL announced the launch of a new completely redesigned Web site to help customers with finding the basic information, services and tools they need to get up and running on-line. The new site (www.netsol.com) makes it easier to: 1) register or reserve a Web address, 2) sign up for the Company's growing suite of service offerings, and 3) make changes to an existing account. In addition, NSOL's new site funnels the Company's previous maintenance efforts at Internic.net, a bare bones registry back-end that ISP's have used in the past to direct their customers to for simple registration service, into the new Network Solutions consolidated Web site. New Service Offerings Announced. With the new launch, NSOL also introduced two new value added services to add to its growing suite of small business solutions (now totaling 8 in all): 1) a "biz card service" and 2) the "dot com forwarding service." The "biz card service" offers an upgrade from the current default "Under Construction" page for NSOL customers who reserve a name, but hold off on putting up a Web page. The service allows NSOL customers to now be able to create a "virtual business card"-complete with company information and a logo through an easy to use Web interface. Down the road, the dot com biz card will serve as the "entry screen" for NSOL's upcoming dot com directory service expected later on this year. Secondarily, the Company's new "dot com forwarding service" enables customers to forward or point one or more NSI hosted Web addresses (reserved through the Company's RegistrationPlus product) to another (already existing) Web address, allowing customers to buy multiple addresses and point them at a single site. For instance, www.netsol.com, www.thedotcompeople.com, and www.theemailpeople.com, all point to www.networksolutions.com. Mixed Reaction in the Press. Two articles came out yesterday, intra-day, that we believe could have spooked investors, one in news.com (CNET/BUY Rated/$93.25) and one in the Industry Standard (www.thestandard.net). Both articles highlighted the criticism mounted by some of NSI's rivals with respect to their authority to redirect ISP customers, who previously had gone directly to the Internic, to instead be brought into NSOL's web site. Importantly, the Internic "simple" service is still offered through NSOL's Web site, however it forces intermediaries who would soon like to be competitors to shuttle their customers through NSOL's front-end registrar gate. In the future, competitors will be able to direct their customers to their own front-end registration means, and work out the back-end details with NSOL. Notably, under an exclusive contract with the Commerce Department, NSI formally maintains the Internic, and also owns the "internic.net" domain name, giving them in most all respects, the authority to make such a move. Internet Governance: Review of Expected Timeline Over the Next Few Months. - Monday, March 29, 1999 is the current deadline for companies interested in competing with NSOL as one of the 5 testbed registrars. - Monday, April 12, 1999 is the date the 5 testbed registrars will be selected and announced by the ICANN. - Monday, April 26, 1999 is the date that the proposed two month testbed period, complete with 5 competing registrars (most likely geographically dispersed) is set to begin. Key Questions Still Remain That Could Delay Competition. - NSOL and the NTIA (part of the Department of Commerce) still have to agree on the back-end registry fee per domain name registered by the yet-to-be-appointed registrars. - The 5 testbed registrars still need to be selected, free of what we believe could be stifling litigation, and then must proceed to negotiate their business terms with Network Solutions. Conclusion: - No fundamental change to NSOL's investment thesis. Current business momentum for the quarter is very, very strong and tracking ahead of current estimates. - While a fairly aggressive move for NSOL in terms of testing the latitude of the cooperative agreement, we believe NSOL had the authority to make this move. - Expect NSOL shares to remain volatile over the next several weeks in front of: 1) 2:1 stock split (effective tomorrow), 2) potential positive partnership news and 3) the continued transition of the Domain Name System. Reiterate Strong Buy.

