Message-ID: <8532623.1075844537177.JavaMail.evans@thyme> Date: Mon, 24 Jan 2000 09:29:00 -0800 (PST) From: sara.shackleton@enron.com To: sshackl@msn.com Subject: SmartPortfolio.Com Update: Markets Sell Off After Early Gains Mime-Version: 1.0 Content-Type: text/plain; charset=ANSI_X3.4-1968 Content-Transfer-Encoding: quoted-printable X-From: Sara Shackleton X-To: sshackl@msn.com X-cc: X-bcc: X-Folder: \Sara_Shackleton_Dec2000_June2001_1\Notes Folders\Sent X-Origin: SHACKLETON-S X-FileName: sshackle.nsf ---------------------- Forwarded by Sara Shackleton/HOU/ECT on 01/24/2000= =20 05:29 PM --------------------------- "SmartPortfolio.Com" on 01/24/2000 04:18:= 13=20 PM Please respond to "SmartPortfolio.Com" To: Sara Shackleton/HOU/ECT@ECT cc: =20 Subject: SmartPortfolio.Com Update: Markets Sell Off After Early Gains The following is a FREE service brought to you by SmartPortfolio.Com, located on the Web at http://www.smartportfolio.com AOL users click here Update January 24, 2000 Monday's Market Update: Markets Sell Off After Early Gains 1. Monday's Market Action 2. Internet and Tech Stocks 3. Notable Earnings Announcements 4. Notable Upgrades and Downgrades 5. Stock Splits 6. IPO Commentary 7. IPOs Trading Monday 8. IPO Calendar ********************** Advertisement ****************************** The IPO Market is Back -- Neoforma.com Soars 302% in Debut! The Smart!IPO Report focuses on promising companies poised for strong IPO returns. Today's performance of Neoforma.com, which was profiled in a recent Smart!IPO Report, is just one example. There are a plenty of hot companies set to go public in coming weeks. Our most recent Smart!IPO Report profiled 6 of them! You can get this report by subscribing to a FREE 2-week trial to the Smart!IPO Report at: http://www.smartportfolio.com/freetrials AOL users click here. ********************************************************************* Need this report sooner? Please remember that you can always read the update on our web site at http://www.smartportfolio.com/update The update is posted at approximately 5:15 PM EST every day. 1. Monday's Market Action $ Change % Change Close Dow Industrials -243.54 -2.16% 11008.17 S&P 500 -39.45 -2.74% 1401.91 Nasdaq -139.32 -3.29% 4096.08 Internet Stock Index -40.38 -4.51% 854.24 Markets gave up early gains and spiraled downward today on heavy volume, as investor fears that the upcoming Fed meeting may lead to an increase in interest rates contributed to a broad-based sell off in stocks. **ALERT: After the markets closed, Walt Disney (NYSE:DIS) announced fiscal first quarter earnings of 25 cents per share, which beat analyst estimates of 20 cents, and also announced that it has named Robert Iger as President & Chief Operating Officer of the entertainment giant, a move that was expected. The music industry was rattled by the announcement of a joint venture between EMI Group plc and Time Warner (NYSE:TWX). The two companies will combine their recorded music and music publishing businesses in a separate company to be called Warner EMI Music. That company will be one of the world's leading music companies, with some of the biggest performing artists on its roster, such as the Rolling Stones, Beatles, Madonna, Eric Clapton, Phil Collins and Spice Girls. Although the roughly $20 billion company will be owned equally by Time Warner and EMI Group, Time Warner will control the entity, which means that America Online (NYSE:AOL) will ultimately run the company if the proposed AOL-Time Warner merger is consummated. Time Warner shares finished lower by 3 1/4 (-3.57%) to 87 7/8, while stocks of other companies that are viewed as possible music industry alliance partners