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Covad and Reliant Energy Communications Broaden Relationship to Deliver DSL to More Businesses; Reliant Offers DSL `Powered by Covad` to its Business Customers


SANTA CLARA, Calif., Jan 22, 2001 (BUSINESS WIRE) -- Covad Communications
(Nasdaq: COVD), the leading national broadband services provider utilizing DSL
(Digital Subscriber Line) technology, and Reliant Energy Communications, a unit
of Reliant Energy (NYSE:REI) and a leading provider of complex Internet services
to businesses in Texas, signed an agreement that will broaden their relationship
to offer high-speed Internet access to business customers.

"Working with Reliant is an example of how we`re expanding and strengthening our
distribution channels to fulfill the demand for broadband services," said Rich
Wong, vice president of marketing for Covad. "This relationship offers Covad a
tremendous opportunity to tap into a strong business customer base and enables
Reliant to continue to provide its customers with business-class broadband
services from a national DSL provider."

"Offering DSL high-speed Internet access service adds to the comprehensive suite
of services available to our business customers," stated Mark Slaughter,
president and chief operating officer for Reliant Energy Communications.
"Covad`s business services and expertise were important factors in our decision
to continue utilizing Covad`s network to deliver a broadband solution to those
customers not within our own network footprint."

Under the agreement, Reliant Energy Communications will resell Covad`s
business-class DSL service to its off-network business customers, including
customers who require a tele-worker solution. "These value-added services will
enable us to continue to provide the leading edge solutions that our customers
demand from their Internet infrastructure provider. The ability to provide DSL
`powered by Covad` is an important part of our customer proposition," stated
Slaughter.

By providing fast, `always-on` DSL access over copper phone wires, Covad enables
users to quickly navigate the mass of information on the Internet. Tasks such as
downloading video or audio clips, file transfers, online shopping, and other
high-speed applications become much easier and more advantageous with a DSL line
since waiting for dial-up or being frustrated by busy signals is never a
concern.

Covad offers two products: TeleSpeed(R) service, targeted to businesses; and
TeleSurfer(SM), appropriate for households. Covad DSL is a cost-effective
solution that provides `always-on` Internet connections up to 50 times faster
than 28.8K modems.


About Reliant Energy Communications

Reliant Energy Communications is a unit of Reliant Energy (NYSE:REI), an
international energy services and energy delivery company with approximately $20
billion in annual revenue and assets totaling more than $28 billion. Reliant
Energy Communications is a facilities-based, integrated communications provider,
offering enhanced web, data and voice services to business customers and
government agencies in Texas.

The company offers leading-edge products and services including high-speed
Internet connectivity, co-location facilities, web hosting/design and managed
data services. Enhanced data services include private line, ATM, frame relay and
Digital Subscriber Line (DSL). Switched voice products include a full range of
local dial tone and long distance services. Reliant Energy Communications also
has a carriers` carrier division, offering dark fiber and cellular tower
leasing, as well as construction of private fiber optic networks. For more
information, visit Reliant Energy Communications` website at
http://www.communications.reliantenergy.com./


About Covad Communications

Covad is the leading national broadband services provider of high-speed Internet
and network access utilizing Digital Subscriber Line (DSL) technology. It offers
DSL, IP and dial-up services through Internet Service Providers,
telecommunications carriers, enterprises, affinity groups, PC OEMs and ASPs to
small and medium-sized businesses and home users. Covad services are currently
available across the United States in 109 of the top Metropolitan Statistical
Areas (MSAs). Covad`s network currently covers more than 40 million homes and
business and reaches approximately 40 to 45 percent of all US homes and
businesses. Corporate headquarters is located at 4250 Burton Drive, Santa Clara,
CA 95054. Telephone: 1-888-GO-COVAD. Web Site: http://www.covad.com./


Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995

The statements contained in this press release that are not historical facts are
"forward-looking statements," including statements concerning Covad`s plans to
expand its network, market opportunities, the cost, timing and scope of the
deployment of Covad`s network and launching of its services, implementation of
line sharing and self-installation, anticipated capital expenditures, expense
reductions and other operating results, success of strategic relationships, and
the statements made by the chairman in this release. Actual events or results
may differ materially as a result of risks facing Covad or actual results
differing from the assumptions underlying such statements. Such risks and
assumptions include, but are not limited to, Covad`s ability to successfully
market its services to current and new customers, the consolidation of sales to
a fewer number of wholesale customers, Covad`s ability to generate customer
demand, to achieve acceptable pricing, to respond to increasing competition, to
manage growth, to receive timely payment from our Internet service providers and
other customers, to access regions and negotiate suitable interconnection
agreements, all in a timely manner, at reasonable costs and on satisfactory
terms and conditions, as well as regulatory, legislative, and judicial
developments. All forward-looking statements are expressly qualified in their
entirety by the "Risk Factors" and other cautionary statements included in
Covad`s SEC filings.


CONTACT: Covad
Allyson Willoughby, 408/855-7299
[e-mail]
OR
Reliant
Pat Hammond, 713/207-7723
[e-mail]

URL: http://www.businesswire.com/
Today`s News On The Net - Business Wire`s full file on the Internet
with Hyperlinks to your home page.

Copyright (C) 2001 Business Wire. All rights reserved.



KEYWORD: CALIFORNIA TEXAS
INDUSTRY KEYWORD: ENERGY
HARDWARE
INTERNET
NETWORKING
TELECOMMUNICATIONS
MARKETING
AGREEMENTS




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[wallfisch]

Hi knorr ,
COVD lebt ..
Erst mal ein gutes Zeichen
Kurs gerade bei 3 € steigend ...

(Star macht sich gut !!)

Gruß Wallfisch

[knorr]

Hi Wallfisch !!!!


Heut gehts so richtig ab !!!!!

[wallfisch]

Knorr Du Teufelskerl

Usere COVD heute schon über 20 % gestiegen!!!

wallfisch

[knorr]

Hi Wallfisch !!!

Die letzten Tage waren ja auch langweilig oder ????

[KMaxel]

Ich gehöre auch zu eurem Kreis. Heißt mich willkommen.
Auf das sie so richtig abgeht.


Kmaxel

[knorr]

Hi KMAXEL!!Seit wann bist Du dabei???

[KMaxel]

Hab noch welche zu 1,80 € bekommen. heute habe ich nochmal zu 3 € nachgelegt. Die kommt noch.


Kmaxel

[knorr]

Ich habe meine im Durschnitt zu 1,9 Euro bekommen.

Habe heute auch noch zu 3,0 Euro eingekauft.

Ic wüsche Dir viel Spaß

[KMaxel]

Wünsche ich dir auch! Ich melde mich dann mal zwischendurch.


kmaxel

[wallfisch]

Covadianer , vereinigt Euch

Kurs ist schön stabil geblieben , dass lässt hoffen !!

wallfisch

[Jockey]

klar an einem tag wie heute ( +44,87% ) sind mal wieder alle seit jahr und tag in covad investiert. aber egal ich freu mich mit euch - habe covad schon ein paar tage länger. lasse die aktie liegen ... warum?

ihr solltet euch das invester paket schicken lassen (mail an [e-mail] genügt) und folgenden hammer artikel lesen (www.hammeronline.com) -



Friday, December 1, 2000

"Hold on to Covad (COVD:NASDAQ). It?s currently trading at US$2 and is as cheap as they come for an industry leader with triple-digit growth potential.

I put out a buy on Covad below US$6. It was at US$3 by the time you received the newsletter. Obviously, I think this is a better price. The stock was cut in half due to the old class action lawsuit.

I?ve seen this more than once. In fact it happened to Manugistics (MANU:NASDAQ), one of the companies I used in my example when explaining this Covad trade. These lawsuits are generally settled out of court and are paid in stock. So shareholders dilute themselves to pay for a settlement to themselves in shares. The only winners are the lawyers. If you don?t like it, stop electing the bastards to elected office.

Take a one-year view and stick with Covad."



November 14, 2000

"This company might just be the best buy of the year ? and the time to buy it is now!
Make 482% over the next 18 months from this DSL Broadband company.

You know the drill: the dot-com dead pool has been growing faster than the implant business in Nevada. The Globe.com, Dr. Koop.com, CyberianOutpost.com... I could go on but I?ll spare you the litany of bubble-to-bust bromides and trite platitudes regarding tulip manias and Austrian economics.