To: Billy Joe who wrote (507)	3/25/1999 8:41:00 PM
From: MoonBrother	Respond to of 1377

09:31am EST 18-Mar-99 J.P. Morgan Securities (ARCHIBOLD, R. (1-212) 648-6231) NETWORK SOLUTIONS: MOMENTUM CONTINUES TO BUILD IN DOMAIN NAME BUSINESS March 18, 1999 J.P. MORGAN SECURITIES INC. - EQUITY RESEARCH RAIMUNDO C. ARCHIBOLD JR, CFA (1-212) 648-6231, archibold_raimundo@jpmorgan.com John Reilly Walsh, CFA (1-212) 648-8028, walsh_john@jpmorgan.com Network Solutions (BUY) MOMENTUM CONTINUES TO BUILD IN DOMAIN NAME BUSINESS Earnings Per Share P/E NSOL 52-Wk ------------------ ------- MkCap 3/17 Rge 12/98 12/99E 12/00E 1Q/99 1Q/98 12/99E 12/00E Yld ($MM) ---- ----- ----- ----- ----- ----- ----- ---- ---- ---- ----- $278.25 $282-21 $0.67A $1.25E $1.75E $0.24E $0.13A 222.6 159.0 0.0% 4,786 Network Solutions will be among the presenting companies at J.P. Morgan's IT Services and Electronic Commerce conference March 25-26, 1999, at Amelia Island, Florida. Also, our reports and models are now available on the JPMS MorganWISE Website. Please contact your JPMS salesperson for more information. Momentum continues to build in NSOL's domain registration business as it recently announced it had registered its 4 millionth domain name. This level of activity indicated net new registrations for the first quarter will exceed 630,000 net new names, compared to 620,000 names in 4Q98, and our first quarter projection of 623,000 names. We are not revising our estimates at this time, as management has also stated extending the company's brand equity is a critical objective, so it is difficult to gauge how much of the incremental revenues would flow to the bottom line. Nonetheless, the acceleration in the growth in domain registrations clearly indicated our published estimates are very conservative and have significant upside going forward. We are reiterating our BUY rating on NSOL common shares, and continue to view Network Solutions as offering one of the most compelling business models in the Internet today. Progress continues to be made on the governance front. The Internet Corporation for Assigned Names and Numbers (ICANN) has begun the process of accepting applications for the five testbed (beta) participants for the shared registry system (see table below). As noted below, ICANN has extended the period during which it will accept applications for the testbed program to March 29 from March 25. Otherwise, the timeline is similar to that at the time we published our last report (Network Solutions -- Branding Web Identity; February 16, 1999). We continue to expect competition to emerge slowly, with most of the new interest coming from potential competitors in non-US markets. In our opinion, expanding competition in international markets would be a net positive for NSOL as we believe the new entrants are more apt to expand the market opportunity rather than impede NSOL's growth potential. (International clients accounted for 27% of net new names in 4Q98.) We expect competition in the US to come more from niche-oriented providers rather than from major technology companies or ISP's. The principal reason for this view is that the domain name registration process is largely a backoffice function, and may not be viewed as a high value-add that merits investment. Moreover, the registration process is a scale business and with over 4 million names registered, NSOL will have established a formidable lead over any potential competitor looking to enter the market. Still, it appears to us that the timetable between when the five testbed participants are announced (April 12) and when the program is to be initiated (April 26) seems ambitious given the logistics of getting the participants prepared for commencing the program. Milestones for Implementing Shared Registry System: March 29: Last day for applications to participate in testbed program; this has been pushed back from March 25, April 12: Five applicants chosen for testbed are notified. April 26: Testbed program begins. June 25: SRS deployed to licensed accredited registrars. October 25: NSOL must have equal access SRS available to all licensed accredited registrars. CEO Search The company has narrowed the search down to six candidates, three of which come from the Internet industry, and three from other technology companies with a strong Internet presence. NSOL expects to narrow the list down to two over the next two weeks, with the final decision coming sometime over the next 45 days. The following table represents our revised 1999 and 2000 estimates for NSOL.