also finished lower, with Walt Disney (NYSE:DIS) off 1/4 (-0.76%) to 32 1/2, News Corp. (NYSE:NWS) down 1 5/8 (-3.74%) to 41 7/8, and Sony Corp. (NYSE:SNE), parent of Sony Music, declining 1 5/8 (-0.69%) to 233 3/8. The stock of another potential partner, Germany's Bertelsmann (BMG), does not trade in the U.S. In another music industry deal, Liquid Audio (Nasdaq:LQID) shares surged 31.64% (up 8 3/16) to 34 1/16 on news the online digital music provider has joined with Microsoft Corp. (Nasdaq:MSFT) to add support for the distribution of Liquid Audio's extensive catalog of songs and music previews in Windows Media (WMA) format. The WMA format, which Microsoft hopes will become the industry standard, is used to encode digital music so it can be sent more quickly over the Internet and take up less space on a hard drive. Microsoft shares closed down 2 1/2 (- 2.41%) today. This Wednesday's Smart!Internet Report will highlight the online music industry, which will include an analysis of the Time Warner-EMI and Microsoft-Liquid Audio deals. To gain access to this report, sign up for a FREE 2-week trial to the Smart!Internet Report at: http://www.smartportfolio.com/freetrial AOL users click here Recent speculation that Dow component Procter & Gamble (NYSE:PG) was pursuing a takeover of both Warner-Lambert (NYSE:WLA) and American Home Products (NYSE:AHP) came to an end today when the consumer products giant announced it has ended its discussions with the drug companies. Warner-Lambert then issued a statement saying it was continuing to explore options, including talks with Pfizer (NYSE:PFE), which has made a $78 billion unsolicited bid for Warner-Lambert, that could lead to a takeover. Shares of Procter & Gamble, which have plummeted since it began pursuing a possible deal with the drug companies, bounced back 7/16 (+0.43%) to 103 1/8 today, which was a positive force on the mostly negative Dow today. Warner-Lambert shares slipped 4 1/4 (- 4.62%) to 87 3/4 and AHP shares sank 5 3/8 (-11.20%) to 42 5/8, while other leading drug companies finished lower, with Merck (NYSE:MRK) down 2 3/16 (-3.02%) to 70 1/4, Schering-Plough (NYSE:SGP) off 2 3/4 (- 6.49%) to 39 5/8, and Johnson & Johnson (NYSE:JNJ) falling 6 3/16 (- 6.88%) to 83 11/16. In other Dow news: -- Intel Corp. (Nasdaq:INTC) shares were sharply higher during the day but then closed up 7/8 (+0.89%) to 98 13/16 on the heels of positive comments from respected computer systems analyst Dan Niles of Robertson Stephens. Niles reiterated his buy rating and $125 price target on Intel, saying the world's leading semiconductor company is performing well in January and should benefit from the expected rebound in PC demand following the recent Year 2000 slowdown. -- General Electric (NYSE:GE) shares were a major catalyst for today's steep decline in the Dow, dropping 6 1/16 (-4.21%) to 138 1/16 after an article in Barrons over the weekend expressed some concerns regarding GE's most recent quarterly financial results. -- AT&T (NYSE:T) shares fell 1 9/16 (-3.00%) to 50 1/2 despite reports that the telecom giant may cut up to 25% of its executive staff. 2. Internet and Tech Stocks For a FREE trial to SmartPortfolio.Com's in-depth analysis of selected Internet stocks, please visit: http://www.smartportfolio.com/freetrial AOL users click here Shares of both Healtheon/WebMD (Nasdaq:HLTH) and Quintiles Transnational (Nasdaq:QTRN) posted big gains today after the two health-related companies announced an acquisition and strategic alliance. First, Healtheon/WebMD will acquire Quintiles' electronic data interchange unit, ENVOY Corporation, for $2.5 billion, which will allow Healtheon/WebMD to process close