It?s now November. October has cleared away the last of the bullish sentiment. According to the Consensus Index of Bullish opinion published in Barron?s, the bullish opinions have declined from 45% to 37% over the past three weeks. This is a contrarian indicator, which assumes that most analysts are wrong at turning points in the market.

The same goes for the put/call ratio which has dropped below 0.60. Anything below a 1.0 is a buy; above a 1.70 is a sell. This chart simply measures investor sentiment. Again, it?s a contrary indicator.

The fall to grace
Its time to reevaluate the current investment climate. Over the past year we?ve had a series of bad tidings, ranging from interest rate hikes to a surge in the price of oil.

The Hammer believes that the sell-off in the U.S. markets has overshot. And based on certain factors, now is the time to buy bottomed-out technology stocks. Specifically, in the worst of the lot ? the broadband Internet industry. But first let me tell you why the big picture will become more benign for investors.



<9922_images/trans.gif> The price of oil will drop
Oil is a cyclical industry that takes from one year to eighteen months to cope with changes in supply and demand. I believe the price of oil has topped and is heading back into the low $20s. Prices recently plunged about $1 a barrel in anticipation of a hike in OPEC?s output, their fourth this year.

OPEC has an automatic supply increase mechanism. If oil trades above $28 a barrel for 20 straight business days then OPEC spits out an additional 500,000 barrels a day. Cheaper oil benefits transportation companies. The transports have been on an upswing; utilities have also been rising. Both of these are leading indicators.

<9922_images/util.gif> Drop in rates
Furthermore, there is every indication that the mythical soft landing is going to happen. The wealth effect bubble of personal spending is moderating. Personal consumption rose by just 2 percent in Q3 and core inflation rose by only 1.9 percent. This isn?t the rabid double digit inflation coupled with high energy costs and skyrocketing gold prices that so many 45 year olds keep warning me about. Gold is priced at $265 an ounce. Not even close to $800.

I believe these conditions leave room for a 50 basis point cut in interest rates by the Fed over the next year. Anyone who has been in the market over the past three years knows that when the Fed cuts rates ? Wall Street turns exuberant.

Further catalysts for earnings growth and a bullish 2001 include the massive spending by congress with its record surplus. Pork might be bad for long term economic gains in this country, but it?s fantastic for short-term increases in earnings.

<9922_images/manu.gif> There is only one conclusion you can reach after digesting these disparate circumstances ? The time to buy is now!

Buy the dips for long term gains
Last year, I recommended Manugistics (MANU:NASDAQ) after it got crushed on a slow down in revenues based on Y2K fears. I played the bounce from $13 to $21. It then went to $6 on its way to $107. Volatility can work for you.

Or check out Ciena (CIEN:NASDAQ). Here is a stock that went from $50 to $4 after being dropped by Cisco. It has since climbed back to a high of $154! Outstanding!

<9922_images/cien.gif> Now I?m not saying that every big tech you bottom fish for is going to be a huge winner. I am saying that if you take a two-year time horizon and buy solid companies shortly after the blood bath you will be rewarded.

Slow dial-up connection ahead
One of the many industries that has been taken to the woodshed is broadband Internet. The market has a tendency to sell-off great companies just before they get their act together. Day traders and IPO hypsters, uh I mean underwriters... Make big promises with short time horizons in new technology. When these expectations aren?t fulfilled they sell ? fast and furious.

And given that there are no fundamentalist value fund guys following these types of plays, they tend to lose up to 90 percent of their value. This is where The Hammer works for you.

With a broader understanding of business models, a shakeout of the wannabes, consolidation in the industry and this year?s macro-economic picture... I believe that certain market leaders ?which are expected to grow more than 300 percent next year and are trading at less than book value! ? could legitimately increase by more than 500 percent over the next year and a half!

The company I?m about to elucidate on below has the lead in market share and is trading under $6. Preposterous.

Problem solvers
If you?d let me switch gears here I?d like to say that the Internet still sucks. I am disgruntled that the Internet remains impossibly slow. So slow, in fact, that three-quarters of all online shoppers abandon their carts before checking out. More than once, Datek has told me to try again later. That?s reprehensible. And I have a T-1 line.

And forget about dialups at home. Every time your mother-in-law calls, you get kicked out of your favorite MP3 site.