To: Billy Joe who wrote (507)	3/25/1999 8:43:00 PM
From: MoonBrother	Respond to of 1377

08:08am EST 17-Mar-99 Prudential Securities (E.KEON 212-778-1487) EDKEON PRUQNT USING CASH-FLOW COMPONENT, 27 FUNDAMENTALLY FOLLOWED STOCKS LOOK ATTRACTIVE USING CASH-FLOW COMPONENT, 27 FUNDAMENTALLY FOLLOWED STOCKS LOOK ATTRACTIVE Q U A N T I T A T I V E R E S E A R C H N O T E S March 17, 1999 Subject: Attractive Stocks Based On Cash-Flow Component Analysts: Ed Keon (212) 778-1487 Steven G. DeSanctis, CFA (212) 778-5044 =========================================================================== Following our comments on Monday, March 15 ("Why Microsoft May Be A Value Stock"), we screened our large-cap database and found 27 companies that ranked in the first quintile based on cash-flow component that also had a positive fundamental ranking (Figure 1). Cash-flow component has been one of the more intriguing factors we have looked at because it subtracts an accrual factor from earnings. The accrual occurs when a company books revenue from a sale but will receive payment in a future quarter and hence has not received the additional cash. These accruals may appear in inventory or accounts receivables. Companies can manage these accruals to make earnings appear to be better or worse depending on accounting methodology. Our Definition Of The Cash-Flow Component. We backtested the cash-flow component formula developed by Professor Richard Sloan, from the University of Michigan who spoke at our 1998 Quantitative Conference in Boston regarding this topic. This formula compares net income from operations less an accrual factor to the company's average total assets. This eliminates some of the balance-sheet accounting "adjustments" from net income to derive a return on cash flow. The accrual factor was calculated by taking the 12- month change in current assets and subtracting from it the change in the firm's cash and equivalents. From this we then subtracted the change in current liabilities less the change in debt (including current liabilities) and less the change in taxes payable. Finally, we subtracted from this the depreciation and amortization expense. The formula reads as follows: Cash-Flow Component = Net Income Less Accrual Factor Average Total Assets Accrual Factor = (Change in Current Assets - Change In Cash) - (Change in Current Liabilities - Change in Debt - Change in Taxes Payable) - Depreciation and Amortization Expense The Factor Looks Promising In Our Tests. We have backtested this factor in both the large-cap and small-cap universes as well as across investment styles and found solid results (See small cap quantitative perspectives, dated January 22, 1999 "Focus On A Factor: Cash-Flow Component"). The factor does an especially good job identifying companies with a weak cash-flow component, as those companies tend to significantly lag the universe. The effectiveness of this factor has led to continuing researching by our group, so we will re-visit this topic as we obtain new results. A Word About The Names. Of the 27 stocks that passed our screen, most came from two sectors, technology and health care. In fact, almost half of the stocks included in the list, 13, came from technology, while health care added an additional 5. The market has put a premium price on their earnings: These companies trade at an average P/E of 49.0x versus an S&P Composite P/E of 24.8x. Figure 1. These 27 Fundamentally Followed Stocks Finished In Quintile 1 Of Our Cash-Flow Component Screen Market Next-12- Fundamental 3/16/99 Value Months Sector/Company Symbol Rating Price ($ Mil.) P/E Business Services Equifax Inc. EFX Acum 33.38 4,853.9 22.0 Robert Half Intl RHI Acum 33.50 3,053.8 19.4 Consumer Services Family Dollar Stores FDO Sbuy 21.56 3,725.3 26.6 Promus Hotel PRH Acum 36.25 2,988.9 15.0 Wal-Mart Stores WMT Acum 96.00 215,119.2 41.8 Consumer Staples Coca-Cola KO Sbuy 68.69 169,125.3 45.4 Dial Corp. + DL Sbuy 31.00 3,063.4 26.0 H J Heinz HNZ Acum 51.00 18,881.5 20.7 Energy Vastar Resources VRI Sbuy 41.06 4,033.1 5.4 Health Care Abbott Laboratories ABT Acum 50.81 76,845.5 29.5 Amgen Inc. * AMGN Acum 74.50 39,002.1 40.3 Bristol Myers Squibb BMY Sbuy 64.56 129,412.8 30.9 Centocor Inc. * CNTO Sbuy 42.13 3,064.6 50.6 Humana Inc. HUM Sbuy 19.06 3,130.8 12.6 Johnson & Johnson JNJ Acum 90.25 122,304.7 30.0 Wellpoint Health Network WLP Acum 74.00 4,996.3 17.4 Technology Altera Corp. * ALTR Acum 60.25 5,618.7 29.5 America Online AOL Sbuy 104.88 94,744.3 291.3 Applied Materials * AMAT Acum 63.63 22,588.2 47.7 BMC Software * BMCS Acum 36.50 8,017.6 20.3 Cisco Systems * CSCO Sbuy 106.00 167,265.0 64.3 Dell Computer * DELL Sbuy 44.38 111,212.5 56.3 Gateway 2000 GTW Sbuy 73.75 10,961.4 23.7 Intel Corp. * INTC Acum 120.38 196,497.6 25.2 Microsoft Corp. * MSFT Acum 169.06 416,346.3 59.3 Network Solutions * NSOL Sbuy 262.00 4,371.2 233.7 Tellabs Inc. * TLAB Sbuy 94.00 18,514.0 37.3 * Prudential Securities Incorporated makes a primary over-the-counter market in the shares of this company. ** Prudential Securities acts as a specialist that makes a market in the securities. At any given time the specialist may have a position, either long or short in the securities, and, as a result of the associated specialist's function as a market maker, such specialist maybe on the opposite side of orders executed on the floor of a national securities exchange. + Prudential Securities Incorporated and/or its affiliates have managed or comanaged a public offering of securities and/or have performed investment banking or other services for this company.

