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            B R E A K F A S T   W I T H   T H E   F O O L
                    Tuesday, October 17, 2000

benjamin.rogers@enron.com
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"Things could be worse. Suppose your errors were counted and
published every day, like those of a baseball player." --
Anonymous


BROADVISION SAYS, "THANK YOU, PAINEWEBBER"
BroadVision lands on the S&P 500. Index fund managers set
phasers to &"Buy."

By Rick Aristotle Munarriz

"Thank you, PaineWebber!"

That's the heartfelt gratitude coming from the BroadVision
(Nasdaq: BVSN) camp this morning after the e-commerce software
specialist was named the latest addition to the S&P 500.

The vacancy sign lit up after German financial titan UBS (NYSE:
UBS) agreed to acquire index member PaineWebber (NYSE: PWJ), the
fourth-largest domestic brokerage services company. The
transition will take place on Monday.

In a world where quality companies are acquired or fade away,
next week's index adjustment is hardly a rare event. Turnover
comes with the territory. There have been 178 company changes
within the S&P 500 over the pas five years, with no less than
two dozen switches in any given year during that time.
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The process isn't that far removed from such events as getting
into a hot New York City nightspot during peak party hours or
landing Green Bay Packers season tickets. Someone has to bow out
first, by will or misconduct, and then the thorough selection
process begins. Making it to the end of the velvet rope or the
top of the waiting list is an honor. While BroadVision's shares
are nearly 75% off their March highs, the index inclusion
provides some sort of market validation.

Since the S&P 500 is a weighted index, BroadVision's new role
may seem inconsequential. The stock will make up just 0.05% (or
1/2,000th) of the index's total market capitalization. But the
numbers add up in a hurry. With speculators trying to jump the
gun before the index-based vehicles adjust their portfolios, the
buy orders should be streaming in this week. For instance, the
$105 billion Vanguard 500 Index Fund alone will have to buy up
at least a $50 million stake in BroadVision come Monday.

So PaineWebber, whose mutual funds were ranked 100 out of 101
fund families by SmartMoney this year, finally found a way to
enrich investors -- BroadVision's shareholders.
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NEWS TO GO

Earning disappointments are a disease and McAfee (Nasdaq: MCAF)
has the cure. The anti-virus software company reported a
narrower loss than expected (before non-cash charges) on an 86%
spike in revenues. Users have taken to safe computing as a
result of well-publicized viral outbreaks such as the "I Love
You" virus earlier this year. Traffic at the McAfee site has now
grown to 400,000 daily, and the company has lined up 650,000
paying subscribers. McAfee is majority-owned by Network
Associates (Nasdaq: NETA), which also announced
better-than-expected earnings.

From a whisper number to a scream, shares of chip maker Altera
(Nasdaq: ALTR) should open lower this morning after the company
reported third-quarter results. While the $0.28-a-share showing
was in line with estimates, it came a penny shy of Wall Street's
whisper number. If no one wants to step in and pick up shares at
half the price they were fetching just last month, Altera will.
The company doubled its buyback plans from 24 million shares to
48 million. That means that as much as 9% of the outstanding
stock might be bought back in the open market.
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Drive-in theaters might have become flea market stomping
grounds, but drive-in restaurants are motoring.
Burger-to-your-car chain Sonic (Nasdaq: SONC) closed out a
strong fiscal 2000 with earnings of $1.75 a share. The fast-food
firm earned $1.41 the year before. Unit production remains
lettuce-crisp. Sonic has grown same-store sales for 14
consecutive years now.

Merrill Lynch (NYSE: MER) reported analyst-topping earnings
despite a slowdown in its investment banking division. Earnings
climbed by 52% to $0.94 a share -- eight pennies above projections.
With tensions running high given recent market volatility, the
company was able to grow commissions to 26% of quarterly revenues.
In boxing terms, this is a TKO.

Historians marvel at Galileo, and now Marvell Tech (Nasdaq:
MRVL) wants Galileo Tech (Nasdaq: GALT). In a $2.7 billion
proposed stock swap, Marvell will offer 0.674 of a share for
each share of the Israeli semiconductor company. Though the
original Galileo -- 17th century Italian philosopher and
astronomer Galileo Galilei -- was an independent thinker,
Galileo Tech will no longer be an independent company.

Check out yesterday's Foolish market wrap-up with just one click.
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EDITOR'S PICK

David Braze (a.k.a. Mr. Data Sleuth) uncovers facts that
indicate you should be skeptical of financial assertions
unaccompanied by supporting data -- regardless of the source.
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