to 2 billion transactions a year for its healthcare customers. Second, under terms of the strategic alliance, Quintiles will invest up to $100 million in Healtheon/WebMD to develop Web-based products and services targeted at drug development, physician detailing and direct-to-consumer information delivery, while Healtheon/WebMD will be the exclusive provider of Quintiles' Web-enabled services. Healtheon/WebMD shares rose 9.34% (up 5 9/16) to 65 1/8 and Quintiles shares climbed 12.53% (up 3 1/16) to 27 1/2. Shares of Amazon.com (Nasdaq:AMZN) and drugstore.com (Nasdaq:DSCM) stood out in the Internet sector today after the leading online retailer and online drugstore announced an expansion of their business relationship. Under terms of the deal, drugstore.com will be given a shopping "tab" on Amazon.com's site in exchange for $105 million over 3 years. In addition, Amazon.com will invest another $30 million in drugstore.com, which raises its stake in the online drugstore to roughly 28%. Jeff Bezos, founder and CEO of Amazon.com, said in a statement: "We're working to make Amazon.com the only place where you can find anything and everything you might want to buy online -- what you're seeing today is a completely new component of that strategy." In separate news concerning Amazon.com, Goldman Sachs upgraded the online retailer to trading buy from market outperform and reiterated its $140 price target on the stock. Amazon.com shares bolted 12.99% (up 8 1/16) to 70 1/8 and drugstore.com shares surged 20.17% (up 5 7/8) to 35. Most other leading Internet stocks started strong but finished lower, with Yahoo! (Nasdaq:YHOO) sinking 26 11/16 (-7.58%) to 325 1/4, CMGI (Nasdaq:CMGI) down 8 (-6.77%) to 110 1/4, Ebay (Nasdaq:EBAY) off 14 1/8 (-9.39%) to 136 3/8, and priceline.com (Nasdaq:PCLN) declining 5.61% (down 3 9/16) to 59 15/16. CompUSA (NYSE:CPU) shares bolted 41.67% (up 2 13/16) to 9 9/16 after Grupo Sanborns SA de CV, a Mexican retailing company, announced plans to acquire the U.S. #1 computer retailer for $10.10 per share in a cash tender offer. Grupo Sanborns said in a statement that it expected Telefonos de Mexico (NYSE:TMX), Microsoft Corp. (Nasdaq:MSFT) and SBC Communications (NYSE:SBC) to be minority investors in the company. Level 3 Communications (Nasdaq:LVLT) announced a major acceleration and expansion of its business plan, saying it would spend $3.5 billion in capital expenses in 2000 and $2.5 billion in 2001 to build out its global fiber-optic networks. Level 3 shares closed up 2 3/8 (+2.15%) to 112 7/8. In a strange trading pattern, shares of Enzo Biochem (NYSE:ENZ) were all over the map today, rising as high as 139 before ending the day down 44 (-36.07%) to 78. Despite the gyrations in stock price, there was no notable news concerning the bio-tech company. Other big movers in the tech sector included: -- MP3.com (Nasdaq:MPPP), down 1/2 (-1.69%) to 29 1/8 on heavy volume after the online music service provider announced late last week it is being sued by an industry trade group alleging breach of copyright. -- Lexmark Intl. (NYSE:LXK), up 12 1/64 (+14.93%) to 92 1/2 after reporting better than expected fourth quarter earnings and giving a positive outlook for 2000 -- Avista Corp. (NYSE:AVA), soaring 15.16% (up 7 1/8) to 54 1/8 after announcing its business-to-business (B2B) affiliate landed contracts with CVS (NYSE:CVS), Home Depot (NYSE:HD), Staples (Nasdaq:SPLS), and Time Warner (NYSE:TWX); -- Siliconix (Nasdaq:SILI), rising 56 3/4 (+34.66%) to 220 1/2 after the electronics component maker reported blow-out earnings and strong revenue growth. -- PMR Corp. (Nasdaq:PMRP), surging 109.09% (up 3) to 5 3/4 on news of a financial