USRF news. Might watch since it's at the recent floor.
DD
(COMTEX) B: The Wall Street Transcript Publishes Special Edition for
B: The Wall Street Transcript Publishes Special Edition for the Hambrecht &
Quist Technology Conference
NEW YORK (May 4) BUSINESS WIRE -May 4, 1999--The Wall Street
Transcript has just made available a special 343-page edition produced
for the April 26-29, 1999 Hambrecht & Quist 27th Annual Technology
Conference. Featuring interviews with ten leading expert analysts and
in-depth Q&A interviews of CEOs or top management from 87 Technology
firms, this special issue offers an excellent current review of every
aspect of the technology sector for analysts, investors, and companies.
Highlights include:
1) Investing in Technology - Todd Bakar, Managing Director of
Research. He speaks about the myriad of factors vital to examine before
investing in a technology firm. Bakar states, "Our job is to try to
find companies at an early stage and almost act more like venture
capitalists. We historically have done a very good job of identifying
trends early on. We took Apple Computer public, which was the first PC
company. We took Genentech public, which was the first biotech company.
We were very early in focusing on the Internet, and we have as big and
as strong a team as anybody focusing on the Internet today."
2) E-Commerce Stocks - Genni Combes, Senior Analyst. She speaks about
the importance of e-commerce firms personalizing their marketing
efforts after acquiring a customer. Looking forward, Combes declares,
"Within five years, I predict that e-commerce will represent 5-10% of
overall retail sales."
3) Business-to-Business Infrastructure - Daniel Rimer, Managing
Director and Senior Research Analyst. He focuses on companies that
provide the underlying services for other firms to engage in
e-commerce. Rimer has written that the Internet has upset traditional
ways of doing business. He states, "A perfect example would be an
incumbent like Dell (Nasdaq:DELL) that got Internet religion and
decided to upset the traditional relationship between customer and
vendor. By using the Internet, they have worked on customizing and
providing real time capabilities for customers who want to buy things,
who want to buy computers. Amazon (Nasdaq:AMZN) upset the relationship
between customer and vendor in the area of the book business. It
started with the book business, but now it's in the CD business, the
movie business, and it will be part of numerous other businesses going
forward."
4) Emerging Markets in Communications - Eric Zimits, Managing
Director. He feels "the real power of the Internet" will be the new
IP-based applications. Zimits asserts, "We start with the assumption
that the communications sector is changing far too fast to accommodate
rigid definitions and boundaries. Market segments that were once
distinct are converging rapidly. This is evident in the actions of the
industry heavyweights: Cisco (Nasdaq:CSCO) is trying to crack the
service provider market; Lucent (NYSE:LU) and Nortel (NYSE:NT) are
acquiring data networking companies."
5) Internet Media - Paul Noglows, Senior Analyst. He addresses the
large impact of the sub-$600 PC, the transition of Internet services
moving to multiple platforms, and the globalization of Internet firms.
He declares, "Up until now we've really seen value accrue to those
services that are horizontally oriented. By that, I mean, companies
that are really all things to all people, whether that's an AOL
(NYSE:AOL) or a Yahoo (Nasdaq:YHOO). I believe you are starting to see
value accrue to much more vertically oriented content offerings, be
that content built around a specific subject area or around a specific
demographic. I believe that's going to hold for the remainder of this
year and well into the next."
6) Enterprise Infrastructure Software - Christopher Galvin, Senior
Analyst. Addressing the outlook for enterprise infrastructure firms,
Galvin states, "1999 will probably be a schizophrenic year. On one
side, we're going to be excited about the great opportunities coming in
the next millennium, and on the other side, there's going to be general
concern about buying trends through the course of the year, which may
have meaningful impact on quarters and the timing of large deals." He
declares, "Ultimately, software as a public company category is defined
by Microsoft (Nasdaq:MSFT). That has been the case and continues to be
the case. We have held a positive view on Microsoft's stock since I
picked up coverage of it four years ago, and we continue to think that
Microsoft is the leading brand in the software industry."
7) Data Networking - Farrokh Billimoria, Senior Analyst. Speaking
about the opportunity to convert the existing infrastructure that was
designed to carry voice traffic to a modern structure emphasizing the
capacity to transmit increasingly huge data streams, he declares,
"Companies such as Cisco (Nasdaq:CSCO), which were very strong in the
enterprise and serviced the data needs of the enterprise, are now
seeing the carrier and the service provider market as the next big
frontier. The guys that sold to the service providers, like the Lucents
(NYSE:LU) and Nortels (NYSE:NT), predominantly sold voice
infrastructure to those guys. They see data in the service provider
network as well as data in the enterprise as the next big opportunity
for them - not only because of the markets, but because the data market
traditionally has had higher growth margins than the voice market."
8) Information Technology Services - Dirk Godsey, Managing Director
and Senior Analyst. He offers a look forward at the IT sector,
including employee retention issues, M&A outlook, Y2K concerns, and new
technologies. He states, "One of the business process outsourcing
companies that I follow is CSG Systems (Nasdaq:CSGS), which is the
leading billing company for the cable industry, and has approximately
40-45% of all the cable subscribers in the country running on their
system. Again, it has very high recurring revenue, probably 80% plus,
very good visibility on 1999, and a number of important drivers that
are going to allow it to sustain not only high growth, but I think some
fairly rapidly expanding margins over the next two or three years. My
thesis on CSG is that it is probably one of the best, if not the best,
risk/reward plays on the whole broadband theme, where major
communications organizations are looking to deliver residential
telephony, high speed data, Internet access type services into cable
customers."
