From: 1.14166227.-3@multexinvestornetwork.com
To: chris.dorland@enron.com
Date: 2002-02-05 08:12:03+00:00
Subject: Feb 5, 2002 - Wireless woes

TODAY: Equity research analyst John Filar Atwood explains how Sprint PCS's
(PCS) strategy for attracting low-credit customers may have backfired. Indeed,
PCS and its affiliates are not very popular on Wall Street, and readers can learn
more about that by downloading a report from Morgan Stanley on Airgate PCS
(PCSA)--see details below.

Readers can also see which telecom stocks are popular among Wall Street
analysts by checking this week's Top 10 list.

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Below
---------

Investment ideas
Broker reports
Top 10
Free and sponsored reports

==============================================================


Investment ideas
-----------------------------------------

1. Chip wars: Marvell sets its sights on Broadcom (BRCM)
Broadcom still dominates the communications chip sector, but
Marvell (MRVL) is growing at a torrid clip.

By Dave Sterman, equity research columnist

Few firms have been able to grow as quickly as Broadcom (BRCM). The
communications chip maker saw its sales rise from $42 million in 1997 to more than $1
billion by 2000. Investors who got in early made huge profits as shares of Broadcom rose
twenty-fold from its spring 1998 IPO to its 2000 peak.

But just as Broadcom is looking to maintain its base of revenues while the
communications chip sector experiences a cyclical lull, a previously obscure competitor
has managed to grow through the downturn and is setting its sights on the industry's
number one spot. Marvell Technology Group (MRVL) has been growing at a torrid
clip, having already surpassed the industry's next largest player, PMC-Sierra (PMCS).

Click here to read more.
http://www.thetelecommanalyst.com/article.asp?docid=6592&nd=0205


2. Bullish outlook: Exiting 2001 on a high note
The telecom sector took it on the chin last year, but some companies gave brighter guidance for 2002.

By Dave Sterman

For the second straight year, the telecom sector took it on the chin. Many companies are
now bagging a fraction of the revenues they garnered just a few years ago. But word has
quietly spread that the industry may have bottomed and that 2002 may bring better
returns.

To find any potential pockets of strength, we used NetScreen Pro, the professional
version of Multex Investor's Net Screen (http://www.multexinvestor.com/screen/AScreen.asp),
to look for telecom firms that have recently given brighter guidance for the coming year.
We can find strong guidance by looking at the body language of analysts. If analysts are
raising estimates and raising their ratings, then management is likely providing a more
bullish outlook.

Click here to read more.
http://www.thetelecommanalyst.com/article.asp?docid=6637&nd=0205


3. Wireless woes: Rising subscriber turnover hurts PCS affiliates
Sprint's tougher stance on low credit customers is key factor

by John Filar Atwood, equity research columnist

Sprint PCS (PCS) has decided to get tough with certain low credit customers. To date, the
group getting punished by that decision is not the customers, but Sprint's own regional
affiliates.

The move has increased subscriber turnover, thereby lowering net customer additions for the
likes of AirGate PCS (PCSA), Alamosa PCS (APS) and US Unwired (UNWR). It also has
fed investors' perception that there's no growth in sight for wireless stocks.

Click here to read more.
http://www.thetelecommanalyst.com/article.asp?docid=6705&nd=0205


4. Good values: East meets west
Forget the rumors -- this dynamic duo of far-flung wireless telcos is down but not out

By Ben Mattlin, equity research columnist

The search for bargains among under-priced telecom stocks can lead fearless
investors in surprising directions.

Consider the case of two wireless companies traded on the New York Stock
Exchange but based at opposite ends of the earth. Both have plunged more than
20 percent in the past four weeks. Yet analysts expect them to post long-term
earnings growth of 20 percent or better, and rate them squarely between "buy"
and "strong buy," at 1.5.

Click here to read more.
http://www.thetelecommanalyst.com/article.asp?docid=6198&nd=0205


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Broker reports
-----------------------------------------

1. SPECIAL REPORT: Lehman Brothers comments on the 2002 growth potential for telecom equip. vendors in China.

Lehman discusses how wireless and data-networking equipment vendors should
fare in China this year and beyond. Corporate spending, CDMA, handsets,
mobile licensing all discussed. Implications for CSCO, MOT, NOK, LU, NT, and
more. (9-page report for purchase - $25)
Click here. http://www.thetelecommanalyst.com/download.asp?docid=26050081&nd=0205


2. EDITOR'S PICK: Finding value in wireless

Painting a favorable forward-looking picture for the industry, the firm looks at
penetration rates, age groups, discusses leaders Sprint (PCS), AT&T (AWE), & Nextel
(NXTL), and speculates on consolidation prospects. 13 exhibits. (19-page report for
purchase - $50)
Click here. http://www.thetelecommanalyst.com/download.asp?docid=26090434&nd=0205


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Free and sponsored reports
-----------------------------------------

1. FREE RESEARCH REPORT:
Cisco (CSCO): Good quarter?

Kintisheff believes Cisco may have had a good quarter based on purchasing data from
both component suppliers and equipment customers. Graphs, charts, and financials. This
9-page report, which usually sells for $25, is free to members for the next 72 hours.
Click here. http://www.thetelecommanalyst.com/download.asp?docid=26104706&nd=0205


2. FREE SPONSOR REPORT:
Morgan Stanley explains it's ambivalence towards Sprint PCS (PCS) affiliate Airgate PCS (PCSA).

The firm discusses investment strengths and weaknesses and its
valuation-based stance in a report available free exclusively to Multex Investor
members. Register for the firm's free-research trial to access research on this
and other stocks.
Click here. http://www.thetelecommanalyst.com/download.asp?docid=20477099&sid=8&nd=0205


Top 10
-----------------------------------------

Top 10: Most recommended telecommunications stocks
This week's selection includes Elastic Networks (ELAS), Network Plus (NPLS), and  Itron (ITRI),
Network Plus (NPLS)


Using NetScreen Pro, the professional version of Multex Investor's Net
Screen http://www.multexinvestor.com/screen/AScreen.asp, we sorted for the most
recommended stocks in the Multex Investor universe of Telecom stocks according to the
highest average recommendation and by valuation.
Click here. http://www.thetelecommanalyst.com/article.asp?docid=1502&nd=0205


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