restructuring and a venture capital investment that will be used to finance its new Internet health care information subsidiary. Leading Internet and tech stocks performed as follows: Company $ Change % Change Close Amazon (Nasdaq:AMZN) +8 1/16 +12.99% 70 1/8 America Online (NYSE:AOL) -2 7/8 -4.44% 61 7/8 Commerce One (Nasdaq:CMRC) +1 11/16 +0.85% 199 11/16 Cisco (Nasdaq:CSCO) -6 3/16 -5.37% 109 1/16 CMGI (Nasdaq:CMGI) -7 5/8 -6.45% 110 5/8 Dell (Nasdaq:DELL) -2 3/16 -5.00% 41 9/16 Ebay (Nasdaq:EBAY) -14 1/8 -9.39% 136 3/8 ExciteAtHome (Nasdaq:ATHM) -2 -4.97% 38 1/4 Exodus (Nasdaq:EXDS) -8 15/16 -6.48% 128 15/16 Intel (Nasdaq:INTC) +7/8 +0.89% 98 13/16 Juniper (Nasdaq:JNPR) -8 9/16 -5.71% 141 3/8 Lucent (NYSE:LU) +1 1/8 +2.13% 53 7/8 Microsoft (Nasdaq:MSFT) -2 1/2 -2.41% 101 1/4 Oracle (Nasdaq:ORCL) -5 1/2 -9.21% 54 3/16 Schwab (NYSE:SCH) -1 5/8 -4.22% 36 7/8 Qualcomm (Nasdasq:QCOM) -14 7/8 -9.60% 140 1/16 Qwest (NYSE:Q) -3/4 -1.81% 40 3/4 Yahoo (Nasdaq:YHOO) -27 5/8 -7.85% 324 5/16 3. Notable Earnings Announcements For a calendar of recent and upcoming earnings announcements, visit: http://www.smartportfolio.com/earnings.asp AOL users click here **ALERT: After the markets closed, Texas Instruments (NYSE:TXN) reported fourth quarter profits of 51 cents per share, which beat analyst estimates of 47 cents. The following Dow components reported earnings today: -- Eastman Kodak (NYSE:EK) reported that its fourth quarter earnings increased by 21% compared to the year ago period to finish at $1.27 per share, which beat First Call consensus estimates of $1.24 per share. The leading U.S. film manufacturer attributed the favorable results to sales growth and efforts to cut costs. Kodak shares rose 1 5/16 (+2.16%) to 62 1/16. -- American Express (NYSE:AXP) posted profits of $1.33 per share, which was in line with First Call consensus estimates. The company also announced that its board of directors approved a 3-for-1 stock split. Shares of the financial services company fell 3/8 (-0.25%) to 151 5/16. Bristol-Myers Squibb (NYSE:BMY) announced its fourth quarter profits rose 16% to 52 cents per share due to strong drug sales. The results beat First Call consensus estimates of 51 cents. Shares of the #3 U.S. drug maker dipped 2 1/2 (-4.09%) to 58 11/16. Two leading local telephone companies reported fourth quarter earnings today: -- Bell Atlantic Corp.'s (NYSE:BEL) earnings came in at 77 cents per share, which matched First Call consensus estimates. Shares of the company, which is set to buy GTE Corp. (NYSE:GTE), edged up 1/16 (+0.10%) to 60 1/8. -- BellSouth Corp.'s (NYSE:BLS) profits rose 21% to 53 cents per share, which was just ahead of First Call consensus estimates of 52 cents. Shares of the Southeastern U.S. local telephone operator fell 1 1/8 (- 2.39%) to 45 15/16. Ralston Purina Co. (NYSE:RAL) reported fiscal first quarter earnings of 64 cents per share, which was well ahead of First Call consensus estimates of 48 cents. Shares of the pet food maker rose 5/16 (+1.16%) to 27 1/4. ********************** Advertisement ****************************** Sponsored by Investorplace.com FREE REPORT names 50 Internet stocks doomed to fail in the next 12 months, and gives details on the handful that are heading for HUGE profits in the months ahead. http://www.enlist.com/cgi-bin/re/www_PPI-ORDERS_com1 ********************************************************************* 4. Notable Upgrades and Downgrades For full coverage of today's upgrades, downgrades and coverage initiations, please click on the appropriate links below: -- Upgrades - http://www.smartportfolio.com/upgrades.asp AOL users click here Amazon.com (Nasdaq:AMZN) was upgraded by