9) 87 individual interviews (avg. 2,000+ words) with CEOs or top
executives from each of the following companies, as they offer an
in-depth view of their firm, the key trends they see in their markets;
the opportunities they face and their key concerns, specific goals they
are setting for their organization; and the outlook for investors:
Advanced Digital Information (Nasdaq:ADIC), Advent Software Inc.
(Nasdaq:ADVS), Affiliated Computer Services (Nasdaq:ACS), ARM Holdings
PLC (Nasdaq:ARMHY), Artisan Components Inc. (Nasdaq:ARTI), Asymetrix
Learning Systems (Nasdaq:ASYM), Avid Technology Inc. (Nasdaq:AVID),
Bell Microproducts, Inc. (Nasdaq:BELM), CellNet Data Systems
(Nasdaq:CNDS), CIENA Corp. (Nasdaq:CIEN), Citrix Systems Inc.
(Nasdaq:CTXS), Datastream Systems Inc. (Nasdaq:DSTM), Dataware
Technologies (Nasdaq:DWTI), Datum, Inc. (Nasdaq:DATM), Dialogic Corp.
(Nasdaq:DLGC), Digital Microwave Corporation (Nasdaq:DMIC), Edify
Corporation (Nasdaq:EDFY), Egghead.com (Nasdaq:EGGS), Elantec
Semiconductor, Inc. (Nasdaq:ELNT), Electronic Arts Inc. (Nasdaq:ERTS),
Engineering Animation (Nasdaq:EAII), Evans & Sutherland Computer
(Nasdaq:ESCC), Excel Switching Corp. (Nasdaq:XLSW), Exponent, Inc.
(Nasdaq:EXPO), FVC.COM, Inc. (Nasdaq:FVCX), Gemstar International Group
Ltd. (Nasdaq:GMST), Harbinger Corp. (Nasdaq:HRBC), HMT Technology Corp.
(Nasdaq:HMII), Identix, Inc. (Nasdaq:IDX), InFocus Systems, Inc.
(Nasdaq:INFS), Informix Corp. (Nasdaq:IFMX), InfoSpace.com Inc.
(Nasdaq:INSP), Ingram Micro Inc. (Nasdaq:IM), Integrated Systems
(Nasdaq:INTS), Itron, Inc. (Nasdaq:ITRI), JDA Software Group Inc.
(Nasdaq:JDAS), Level 3 Communications (Nasdaq:LVLT), Macrovision Corp.
(Nasdaq:MVSN), Madge Networks NV (Nasdaq:MADGF), Manhattan Associates,
Inc. (Nasdaq:MANH), Maxtor Corp. (Nasdaq:MXTR), Maxwell Technologies
Inc. (Nasdaq:MXWL), MemberWorks, Inc. (Nasdaq:MBRS), MERANT PLC
(Nasdaq:MRNT), Mercury Interactive Corp. (Nasdaq:MERQ), Micrel
Semiconductor Inc. (Nasdaq:MCRL), MicroStrategy Inc. (Nasdaq:MSTR), MMC
Networks Inc. (Nasdaq:MMCN), NEON Systems Inc. (Nasdaq:NESY), Novellus
Systems Inc. (Nasdaq:NVLS), Object Design, Inc. (Nasdaq:ODIS), ONSALE
Inc. (Nasdaq:ONSL), PairGain Technologies (Nasdaq:PAIR), Peerless
Systems Corp. (Nasdaq:PRLS), Pegasus Systems Inc. (PEGS), Perot Systems
Corp. (NYSE:PER), Plantronics, Inc. (NYSE:PLT), NICE Systems Ltd.
(Nasdaq:NICE), Pilot Networking Services Inc. (Nasdaq:PILT), Pinnacle
Systems Inc. (Nasdaq:PCLE), Power Integrations (Nasdaq:POWI), Quick
Response Services Inc. (Nasdaq:QRSI), Rambus Inc. (Nasdaq:RMBS), RMH
Teleservices, Inc. (Nasdaq:RMHT), Rogue Wave Software (Nasdaq:RWAV),
Ross Systems Inc. (Nasdaq:ROSS), Sawtek Inc. (Nasdaq:SAWS), SCC
Communications Corp. (Nasdaq:SCCX), SCM Microsystems (Nasdaq:SCMM),
SERENA Software Inc. (Nasdaq:SRNA), SpectraLink Corp. (Nasdaq:SLNK),
SS&C Technologies (Nasdaq:SSNC), STAR Telecommunications (Nasdaq:STRX),
Structural Dynamics Research Corp. (Nasdaq:SDRC), Synopsys Inc.
(Nasdaq:SNPS), Syntel, Inc. (Nasdaq:SYNT), Tech Data Corp.
(Nasdaq:TECD), Teligent, Inc. (Nasdaq:TGNT), Terayon Communications
Systems (Nasdaq:TERN), Transaction Network Services (Nasdaq:TNSI),
TranSwitch (Nasdaq:TXCC), Unigraphics Solutions, Inc. (NYSE:UGS),
Uniphase Corporation (Nasdaq:UNPH), UNOVA, Inc. (Nasdaq:UNA), VERITAS
Software Corp. (Nasdaq:VRTS), Vignette Corp. (Nasdaq:VIGN), and Westell
Technologies (Nasdaq:WSTL).
For information on how to obtain a copy of this issue, see
twst.com or call 212/952-7433. The Wall Street
Transcript does not endorse the views of any interviewee nor does it
make stock recommendations.
The Wall Street Transcript is a premier weekly investment publication
serving serious long-term investors for over 35 years. The Transcript
publishes industry roundtables and interviews with Wall Street
analysts, money managers, and company CEOs, and is read by top money
managers, brokers, and individual investors.
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