Message-ID: <26048510.1075840403841.JavaMail.evans@thyme> Date: Wed, 30 Jan 2002 23:35:41 -0800 (PST) From: 1.14166227.-2@multexinvestornetwork.com To: chris.dorland@enron.com Subject: January 31, 2002 - Enron-gate Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Multex Investor <1.14166227.-2@multexinvestornetwork.com>@ENRON X-To: Dorland, Chris X-cc: X-bcc: X-Folder: \ExMerge - Dorland, Chris\Deleted Items X-Origin: DORLAND-C X-FileName: chris dorland 6-26-02.PST --------------sAAbXVADA=01 Content-type: text/plain; charset="ISO-8859-1" Content-Transfer-Encoding: 7bit In today's edition of the Daily Update, frequent contributor Rick Wayman, CFA, explains how off-balance sheet shenanigans first got their start, where we are headed as a culture, and how investors like you should react. Also, Dave Sterman looks at the performance of one 'marvel'-ous chip maker and the communications chip sector in general. Multex Investor members like you can read about Openwave Systems (OPWV) in a report from Morgan Stanley, which you can download free of charge provided you sign up for the firm's free research trial. You can link directly to our research page, which features synopses of broker and free reports, and you can also register for the Morgan Stanley trial by clicking on the Morgan Stanley logo, here: http://www.multexinvestor.com/article.asp?docid=6589&nd=0131 *************************************************************** You are receiving this mail because you have registered for Multex Investor. To unsubscribe, see bottom of this message. *************************************************************** ======================== Sponsored by ========================= Got your W-2? Do your taxes online with H&R Block. Let our program select the forms and do the math. You just answer simple questions. Its fast, easy and accurate. http://www.multexinvestor.com/jp.asp?id=nl_MIN013102_A1 ============================================================== Below -------- - Investment ideas - Broker and third-party research - Online advice and chats - Free and sponsored reports Investment ideas ----------------------------------------- 1. INVESTMENT IDEAS Enron-gate The financial engineering bubble has finally burst By Rick Wayman, CFA Just when you thought it was safe to invest again, Enron-gate has roiled the financial waters Investors, barely recovered from a hangover caused by a myriad of causes that include the dot-com bubble, Sept. 11th, and the recession, now face a much bigger challenge: the loss of faith in the core underpinnings of all investing decisions, financial reporting. Enron-gate is an apt name because, like the Watergate and Whitewatergate scandals before it, a problem that initially appeared isolated is spreading (like a cancer on the Presidency) to encompass a much larger universe of players. Every day, another company announces that it has to restate its operating results. The trustworthiness of the reporting process and the accounting profession itself is being called into question. Click here to read more. http://www.multexinvestor.com/article.asp?docid=6588&nd=0131 2. INVESTMENT IDEAS 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.multexinvestor.com/article.asp?docid=6592&nd=0131 ======================== Sponsored by ========================= Paying too much for AUTO Insurance? Take a test drive on Insurance.com - where some of Americas Best Known Carriers compete to help you SAVE. Get no-obligation QUOTES. COMPARE with your own policy. Dont pay more than you have to. Seek the best policy for your money - Insurance.com http://www.multexinvestor.com/jp.asp?id=nl_MIN013102_A2 ============================================================== Broker and third-party reports ----------------------------------------- 1. INVESTORS' CHOICE: 3-DAY FAVORITE Bear Stearns publishes a 'top ten list' of Internet security predictions for 2002. After a page of general sector commentary, the firm discusses its list; #3 prediction calls for more sophisticated virus attacks, #6 prediction is that the biometric hype fizzles, #10 predicts security vendor stocks that will outperform. (4-page report for purchase - $10) http://www.multexinvestor.com/download.asp?docid=25966746&nd=0131 2. TODAY'S 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) http://www.multexinvestor.com/download.asp?docid=26050081&nd=0131 3. EDITOR'S PICK: CURRENT RESEARCH FROM THE CUTTING EDGE Prudential offers its views on stocks in the beverage group. In new coverage, the firm identifies 4 stocks it considers 'buys' and 6 rated 'hold.' It provides commentary on most of them, including Pepsi (PEP), Coke (KO), Anheuser-Busch (BUD), Coors (RKY), and Panamerican (PB). (6-page report for purchase - $25) http://www.multexinvestor.com/download.asp?docid=26064320&nd=0131 4. THIRD-PARTY REVIEW 123 Jump.com takes a look at communications chip company Broadcom (BRCM). 