Goldman Sachs to trading buy from market outperform. See related story above. Compaq Computer (NYSE:CPQ) was upgraded by Donaldson, Lufkin & Jenrette (DLJ) to buy from market perform. Shares of the computer maker rose 1 1/8 (+3.60%) to 32 3/8. Mitel Corporation (NYSE:MLT) was upgraded by Merrill Lynch to near-term accumulate from near-term neutral. Shares of the semiconductor manufacturer closed down 3/16 (-1.13%) to 16 3/8. Ryerson Tull (NYSE:RT) was upgraded by Bear Stearns to buy from neutral. Shares of the steel processor and distributor gained 1 5/16 (+7.87%) to 18. Mercury Computer (Nasdaq:MRCY) was upgraded by Prudential Securities to strong buy from accumulate. Shares of the computer systems manufacturer dropped 2 3/4 (-8.15%) to 31. Occidental Petroluem (NYSE:OXY) was upgraded by PaineWebber to buy from attractive. Shares of the crude oil and natural gas giant dropped 15/16 (-4.32%) to 20 3/4. Ericcson (Nasdaq:ERICY) was upgraded by Lehman Brothers to buy from outperform. Shares of the telecommunications company gained 1 (+1.50%) to 67 3/4. Credit Suisse First Boston (CSFB) upgraded Sysco Corporation (NYSE:SYY) to buy from hold. Shares of the largest marketer and distributor of food service products in North America closed down1 1 1/2 (-4.32%) to 34. -- Downgrades - http://www.smartportfolio.com/downgrades.asp AOL users click here DLJ downgraded two oilfield services companies to market perform from buy. Shares of BJ Services (NYSE:BJS) dropped 1 7/8 (-4.09%) to 44 after DLJ downgraded the provider of pressure pumping and other oilfield services, and shares of Ensco Internationl (NYSE:ESV) dropped 2 1/16 (-7.55%) to 25 1/4 following DLJ's downgraded of the international offshore contract drilling company. Columbia Laboratories (NYSE:COB) was downgraded by Banc of America Securities to buy from strong buy. Shares of the pharmaceutical company edged lower by 9/16 (-8.04%) to 6 7/16. -- Coverage Initiation http://www.smartportfolio.com/initiated.asp AOL users click here Goldman Sachs initiated coverage of several Latin American telecommunications companies, putting on its recommended list Compania Anonima Nacional (NYSE:VNT), which gained 1/8 (+0.50%) to 24 15/16, Telecom Argentina STET (NYSE:TEO), which rose 1/8 (+0.33%) to 37 9/16, and Telefonos de Mexico (NYSE:TMX), which dropped 2 1/2 (-2.21%) to 110 1/2. PPG Industries (NYSE:PPG) was initiated by JP Morgan with a buy rating. Shares of the chemicals and materials manufacturing company dropped 5/8 (-1.07%) to 58. Morgan Stanley initiated coverage of two computer services companies with outperform ratings. Shares of Insight Enterprises (Nasdaq:NSIT) edged lower by 5/8 (-1.69%) to 36 1/4, while shares of CDW Computer (Nasdaq:CDWC) fell 1/4 (-0.38%) to 65 7/8. Lehman Brothers initiated coverage of several automobile companies, including Toyota (NYSE:TM) with a neutral rating, Nissan (Nasdaq:NSANY) with a neutral rating and Honda (NYSE:HMC) with a buy rating. Shares of Toyota rose 1 1/16 (+1.24%) to 86 15/16, shares of Nissan dropped 1/2 (-5.19%) to 9 1/8, and shares of Honda fell 1 5/16 (-1.84%) to 70 3/16. Art Technology Group (Nasdaq:ARTG) was initiated by CSFB with a strong buy rating. Shares of the e-commerce software manufacturer jumped 15 7/8 (+12.67%) to 141 1/8. 