To: Billy Joe who wrote (507)	3/25/1999 8:44:00 PM
From: MoonBrother	Respond to of 1377

01:51pm EST 16-Mar-99 Legg Mason (Malhotra, Pawan 410-454-5712) NSOL Network Solutions Reaches Reaches Registration Landmark Ahead of Our Estimates *LM* LEGG MASON WOOD WALKER, INC. *LM* Member New York Stock Exchange/Member SIPC 03/16/99 Pawan K. Malhotra Todd C. Weller (410) 454-5172 (410) 454-4316 PMalhotra@LeggMason.com TCWeller@LeggMason.com NETWORK SOLUTIONS, INC. (OTC-NSOL) NSOL Reaches 4 Million Cumulative Net New Registrations, Exceeding Our 1Q99 Estimate. ______________________________________________________________________________ Rating: OUTPERFORM 3/16/99' Price : $258 1/4 52-Wk Range : $268-$21 Target Price: * ______________________________________________________________________________ FY:(Dec ) EPS Estimates P/EPS Ratio 3-5 Yr. Gth. : 65% 98A : $0.68 NM Shrs. Out(M) : 17.0 99E : $1.19 NM Mkt. Cap.(M) : $4,390 00E : $1.77 NM Lt. Debt to Cap : 0.3% ______________________________________________________________________________ '-Intraday price * 12-18 month price target under review. * With two weeks remaining in the quarter, NSOL has reached four million cumulative net domain name registrations, exceeding our 1Q99 net new registration estimate of 3.97 million. * Expect upside of $500K-$1M to our registration revenue and total revenue estimates of $32.6 million and $36.0 million, respectively. NSOL should meet or slightly exceed our 1Q99 EPS estimate of $0.25 as the company continues to invest heavily in its brand. * Maintaining 1999 and 2000 estimates until NSOL reports official 1Q99 results. Believe there is a high probability for upward revisions to our 1999 and 2000 revenue and EPS estimates. * At yesterday's close of $265, NSOL shares have gained 70% since March 4, 1999. Expect stock to take near-term "breather" as investors look to lock in some profits. Believe that NSOL remains well-positioned as dominant provider of domain name registrations and a core portfolio holding. Would add to positions on a pullback. Maintain Outperform rating. Key Points: * NSOL Has Exceeded Our Net New Registration Estimates With Two Weeks Left in 1Q99. Today's announcement that NSOL has reached four million cumulative net new registrations means the company has surpassed our 3.97 million net new registration estimate. With two weeks remaining in 1Q99, we believe NSOL is on-track to exceed our registration revenue and total revenue estimates of $32.6 million and $36.0 million, respectively by $500K-$1 million based on current registration momentum. We expect the company to meet or slightly exceed our 1Q99 EPS estimate of $0.25 as the company is likely to plow back any upside into additional sales and marketing expenditures as NSOL continues to invest in building its brand. We believe today's announcement indicates that business momentum at NSOL remains strong and that registration growth is accelerating as it took the company only four months to register an additional one million domain names. This compares with four years for its first million, 1.25 years for its second million, and six months for its third million. * NSOL Remains Core Portfolio Holding But Expect Stock to Take Breather Following March Run-up. We are maintaining our 1999 and 2000 revenue and EPS estimates until NSOL officially reports 1Q99 results, which we expect to be sometime in the last week of April. This said, we believe there is high probability that we will be increasing our net new registration, revenue, and earnings targets for 1999 and 2000. As a reminder, we are currently forecasting 1999 and 2000 EPS of $1.19 and $1.77 on total revenues of $174.1 million and $260.8 million, respectively. Shares of NSOL have been exhibiting their own version of March Madness with the shares rising to the yesterday's close of $265 level from $155.94 on March 4, 