These problems were supposed to be solved by now. We were promised speed, movement, go ? go. I want bits and bytes zooming around like Jeff Gordon at Taladaga. But no, don?t even try to go to your favorite portal on a Friday afternoon when the whole working population of North America is visiting NOOF sites or checking out the latest exploding whale.

Fiber to the home, satellites, DSL ? these were the problem solvers. What happened?

Digital Subscriber Line
DSL is broadband to the home that allows for fast Internet service over existing copper wiring. It is a technology that has been around for 11 years but hasn?t been implemented to any great extent, due to the fact that regional Bell operating companies (RBOC?s) have been lethargic and dull in their implementation.

RBOC?s must flip a switch at their central office (hook up a node at their DSLAM). They are descended from a monopoly and believe that they shouldn?t cooperate with any new idea that might increase competition.

There have been a series of court battles to speed up the process. Covad has won these fights, including a recent $750,000 lawsuit against Bell South. Furthermore, new legislation and an enforcement arm of the FCC seems to have had the effect of speeding up the cooperation of these RBOC?s. The Hammer believes that the customer service problems and time drags for installing DSL will be solved going forward.

<9922_images/covd.gif> The Covad story ? a beaten down leader
Once upon a time, Covad was the darling of Wall Street. In fact a mere 9 months ago, in March, its share price was at $66. Covad came out of the gate in February of 1999 riding the wave of Internet mania. Retail investors and analysts alike saw the four-digit growth rate and sent the company into the stratosphere.

We all remember March of this year, when bubble finally burst. The liquidity dried up and the dot-coms were sent to money hell. The good were taken down with the bad.

And then last week the bottom fell out. Covad announced that it has had problems collecting money from smaller ISP?s and telecoms. This is due to the massive shakeout of the telecom industry. Covad missed its revenue growth numbers by a mere $14 million (money that it is still due and might be collected in Q4). The market rewarded this announcement by sending its shares into the toilet.
REVENUE Note: Units in Thousands of U.S. Dollars
1997
1998
1999
2000
MAR
0
186
5,596
41,807
JUN
0
809
10,833
58,160
SEP
0
1,565
19,141
66,653*
DEC
26
2,766
30,918
?
Totals
26
5,326
66,488
166,620*
EARNINGS PER SHARE
1997
1998
1999
2000
MAR
-0.004
-0.260
-0.373
-0.730
JUN
-0.036
-0.740
-0.407
-0.860
SEP
-0.107
-1.227
-0.470
-1.220*
DEC
-0.164
-1.313
-0.530
?
Totals
-0.311
-3.540
-1.780
-2.810

Massive growth, low down payment
But let me remind you. The Internet is real. Hundreds of millions of people use it every day. Money will be made. And the time to buy is when nobody wants anything to do with it. Over the last year, Covad grew revenue by 1148%. Granted, it?s growth off of a low base, but in 2001 that number is expected to be 300%.

That means Covad is expected to have almost one billion in revenue next year. Its current market capitalization is only $800 million!

It is trading less than book and at less than one times forward revenue. That?s as cheap as they come for an industry leader with triple digit growth!

And it gets better!
The market acceptance of DSL is only at 3 percent. Covad owns 17 percent of this three percent. There is plenty of room for fiber to the home (our MDTV play) and DSL, as well as cable. Technologically, cable isn?t up to snuff for two-way internet broadband capability. So, start from that basic idea that everyone wants broadband, and DSL should end up with some portion of market share.

RBOC deals and desires
The biggest concern most people have regarding bombed out companies is that they won?t be around in a couple of years. Covad recently signed a monumental distribution deal with SBC Communications. SBC is the only telecom stock that has actually gone up over the past year.

SBC will resell Covad DSL connections nationally. This deal guarantees Covad $600 million in revenue from those sales over the next six years. Furthermore, SBC will buy 6% of Covad for $150 million. That price equals SBC?s buy at $15 on the share price. That?s more than a 150% premium over Covad?s current market value.

Given the 300 percent growth rate going forward, the new enforcement of competitive legislation, the SBC partnership and the ever important possibilities of a buyout by a larger telecom, such as AT&T... Covad seems like a screaming buy under $6 a share."