5. Stock Splits To obtain the latest information on stock splits, please visit: http://www.smartportfolio.com/splits AOL users click here This chart shows the companies that will split their shares during the next 5 business days. The "Pay" column shows the payable date. The "Ex" column refers to the ex-date, the date on which the stock begins to trade at its split-adjusted price. The ratio refers to the number of split shares stockholders will receive (a 2:1 ratio means that stockholders will receive one additional share for each share they already hold). Company Pay Ex Ratio Copart (Nasdaq:CPRT) 1/24 1/25 2:1 MicroStrategy (Nasdaq:MSTR) 1/26 1/27 2:1 Morgan Stanley Dean Witter (NYSE:MWD) 1/26 1/27 2:1 SurgiLight (Nasdaq:SRGL) 1/26 1/27 2:1 Razorfish (Nasdaq:RAZF) 1/27 1/28 2:1 CYTYC (Nasdaq:CYTC) 1/28 1/31 2:1 Forward Air (Nasdaq:FWRD) 1/28 1/31 3:2 Human Genome (Nasdaq:HGSI) 1/28 1/31 2:1 6. IPO Commentary The IPO market is back in action, with a host of companies going public this week. This week's Smart!IPO Report presented in-depth analyses of 6 upcoming IPOs =0F- we provided a detailed description of their businesses and the industries in which they operate and then we identified specific success factors for why we believe they are likely to be strong performers. On Monday, the 2000 IPO market started off just as the 1999 IPO market came to an end: business-to-business IPOs are still in high demand. Shares of Neoforma (Nasdaq:NEOF), an online marketplace for medical supplies, exploded over 300%. Subscribers to the Smart!IPO report were notified of Neoforma's excellent potential in a recent issue. The pipeline for the remainder of this week as well as for the next several weeks is full of companies that are focusing on the business-to-business area as well as the Internet infrastructure space. For a full analysis on those companies expected to outperform, subscribe to a FREE 2-week free trial at: http://www.smartportfolio.com/freetrial AOL users click here. 7. IPOs Trading Monday Neoforma.com (Nasdaq:NEOF) - Provider of business-to-business e- commerce services for medical products, supplies and equipment. Price: 13 Open: 39 7/8 High: 60 15/16 Close: 52 3/8 Change: + 39 3/8 (+302%) 8. IPO Calendar For a calendar of upcoming IPOs and extensive information concerning the IPO market, please visit: http://www.smartportfolio.com/ipo AOL users click here. Expected: JAN24-25 Regent Communications Inc (NASDAQ:RGCI) A radio broadcasting company focused on acquiring, developing and operating radio stations in small and mid-sized markets. Expected: JAN24-25 Atlas Pipeline Partners LP (AMEX:APL) Formed to acquire natural gas pipeline gathering systems owned by Atlas America and Resource Energy. Subsidiary of Resource America, Inc. (NASDAQ:REXI) Expected: JAN25-26 T/R Systems Inc (NASDAQ:TRSI) Designs, develops and markets digital document processing and printing systems, consisting of proprietary software and hardware, for the print-on-demand market. Expected: JAN25-26 Extensity Inc (NASDAQ:EXTN) Provider of Internet-based workforce optimization software applications designed to improve the productivity of employees across the enterprise and to enhance enterprise operating efficiency. (INTERNET) Expected: JAN25-26 724 Solutions Inc (NASDAQ, TORONTO:SVNX, SVN) Provider of an Internet infrastructure solution to financial institutions. (INTERNET) Expected: JAN26-27 Packaging Corporation of America (NYSE:PKG) Producer of containerboard and manufacturer of corrugated packaging products. Expected: JAN26-27 interWAVE Communications International Ltd (NASDAQ:IWAV) Provider of compact wireless communications systems using GSM, an international standard for voice and data communications. Expected: JAN26-27 Sequenom Inc (NASDAQ:SQNM) A pioneer in the new field of industrial genomics, the large scale commercial use of the knowledge of DNA variations for improving health, agriculture and livestock. Expected: JAN26-27 Jeremy's Microbatch Ice Creams Inc (NASDAQ SC, BSE:JMIC, JMI) Develops, markets and sells super-premium ice cream. Expected: JAN26-27 HealthGate