1999, representing an increase of 70%. We believe the recent strong run-up in the shares could likely result in some downside pressure as investors look to lock-in some profits. We continue to believe that NSOL is well-positioned to remain the dominant provider of domain name registration services despite impending competition that is slated for 2H99. However, at current levels we believe that investors would be prudent to wait for a pullback before putting fresh money to work. We expect the stock to exhibit continued volatility. We are maintaining our Outperform rating and our 12-18 month price target is under review.

To: Billy Joe who wrote (507)	3/25/1999 8:46:00 PM
From: MoonBrother	Read Replies (1) \| Respond to of 1377

08:50am EST 18-Feb-99 Dain Rauscher Wessels (Sigmond, Steve 612-313-1223) NSOL DRW Technology Conference Presentation Highlights: NSOL Dain Rauscher Wessels A division of Dain Rauscher Incorporated DRW TECHNOLOGY CONFERENCE PRESENTATION HIGHLIGHTS February 18, 1999 INTERNET INFRASTRUCTURE Stephen H. Sigmond ssigmond@dainrauscher.com (612) 313-1223 Cameron P. Steele csteele@dainrauscher.com (612) 313-1224 Network Solutions, Inc. (Nasdaq: NSOL, $140.00) Buy-Aggressive; Price Target: $240 * Network Solutions presents at the Dain Rauscher Wessels Technology Conference. Bob Korzeniewski, CFO and COO of Network Solutions, presented at the Dain Rauscher Wessels Technology Conference on Wednesday, February 17. Highlights of the presentation included a review of current business trends, the domain name market opportunity, and complementary service offerings. Management indicated that current business conditions continue to be strong with continued high demand for both domain name registration and complementary services. * Demand for Network Solutions' domain name registration and service business continues to be strong. Domain name registration continues to track to the growth in the Internet, with the .com top-level domain (TLD) continuing to be the most popular registration domain. The company's new Dot Com Mail service offering has been well received by small business customers. In a service partnership with Critical Path, Network Solutions is offering personalized, hosted e-mail for $119, along with a $4.95 per month hosting fee. Initially, this service offering has had a "self-marketing" appeal to many customers who see friends, businesses, or customers using personalized e-mail, drawing attention to the service. * Network Solutions sees domain name market potential to be 100 million-plus registered names. Network Solutions segments its market opportunity into five separate categories: U.S. businesses, one-time events, international businesses, products/services, and personal names. The company estimates the market opportunity for each of these segments could likely be 10 million names for U.S. businesses (i.e., ibm.com), 10 million names for single events (i.e., SuperBowl.com), 30 million names for international businesses (i.e., bmw.com), 40 million names for products/services (i.e., Cheerios.com) and 50 million personal names (i.e., BillClinton.com). With currently four million domain names under registration, we believe Network Solutions has an enormous market opportunity in domain name registration services. * Stock Opinion: We believe that Network Solutions has one of the few predictable, profitable, and proven business models among Internet companies. Despite the high volatility of the stock, we continue to believe that the company is well positioned to maintain its dominant position as one of the most important infrastructure services companies on the Internet. Our 12-month price target, reflecting a 35x multiple on projected year 2003 cash flow and a moderately conservative discount rate of 20%, is $240. We are maintaining our Buy-Aggressive rating and recommend purchase on share price weakness.