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[Skygod]

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The Wall Street Transcript Publishes Special Investing in Communications Equipment Industry Issue

NEW YORK, Jan. 10 /PRNewswire/ -- Three leading analysts and top management from 23 Communications Equipment firms examine the Communications Equipment sector in the latest issue of The Wall Street Transcript 212-952-7433 or http://www.twst.com/info28.htm" target="_blank" rel="nofollow ugc noopener">http://www.twst.com/info28.htm

In a vital review of this sector for investors and industry professionals, this valuable 130-page Special Issue features:

1) Investing in the Communications Equipment Industry -- In an in-depth Analyst Roundtable (15,300 words), Cristin Armacost, Senior Vice President of Telecommunications Infrastructure with Tucker Anthony Cleary Gull, Kenneth Leon, Global Sector Head with ABN AMRO and Luke Szymczak, First Vice President in the Equity Research Department of Prudential Securities examine the influx of venture capital funding in the sector, IPOs, rapid technology changes, niche growth opportunities, globalization, cable modems, DSL, access concentrators and subscriber management systems.

The expert panel analyzes the future of broadband optical, transport, switching, enterprise and service providers, valuation issues, cap ex spending, data/voice issues, cellular outlook, carrier system future, M&A activity, regulatory horizon, the outlook for the sector and shares specific stock recommendations.

Armacost explains, "We lay out the industry by segmenting the customers between service providers, Fortune 1000, and small to medium businesses. From this perspective, we focus on three things: market share, technology trends and product focus -- either end-to-end or point product solutions. On a basic level, if you`re a point products vendor, you`d better be number one or two in your segment. Here we focus on high-growth sectors such as voice over IP, DSL, and optics. Others that provide a portfolio of products need to have the critical mass to support multiple products, technologies, and customer types. These companies include the usual suspects -- Cisco, Lucent and Nortel."

Leon states, "We see global trends impacting large and small companies, although we tend to integrate research for industry trends with active coverage of the largest companies: Lucent Technologies (NYSE: LU), Nortel Networks (NYSE: NT), Motorola (NYSE: MOT), and Tellabs (Nasdaq: TLAB) in the U.S.; and Ericsson (Nasdaq: ERICY), Nokia (NYSE: NOK), Alcatel (NYSE: ALA) and Siemens (OTC Bulletin Board: SMAWY) in Europe. We also integrate our research with our analysts in Japan for companies that have substantial business in this area: NEC (Nasdaq: NIPNY) and Fujitsu."

For a free brief interview excerpt in which Leon lists ratings (from hold to outperform) for the above-mentioned firms, see http://archive.twst.com/notes/articles/jaf410.html" target="_blank" rel="nofollow ugc noopener">http://archive.twst.com/notes/articles/jaf410.html

Leon declares, "We also see this industry segmented in terms of wireless and wireline, although for wireline I see broadband and broadband optical as more of the front end of that piece of the business. We view the broadband optical area as a more fertile area for investment ideas because it`s a much bigger universe of companies, and there are many emerging growth companies coming from the IPO market in that side of the sector."

Szymczak states, "It`s a very difficult industry to follow because it is so broad. The danger in segmenting it is that whenever one defines a segment, there are always companies within the segment that have important competitors outside of the segment."

On technology convergence, Szymczak says, "If you make a list of wireless companies, it`s very hard to figure out whether Lucent and Nortel fit on that list. Or if you make a list of optical companies, do Lucent and Nortel fit on that list? Now with Cisco`s (Nasdaq: CSCO) acquisition of the Pirelli business, does that make it on the optical list? The trend in the industry over the last couple of years is that you can`t ignore the broad line players because they bring assets to bear that none of the smaller competitors can necessarily match. So by definition, if someone is a small entrant in a technology, they have to be well ahead technologically, of the bigger guy or else they just don`t have a shot at it, generally. If you look at Cisco over the years, certainly the world has moved in their direction with IP, but they were also diversified enough that if it didn`t go entirely IP, they wouldn`t be out of the game. They might not have been as well positioned as they are today, but they probably would be a very aggressive combatant, nonetheless."

Leon explains, "I`d agree with Christin that we do bundle in the IPOs with our other small caps, but if you`ve been tracking this sector a couple of years, especially the last two years, the small cap sector was more of a graveyard. These were companies that didn`t get acquired, they were not executing, and they certainly weren`t growing and driving earnings, for the most part. So we`ve seen in some cases companies reinvent themselves and then begin to have life and do much better; Advanced Fibre Communications (Nasdaq: AFCI) and Adaptive Broadband (Nasdaq: ADAP), formerly California Microwave. So overall, it`s been a great, great year. When we look back 20 years from now, this could be one of the best years we`ll ever have for telecom equipment, just superior monster performance. And yet the fundamental outlook looks great."

Leon states, "I was involved in bringing QUALCOMM (Nasdaq: QCOM) public back in 1993, and to our dismay, we haven`t rode a good part of the ride this year. But in March 1999, they sold the money-losing CDMA infrastructure business to Ericsson, and that created an improved earnings outlook. And with the expectation of selling their handset business, which is their lowest margin business currently, that will lift earnings even higher, as well. But I also think the business model they have, which is one part royalty revenue stream and two parts ASIC chips, is really a terrific business model to make money. At this point, we`re just seeing that momentum continue."