Data Corp (NASDAQ:HGAT) Internet provider of healthcare information helping healthcare professionals, patients and consumers make better informed healthcare decisions. (INTERNET) Expected: JAN26-27 John Hancock Financial Services Inc (NYSE:JHF) One of the nation's leading financial services companies, providing a broad array of insurance and investment products and services to retail and institutional customers. Expected: JAN27-28 NATCO Group Inc (NYSE:NTG) Provider of wellhead equipment, systems and services used in the production of oil and gas. Expected: JAN27-28 Aspect Medical Systems Inc (NASDAQ:ASPM) Develops, manufactures and markets anesthesia-monitoring systems that enable anesthesia providers to assess levels of consciousness and administer the appropriate amount of anesthetics during surgery. Expected: JAN27-28 Precis Smart Card Systems Inc (NASDAQ SC:PSPS) Develops and markets commercial software products used with a technology commonly referred to as "smart cards." Expected: JAN27-28 Intellesale.com Inc (NASDAQ:SALE) Sells refurbished and new computer equipment and related components through its website at www.Intellesale.com as well as through traditional channels. (INTERNET) Expected: JAN27-28 Cropking.com Inc (NASDAQ SC:CROP) Designs, develops, manufactures, markets and sells proprietary, commercial hydroponic products and systems, and related technology, equipment and supplies, to customers in the United States and abroad for the commercial year-round production of high value, specialty, disease and pesticide-free plant and floral crops. (INTERNET) Expected: JAN27-28 Caminus Corp (NASDAQ:CAMZ) Provider of software solutions and strategic consulting services to participants in energy markets throughout North America and Europe. Expected: JAN27-28 ST Assembly Test Services Ltd (NASDAQ:STTS) Lead Underwriter: Salomon Smith Barney Inc An independent provider of a full range of semiconductor test and assembly services. Expected: JAN27-28 Turnstone Systems Inc (NASDAQ:TSTN) Provider of loop management solutions that enable local exchange carriers to rapidly deploy and efficiently maintain Digital Subscriber Line, or DSL, services. (INTERNET) Expected: JAN27-28 L90 Inc (NASDAQ:LNTY) Provider of online advertising and direct marketing solutions for advertisers and Web publishers. (INTERNET) ********************** Advertisement ****************************** The IPO Market is Back -- Neoforma.com Soars 302% in Debut! The Smart!IPO Report focuses on promising companies poised for strong IPO returns. Today's performance of Neoforma.com, which was profiled in a recent Smart!IPO Report, is just one example. There are a plenty of hot companies set to go public in coming weeks. Our most recent Smart!IPO Report profiled 6 of them! You can get this report by subscribing to a FREE 2-week trial to the Smart!IPO Report at: http://www.smartportfolio.com/freetrials AOL users click here. ********************************************************************* ********************************************************************* PLEASE GIVE US YOUR FEEDBACK If you have any additional information that you would like us to include in our newsletter, any additional functionality added to our website, or any other comments in general, please let us know by clicking on the following link: http://www.smartportfolio.com/feedback ********************************************************************* ********************************************************************* ADVERTISE IN OUR NEWSLETTER Want to target an attractive demographic representing wealthy, astute, Internet-inclined investors? 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