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To: Ian@SI who wrote (2518)	4/23/1999 10:45:00 PM
From: Ted David	Read Replies (3) \| Respond to of 17683

I cannot speak for my colleagues or CNBC management. I suggest you contact management and/or Maria for clarification of these issues. td

To: Ian@SI who wrote (2518)	4/25/1999 11:21:00 AM
From: Guy E. Fleming	Read Replies (2) \| Respond to of 17683

The bumping sound you hear are the heads rolling at Morgan Stanley after their bad call on IBM's earnings. I didn't see Maria's bit but she most likely reported it as "rumor" and anyone acting on it alone, pretty much got what they deserved. A far bigger question is how could Morgan Stanley, with all the resources at its disposal, be that far off base or was the "rumor" itself false?

To: Ian@SI who wrote (2518)	4/27/1999 7:41:00 PM
From: Scot Rosenblum	Read Replies (3) \| Respond to of 17683

IAN.... MORGAN STANLEY COMMENTS ON IBM WERE NOT RUMORS. THEY WERE OPINIONS BY MORGAN STANLEY ANALYST TOM KRAMER, WHO MADE AN INTRA DAY CALL THAT IBM WAS FACING REVENUE RISK. HIS COMMENTS MOVED THE STOCK. I-MARIA GOT WIND OF HIS COMMENTS AND REPORTED WHAT HE WAS TELLING CLIENTS. THE NEXT DAY, I FOLLOWED BY AN OPINION BY MERRILL LYNCH WHO COMPLETELY DISAGREED W/ MORGAN. THE INFORMATION THAT I BROADCAST WAS FACTUAL AND NOT A RUMOR. WHETHER THE MORGAN STANLEY ANALYST WAS WRONG IS ANOTHER ISSUE. BUT GIVEN THE FACT THAT MORGAN WAS CLEARLY MOVING THE STOCK..I FELT THE REST OF US SHOULD HAVE AN OPPORTUNITY TO LEARN WHAT THIS ANALYST WAS TELLING MORGAN CLIENTS. I DO NOT REPORT RUMORS...I DO HOWEVER REPORT WHAT WALL STREET IS ADVISING CLIENTS.