On cap ex spending, Armacost states, "Luke and Ken are both right: the greenfield guys are the new contributors on the block that can really provide upside to capital equipment spending expectations. However, we are still seeing tremendous growth of data revenue from the more traditional telcos, in excess of 20%, with several growing over 100%. So as long as they`re deriving a majority of their incremental growth from data, I think they`ll continue to spend."

Armacost continues, "Qwest (NYSE: Q) is experiencing 200% year-over-year revenue growth from data. MCI (Nasdaq: WCOM) is only growing 28%, but they had one of the first data networks. Finally, many of the DSL CLECs; Rhythms (Nasdaq: RTHM) and NorthPoint (Nasdaq: NPNT), are growing over 200%."

The panel goes on to offer recommendation about which sector stocks are most likely to reward investors.

This 130-page Investing in Communications Equipment Special Issue also includes:

2) The TWST confidential Off-The-Record survey of management performance at 19 Communications Equipment firms asked market insiders about the ability of management teams to create shareholder value by successfully managing their firm`s financial side as well the ability of top management to execute operationally in this rapidly evolving sector.

Firms reviewed in Off-The-Record include:


3Com, ADC Telecommunications, ADTRAN, Advanced Fibre, Alcatel, Aware, Cabletron, Cisco, Ericsson, General Instrument, Lucent, RF Micro Devices, Motorola, Nokia, Nortel, Pairgain, QUALCOMM, Scientific-Atlanta and Tellabs.

3) 23 extensive (average 2,500 words) CEO Interviews with top management from the following sector firms discussing their future plans and outlook for their firm and the Communications Equipment sector:

Active Software, Adaptive Broadband, ADC Telecommunications, Advanced Fibre Communications, Applied Innovation, Applied Signal Technology, Belden, Brooktrout, CIDCO, Elcotel, EMS Technologies, Globecomm Systems, mPhase Technologies, Micronetics Wireless, Netrix, P-COM, Plantronics, SDL, Secure Computing, Spectrian, SSE Telecom, U.S. Wireless and ViaSat.

To obtain a copy of this insightful 130-page report, see http://www.twst.com/info28.htm" target="_blank" rel="nofollow ugc noopener">http://www.twst.com/info28.htm or call [phone]. This special section is also included in the TECHNOLOGY Sector of TWST Online at http://www.twst.com/subscribe/techno.html" target="_blank" rel="nofollow ugc noopener">http://www.twst.com/subscribe/techno.html

The Wall Street Transcript is a premier weekly investment publication interviewing market professionals for serious investors for over 35 years. Available at http://www.twst.com TWST Online provides free interview excerpts. For highlights, recent recommendations by analysts and money managers and business news, visit http://www.twst.com/newspage.html

Do a free search of the extensive TWST Online Archives at http://archive.twst.com/

The Wall Street Transcript does not endorse the views of any interviewee nor does it make stock recommendations.


/CONTACT: Peter McLaughlin of The Wall Street Transcript, 212-952-7433/
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[Skygod]

wieder news
Es scheint als ob es aufwärts geht

Turnstone Systems IPO set at 3 mln shrs,$15-17/shr

WASHINGTON, Jan 12 (Reuters) - Turnstone Systems Inc., whose software lets local exchange carriers deploy digital subscriber line (DSL) services on existing copper telephone lines, set Wednesday its initial public offering at 3 million common shares that may be priced between $15-17 apiece.

Under the middle of that range, the Mountain View, Calif.-based company figured it would make about $43.4 million after expenses, which it would use for general corporate purposes, including working capital and capital expenditures.

The proceeds could also be used for potential acquisitions of, or investments in, businesses, technologies and products, according to a Securities and Exchange Commission filing.

It was the first time that Turnstone disclosed the terms of the offering since it initially filed its IPO prospectus with the SEC in late November.

The company has applied to trade the shares on Nasdaq under the symbol <TSTN.O>.

If there were heavy demand for the 3 million shares, which would equal about a 10.2 stake in Turnstone, then the underwriters led by Goldman Sachs have an option to buy 450,000 more shares.

The company`s only volume product is the Copper CrossConnect CX100, which is currently being installed in telephone company central offices by competitive local exchange carriers to speed their deployment of DSL services.

DSL technology, which takes advantage of unused capacity on existing phone lines, allows customers to use a single line to send faxes or make phone calls while using the Internet.

Turnstone began shipping the CX100 in the first quarter of 1999 and sells it both through a direct sales force and through an original equipment manufacturer deal with Lucent Technologies Inc. <LU.N>, the filing said.

In the year ended Dec. 31, 1999 Turnstone shipped more than 2,500 CX100 systems and posted $27.2 million in revenues, incurring a net loss of $183,000.

In the same period, Rhythms NetConnections Inc. <RTHM.O> accounted for 41 percent of Turnstone`s revenues while Network Access Solutions Corp. <NASC.O> accounted for 19 percent.

Fifteen percent of Turnstone`s revenues were generated through its relationship with Lucent.

((Washington SEC office, 202-898-8399))

REUTERS

Rtr 09:07 01-12-00

Copyright 2000, Reuters News Service. All rights reserved. Replication or redistribution of Reuter`s content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
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[buckweiser]

Kommt doch aufs selbe raus, ihr verliert es an der Börse und ich hab sogar noch spass dabei!!!

[buckweiser]

[Dr Doom]

23 ?

MfG

Dr Doom

[fsch]

Ich hab` leider nix mehr zum Verbrennen Aber in Aktien zu investieren war Heute fast noch besser, als das Geld zu verbrennen

mfg

fs