Enron Mail

Subject:C.E. Unterberg, Towbin 11/09/01TraderTalk
Date:Fri, 9 Nov 2001 04:17:51 -0800 (PST)

=09=09=09 C.E. UNTERBERG, TOWBIN =09
=09=09=09 Trader Talk November 9, 2001 =09
=09=09=09 The market soared on the wings of Icarus today? =09
=09=09=09 Market Summary =09
=09=09=09 The market soared on the wings of Icarus today? the European Cent=
ral Banks cut their interest rates after we cut ours earlier this week. Wee=
kly initial jobless claims were down 46,000, and retail sales were up 2.3%.=
The Dow was up 167, the NASDAQ up 51, and the S&P up 20?The market flew to=
high to fast and burnt its wing on the sun?The minutes were released from =
the FOMC showing the 50 point basis cut was a unanimous decision and laying=
the Fed's uncertainty bare. Profit-takers swooped in and the market fell b=
ack to earth with the Nasdaq down 9.76 points or 0.53% at 1827.77, the Dow =
closing up 33.08 points or 0.35% at 9587.45, and the S&P up 2.73 points or =
0.25% at 1118.53. Tech's winners today were AOL (AOL Time Warner) up 5.7%; =
SUNW (Sun Micro) up 5.4%; MU (Micron) up 3.9%, otherwise it was all no chan=
ge or red change: Semi Capital: AMAT* (Applied Materials) down 2.4%; KLAC (=
KLA-Tencor) down 3.5%; NVLS* (Novellus) down 1.8%; IBM and DELL didn't go v=
ery far but HWP (Hewlett Packard) down 4.3%; AAPL (Apple) down 4.5%; GTW (G=
ateway) down 3.0%?Outside tech: Autos: GM (General Motors) up 2.4%; F (Ford=
) up 3.0%; DCX (Daimler-Chrysler) up 1.4%?Energy: DUK (Duke Energy) up 4.9%=
; ETR (Entergy) up 3.7%; ED (ConEd) up 1.1%?In the red: BioTech: AMGN (Amge=
n) down 3.9%; GENZ (Genzyme) down 2.0%; BGEN (Biogen) down 2.3% -John D=
eMaio The CEUT Universe In Semiconductors: GNSS* down 14.1%; SIMG* =
up 28.5%; MTLK* up 13.7%?In Optical Networking: GLW down 11.5% In IPOLa=
nd VCA Antech, an animal health care service network, has applied for W=
OOF to be its ticker symbol for its planned $196 million IPO Earnings =
Friday: DRTN; TTIL 0.29 Monday: ABN; CWCI; GILTF -11.31; TSN 0.20 A Y=
ear Ago - 11/7/00 40 Years ago today Kennedy narrowly beat Nixon.... wh=
ile I write the current Gore/Bush outcome is still not certain... it all co=
mes down to Florida - home of Disney World and "Old Sparky" (the nick-name =
for the state's electric chair which recently set one prisoners head on fir=
e during his execution) - culturally this state is a potpourri - the Northe=
rn section is Southern (among it cultural contributions - the rock group Ly=
nard Skynard) and the Sourthern section probable has more New Yorkers than =
Albany and as many Cubans as Havanna.... W's brother is the Governor but re=
member he lost the first time around. Yesterday I quipped that a Gore vict=
ory by the electoral college but not the popular vote would be bad for Wall=
Street and Main Street. My focus was the disparity between the outcomes. =
If Bush wins in the same fashion (not the popular mandate) - it will also =
be problem. This hasn't happened since the 19 century when notions of popu=
lar sovereignty were different - a vast majority of today's citizens would =
have been legally excluded. A vote for the President is the only one shared=
by all Americans. It is a personal matter - explanations of victory based =
on understanding the 18 century origins of the electoral college, won't was=
h. A candidate who wins the election with a minority of votes seems antit=
hetical to someone regarded by many people as "the leader of the free world=
". The Nasdaq and the S&P 500 closed where they opened.... was this a=
political statement? To quote Lou Reed: "I guess I just don't know and I g=
uess I just don't know". Some big names took a breather today (moving less=
than 1%): WMT (Walmart) HD (Home Depot) SUNW (Sun) PEP (Pepsi) KO (Coke) I=
NTC (Intel) C (Citigroup) MMM (Minnesota Mining and Mineral) DIS (Disney) J=
NJ (Johnson & Johnson) and UPS. The Dow mimicked the sentiment by going up =
nearly 20 and down over 50 before ending off 25.... In IPOland - Transmeta =
- TMTA - was pure TNT - up 115% - haven't seen those kinda #s since dot.com=
days of yore - they make a special chip that uses less power. -Bram T=
owbin =09
Market Making List * =09 Financing History + =09 Board Seats =3D =09 Advis=
ory Assignments =09