123 Jump's analyst discusses BRCM's product-focus shift the middle of last year as well as product developments in wireless, cable/vision, and wireline networking. Also, a look at competitive forces in various chip- market segments. (4-page report for purchase - $25) http://www.multexinvestor.com/download.asp?docid=26097274&nd=0131 5. WHAT'S HOT? CIBC World Markets discusses the outlook for the American economy Calling the current economic recovery outlook a "faith-based story," CIBC takes a look at fundamental conditions including consumer spending, Washington's fiscal stimulus proposal, corporate spending, inflation, and an equity/bond outlook. (5-page report for purchase - $10) http://www.multexinvestor.com/download.asp?docid=26067533&nd=0131 ======================== Sponsored by ========================= The Internet Analyst: Wall Street's daily and weekly industry outlook Multex's The Internet Analyst features daily 'Net-industry specific research highlights, investment ideas, analyst opinions, portfolio strategies: http://www.multexinvestor.com/jp.asp?id=nl_MIN013102_A3 To be sure you receive your TIA newsletter every week, click here: http://www.multexinvestor.com/login.asp ============================================================== Online advice and chats ----------------------------------------- 1. ASK THE ANALYST Rabbitt Analytics's Paul Rabbitt discusses his continuing optimism on the economy and stock market. Explaining that an increase in investor pessimism is good for the market, Rabbitt elaborates on his bullish position. Why is he so sure things will get better and what stocks does he like? Feel free to pose him your questions until Fri., Feb. 1. Ask the analyst. http://www.multexinvestor.com/AskTheAnalystForm.asp?&nd=0131 Find the right stocks to own in this market. Get Rabbitt's Daily Rankings for Free. Click here http://www.rabbittanalytics.com/signup_multex3.asp 2. ASK THE EXPERT Ronald E. Newton with Insurance.com talks about how much auto insurance you really need. In reality, there is often a large gap between the insurance you're required to carry and what you should carry. Ask Ronald E. Newton of Insurance.com your questions. He will take investor questions until Thurs., Feb. 7. http://www.multexinvestor.com/AskTheExpertForm.asp?&nd=0131 Free and sponsored reports ----------------------------------------- 1. FREE RESEARCH REPORT Robert Baird & Co. reports on E-Content, what it terms the "lifeblood" of the Internet. The firm discusses industry highlights and focuses the report on enterprise portals. Comparison of valuation, operating metrics and more from its coverage universe. This 31-page report, which usually sells for $75, is free to members for the next 72 hours. http://www.multexinvestor.com/download.asp?docid=26054590&nd=0131 2. DAILY FREE SPONSOR REPORT Morgan Stanley calls Openwave Systems (OPWV) the "premier proxy for wireless Internet adoption." The firm lists key investment strengths and risks for this "neutral-volatile" rated stock, and explains how it sees the company growing through both mergers and acquisitions as well as internal development. Multex Investor members like you can access this report for free by registering for the firm's free-research trial. http://www.multexinvestor.com/download.asp?docid=20255845&sid=8&nd=0131 =================================================================== Please send your questions and comments to: mailto:investor.help@multex.com If you'd like to learn more about Multex Investor, please visit: http://www.multexinvestor.com/welcome.asp If you can't remember your password and/or your user name, click here: http://www.multexinvestor.com/lostinfo.asp If you want to update your email address, please click on the url below: http://www.multexinvestor.com/edituinfo.asp =================================================================== To remove yourself from the mailing list for the Daily Update, please REPLY to THIS email message with the word UNSUBSCRIBE in the subject line. To remove yourself from all Multex Investor mailings, including the Daily Update and The Internet Analyst, please respond with the words NO EMAIL in the subject line. You may also unsubscribe on the account update page at: http://www.multexinvestor.com/edituinfo.asp =================================================================== Please email advertising inquiries to us at: mailto:advertise@multex.com. Be sure to check out our other newsletters, The Internet Analyst and The Telecomm Analyst by Multex.com. The newsletters will inform, educate, and entertain you with usable investment data, ideas, experts, and info about the Internet and telecommunications sectors. To see this week's issue, click here: http://www.thetelecommanalyst.com/ or http://www.theinternetanalyst.com/ ---------------------------------------------------------------- ---------------------------------------------------------------- --------------sAAbXVADA=01 Content-Type: text/html; charset="ISO-8859-1" Content-Transfer-Encoding: 7bit MIN Daily News Update
Multex Investor Daily News
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Multex Investor Daily Update

