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            B R E A K F A S T   W I T H   T H E   F O O L
                     Wednesday, October 25, 2000

benjamin.rogers@enron.com
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"It's kind of fun to do the impossible."-- Walt Disney


NORTEL'S THIRD QUARTER
Nortel Networks reports its Q3 results, with revenues and
earnings both growing.

By LouAnn Lofton

Nortel Networks (NYSE: NT) announced third-quarter results
yesterday after the market's closing bell. The company met
earnings expectations, but perceived top-line growth weakness
sent shares of the Canadian telecommunications company
plummeting as much as 20% in after-hours trading.

Nortel's income from operations, which excludes certain
acquisition costs, was $574 million, or $0.18 a share. In last
year's third quarter, the company's operating income was $314
million, and earnings per share (EPS) was $0.11. Analysts as
polled by First Call/Thompson Financial were looking for $0.17 a
share.

Revenues for Nortel increased 42% over last year's $5.15 billion
to $7.31 billion. Many analysts, though, were looking for
Nortel's revenues to come in between $7.5 and $7.63 billion. It
was this "shortfall" that sent Nortel's shares down in
after-hours trading.

Nortel saw its strongest growth from its optical networking
business, where revenues grew by 90% compared to last year. Its
wireless Internet solutions business also did very well, with
revenues up 50% in this quarter versus the year-ago quarter.

The company reiterated that it sees its revenue growth for 2000
in the low-40% range. It raised its target for EPS from
operations growth to the same range as revenue growth, up from
the previously expected high-30% level.

John Roth, Nortel's president and chief executive officer, said,
"We are extremely pleased with the strong growth in the quarter,
which reflected our continued strength and leadership in the key
growth areas of Optical Internet, Wireless Internet, Local
Internet and eBusiness Solutions. Carriers and service providers
around the world continued the drive to provide a broad range of
wireless, internet and eBusiness services to their customers."
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AFTER-HOURS COVERAGE

AMAZON'S SOLID THIRD QUARTER
By LouAnn Lofton
E-commerce company Amazon.com reported its third-quarter results
today after the bell. Its pro forma net loss widened, but the
company's revenues and loss per share came in ahead of
expectations. Other positives included a growing gross margin,
key expenses shrinking, and an expanding customer base. The
company also used less cash in its operations for the quarter
than it did last year. This hurdle behind it, all eyes now turn
to the all-important holiday shopping season.
FULL STORY>>
http://www.fool.com/m.asp?i=167606

SIEBEL KEEPS ROCKIN'
By Mike Trigg
CRM juggernaut Siebel Systems announced great earnings tonight.
The results were a reflection of the company's dominance in the
fast-paced software space. Again, it showed excellent traction
in the middle-market and abroad, which will be major growth
drivers down the road.
FULL STORY>>
http://www.fool.com/m.asp?i=167607

EXCITE@HOME'S THIRD QUARTER
By Nico Detourn
The company added a record number of subscribers during the
quarter, which added plausibility to its ambitious year-end sub
target. But finding a new CEO, and its relationship with AT&T,
may have more influence on near-term perception of the company
than will the details its operational performance.
FULL STORY>>
http://www.fool.com/m.asp?i=167608
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NEWS TO GO

Compaq Computer (NYSE: CPQ) reported third-quarter results
yesterday after the market's close. The computer maker said that
net income for the quarter, including an investment gain, was
$550 million, or $0.31 a share. Minus the gain, Compaq earned
$0.30 a share, which was ahead of analysts' expectations by a
penny. Sales grew 22% to $11.2 billion. Michael Capellas,
Compaq's chief executive officer, said, "Our revenue was the
highest in Compaq's history." In a conference call, Compaq CFO
Jesse Greene said that the weak euro will negatively impact
Compaq's fourth-quarter results by up to $100 million in pre-tax
profits. Compaq now expects earnings per share in the fourth
quarter to be about $0.37, below the current estimate of $0.41.

Chip maker LSI Logic (NYSE: LSI) announced third-quarter
earnings yesterday. Net income, excluding special items, more
than doubled to $114 million, from $55 million last year. On a
per-share basis, LSI Logic earned $0.33, compared to $0.17 in
the year-ago period. The consensus estimate according to First
Call/Thompson Financial for LSI Logic's third period was $0.32.
Revenues at the company increased 35% to $728 million. Wilfred
Corrigan, LSI's chief executive officer, said the company is
comfortable with fourth-quarter estimates of $0.36 a share.

Long-distance telephone company AT&T (NYSE: T) reported
third-quarter results this morning. Earnings, excluding onetime
items, fell 12% to $1.44 billion, or $0.38 a share, from $1.63
billion, or $0.50 a share, last year. Analysts were expecting
$0.36 a share. AT&T's sales rose 4% to $16.98 billion. Strong
wireless and data sales were overshadowed by AT&T's declining
sales of its long-distance services to residential customers.
Sales to consumers fell 11%, while corporate sales increased
2.5%. AT&T also announced that, as rumored, it will break up
into four smaller companies. The restructuring is expected to be
done in 2002.

Entertainment and media company Viacom (NYSE: VIA) announced
third-quarter earnings this morning. Viacom's net income was $33
million, down from last year's $97 million. On a per-share
basis, Viacom earned $0.02, compared to $0.14 in the year-ago
period. Analysts had expected Viacom to lose $0.02 a share.
Sales at the company grew 79% to $6 billion from $3.3 billion
last year. Higher taxes and costs associated with the company's
purchase of CBS affected results, though Viacom did see strong
advertising revenue growth.

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http://www.fool.com/m.asp?i=167609
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EDITORS' PICK

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looks at the booming hands-free communication industry and its
impact on headset makers.
http://www.fool.com/m.asp?i=167610
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