=09=09=09 News Highlights =09
=09=09=09 Terrorist camps in Iraq train hijackers, bioterrorists, according=
to defectors (NYT) Saudi-binladin-group.com domain name purchased by 30-y=
r old web designer from L.A.. First registered 9/11/2000, with a preset ex=
piration of 09/11/01. Was expiration date a signal to attackers? (Wired N=
ews) FBI believes anthrax mailer is male, nonmuslim, born in U.S., based o=
n evaluation of letters (CBS) Japan forecasts economy will shrink 0.9% thi=
s fiscal year, worst performance since 1980 Consumer sentiment numbers due=
out today at 10 a.m. for October, likely to go down 4-5 points in 9/11 aft=
ermath, to 78.4 versus 82.7 previous PPI due out today 8:30 a.m., consensu=
s -0.4%, on lower energy and car/truck, cap goods prices. Argenbright Se=
curity, largest U.S. airport security firm, has employee turnover of as muc=
h as 400% a year in some airports (NYT) Mortgage rates on 30- and 15- year=
mortgages hit lowest rates on record this week, at 6.45% for 30-yr and 5.9=
4 for 1`5-year, according to Freddie Mac FCC votes to gradually phase out =
spectrum caps, limits on how much of airwaves mobile telephone companies ca=
n hold in single market. Lifts spectrum cap in urban markets to 55 mhz imm=
ediately, eliminate it completely on 1/1/03, and eliminates 55 mhz limit in=
rural areas. Move could spark consolidation in industry; Western Wireless=
(WWCA), Dobson (DCEL), Leap (LWIN) mentioned as targets (Reuters). Salo=
mon Smith Barney to eliminate 10% of investment bankers (Reuters) NYC lega=
l firms suffering from lower wall street deal volume, with 4,200 jobs cut f=
rom June to Sept. in NYC, largest decline in 25 years, and many more coming=
post 9/11 Soundview receives bid for 40% owned Wit Capital Japan from Ant=
factory Japan, joint venture of Nikko Cordial and British internet incubato=
r AMD says it will return to profitability by 2Q02, gives 4Q guidance of f=
lat to high single-digit revenue growth ICAAN, non profit organization cha=
rged by govt to oversee Internet addresses, to discuss Internet Security at=
quarterly meeting next week, in response to 9/11 concerns IBM introduces =
security software for online B2B transactions, using digital certificates. =
Analysts say could be big boost for B2B commerce online (Reuters) Palm CE=
O quits, company announces it will split into two businesses: software/hard=
ware Charter Communications stuck in #4 slot among cable players, says Str=
eet Wise Columnist in Business Week Online BusinessWeek Investing Q&A colu=
mn online "The Hot Spots in Software Stocks," features S&P analyst recommen=
ding Symantec, Checkpoint , EDS, MSFT, ORCL, ACAD, PAYX, ADP, Electronic A=
rts; Veritas, BEA Systems (BEAS), Peoplesoft PSFT as hold because of valuat=
ion concerns, ITWO as avoid, J.D. Edwards JDEC as sell Dynegy plan to buy =
Enron on hold pending credit review by Moody's. MMO2 PLC, British Telecom'=
s mobile phone unit spun off to shareholders valued at $9.43 billion on fir=
st trading day, half of forecasts estimated two months ago. C.E. Unterberg=
, Towbin's Semiconductor Capital Equipment Silicon Valley Bus Tour Novembe=
r 8 & 9: http://unterberg.com/conferences/bustoursignup.asp Birthdays - L=
ou Ferrigno, the Incredible Hulk (1952); Mary Travers (Peter, Paul & Mary-1=
936); Carl Sagan (1934); Hugh Hefner (1926); Spiro Agnew (1918) Futures Up=
=09=09=09 For a view of how the C.E. Unterberg, Towbin Universe traded - ht=
tp://www.unterberg.com/terms/universe.html =09
=09=09=09 The information contained herein is obtained from sources we beli=
eve to be reliable but its accuracy and completeness, and that of the opini=
ons based thereon, are not guaranteed. C.E. Unterberg Towbin, or one or mor=
e of its partners, may have a position in any of the securities discussed h=
erein. All rights reserved by C.E. Unterberg Towbin. May not be reproduced =
in whole or in part without prior written authorization. This report is not=
an offer to sell or solicitation of an offer to buy the securities mention=
ed herein. *C.E. Unterberg Towbin makes a market in this security and/or h=
as analyst coverage. +C.E. Unterberg Towbin makes a market in this securit=
y and has been involved in a recent financing. =09