In today’s edition of the Daily Update, frequent contributor Rick Wayman, CFA, explains how off-balance sheet shenanigans first got their start, where we are headed as a culture, and how investors like you should react.

Also, Dave Sterman looks at the performance of one 'marvel'-ous chip maker and the communications chip sector in general. Multex Investor members like you can read about Openwave Systems (OPWV) in a report from Morgan Stanley, which you can download free of charge provided you sign up for the firm’s free research trial.

You can link directly to our research page, which features synopses of broker and free reports, and you can also register for the Morgan Stanley trial by clicking on the Morgan Stanley logo.

Finally, as you may have noticed, you are receiving today’s newsletter in HTML format, a method we hope will enable us to give you a better service. Please let us know what you think. Email us at investor.feedback@multex.com

Special Message
Got your W-2? Do your taxes online with H&R Block. Let our program select the forms and do the math. You just answer simple questions. Its fast, easy and accurate. http://www.multexinvestor.com/jp.asp?id=nl_MIN013102_A1

In this issue:
Investment Ideas:
oEnron-gate: The financial engineering bubble has finally burst
oMarvell sets its sights on Broadcom (BRCM)
Featured Reports:
oInvestor’s Choice: Bear Stearns publishes Internet security predictions for 2002
oToday’s Special Report: Lehman Bros. comments on the 2002 growth potential for telecom equip. vendors in China.
oEditor’s Pick: Prudential offers its views on stocks in the beverage group.
oThird Party Review: 123 Jump.com takes a look at communications chip company Broadcom (BRCM).
oWhat’s Hot: CIBC World Markets discusses the outlook for the American economy
Investment Advice:
oAsk the Analyst / Ask the Expert

Enron-gate: The financial engineering bubble has finally burst
By Rick Wayman, CFA

Just when you thought it was safe to invest again, Enron-gate has roiled the financial waters Investors, barely recovered from a hangover caused by a myriad of causes that include the dot-com bubble, Sept. 11th, and the recession, now face a much bigger challenge: the loss of faith in the core underpinnings of all investing decisions, financial reporting.

Enron-gate is an apt name because, like the Watergate and Whitewatergate scandals before it, a problem that initially appeared isolated is spreading (like a cancer on the Presidency) to encompass a much larger universe of players. Every day, another company announces that it has to restate its operating results. The trustworthiness of the reporting process and the accounting profession itself is being called into question. Click here to read more.

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.


Special Message
Paying too much for AUTO Insurance? Take a test drive on Insurance.com - where some of Americas Best Known Carriers compete to help you SAVE. Get no-obligation QUOTES. COMPARE with your own policy. Dont pay more than you have to. Seek the best policy for your money - Insurance.com. Click here for details.


Investors’s Choice: 3-day Favorite
Bear Stearns publishes a ‘top ten list’ of Internet security predictions for 2002.

After a page of general sector commentary, the firm discusses its list; #3 prediction calls for more sophisticated virus attacks, #6 prediction is that the biometric hype fizzles, #10 predicts security vendor stocks that will outperform. (4-page report for purchase - $10)

Todays’s 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)

Editor’s Pick: Current Research from the Cutting Edge
Prudential offers its views on stocks in the beverage group.

In new coverage, the firm identifies 4 stocks it considers 'buys' and 6 rated 'hold.' It provides commentary on most of them, including Pepsi (PEP), Coke (KO), Anheuser-Busch (BUD), Coors (RKY), and Panamerican (PB). (6-page report for purchase - $25)

Third Party Review
123 Jump.com takes a look at communications chip company Broadcom (BRCM).
123 Jump’s analyst discusses BRCM’s product-focus shift the middle of last year as well as product developments in wireless, cable/vision, and wireline networking. Also, a look at competitive forces in various chip- market segments. (4-page report for purchase - $25)

What’s Hot?
CIBC World Markets discusses the outlook for the American economy

Calling the current economic recovery outlook a "faith-based story," CIBC takes a look at fundamental conditions including consumer spending, Washington’s fiscal stimulus proposal, corporate spending, inflation, and an equity/bond outlook. (5-page report for purchase - $10)


Special Message
The Internet Analyst: Wall Street’s daily and weekly industry outlook
Multex’s The Internet Analyst features daily ’Net-industry specific research highlights, investment ideas, analyst opinions, portfolio strategies. To be sure you receive your TIA newsletter every week, click here.


Ask the Analyst
Rabbitt Analytics’s Paul Rabbitt discusses his continuing optimism on the economy and stock market.

Explaining that an increase in investor pessimism is good for the market, Rabbitt elaborates on his bullish position. Why is he so sure things will get better and what stocks does he like? Feel free to pose him your questions until Fri., Feb. 1. Ask the analyst.

Find the right stocks to own in this market. Get Rabbitt’s Daily Rankings for Free. Click here.

Ask the Expert
Ronald E. Newton with Insurance.com talks about how much auto insurance you really need.

In reality, there is often a large gap between the insurance you're required to carry and what you should carry. Ask Ronald E. Newton of Insurance.com your questions. He will take investor questions until Thurs., Feb. 7. Ask the expert.

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Sponsored Report
Sponsored Report
Morgan Stanley calls Openwave Systems (OPWV) the "premier proxy for wireless Internet adoption."
The firm lists key investment strengths and risks for this "neutral-volatile" rated stock, and explains how it sees the company growing through both mergers and acquisitions as well as internal development. Multex Investor members like you can access this report for free by registering for the firm’s free-research trial.


Free Report
Free Report
Robert Baird & Co. reports on E-Content, what it terms the "lifeblood" of the Internet.
The firm discusses industry highlights and focuses the report on enterprise portals. Comparison of valuation, operating metrics and more from its coverage universe. This 31-page report, which usually sells for $75, is free to members for the next 72 hours.


Sponsored By
How much auto insurance coverage should you have?

Most states have laws requiring you to purchase at least some auto insurance. In reality, though, there is often a large gap between the insurance you're required to carry and what you should carry. Learn more.

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