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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 24, 2000

benjamin.rogers@enron.com
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"He that maketh haste to be rich shall not be innocent."
-- Proverbs 28:20


ACTIVISION LANDS HIGH SCORE
Activision tops estimates. Game on!

By Rick Aristotle Munarriz

The game's afoot for software specialist Activision (Nasdaq:
ATVI). The popular video game maker trounced analyst estimates
like a Quake baddie in one of its console ports.
http://www.lnksrv.com/m.asp?i=165621

Earnings more than quadrupled to $0.17 a share, a stunning eight
cents above Wall Street projections. Revenues climbed by 25% to
$144.4 million with the peak holiday shopping season right
around the corner.

But, as we noted last week, delays in mass shipments of the
highly anticipated PlayStation 2 might hose down some of that
red-hot momentum with the video game powerhouses. Without enough
systems to meet seasonal demand, and few gamers willing to
stockpile games for platforms on the way out, how will
Activision perform?
http://www.fool.com/m.asp?i=165622

The company is now hiking its annual bottom-line forecast by
seven cents to $0.63 a share. The only problem is that the
company used up eight of those upwardly revised coppers this
past quarter. That means that the game maker is looking to fall
a penny short in either the December or March reporting period.

That might happen later rather than sooner. Since mid-September
the company's Tony Hawk's Pro Skater 2 has been the top-selling
title for the top-selling PlayStation system. While we are now
just two days away from the PlayStation
2 launch, the extreme skating title should continue to roll
along nicely in the near term.

Activision -- the subject of StockTalk last April -- is the
country's second-largest developer of game console software,
behind only Electronic Arts (Nasdaq: ERTS). The company is
looking for flat growth over the year ahead but a 50% spike come
calendar year 2002.
http://www.fool.com/m.asp?i=165623

So the past looks great. The long-term appears equally aglow.
It's the near-term that might have investors fumbling for the
pause button.
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NEWS TO GO

Winning the battle but Lucent (NYSE: LU) the war, the
telecommunications titan reported earnings of $0.18 a share, a
penny above estimates. The problem? Analysts were looking for a
$0.29 showing before the company gave Wall Street downward
guidance due to soft equipment sales. That prompted the bar
being lowered to a height of $0.17 a share. Over the weekend,
the company's board of directors fired its CEO. Reserve the
right to do the same to anyone who naively tells you that Lucent
is back on track because it topped fourth-quarter projections.
http://www.fool.com/m.asp?i=165624
http://www.fool.com/m.asp?i=165625

Twenty-five million Welcomes. This morning America Online (NYSE:
AOL) announced that it reached the 25 million subscriber mark
for its namesake online service. It was simply a matter of time
-- and of scatter software marketing -- since the company had
announced that it had 24.6 million users at the end of the
September quarter. On the merger front, today's Wall Street
Journal is reporting that the review deadline for its Time
Warner (NYSE: TWX) acquisition has been extended by two weeks.
The stateside antitrust authorities continue to ponder the
ramifications of the mega media merger.

National Semiconductor (NYSE: NSM) is laying its chips on the
table and the stock is falling as it may. The company has warned
that its second and third quarters might fall short of its
fiscal first-quarter showing. The company earned $0.76 a share
on $640 million in revenues for the period.

It was another "pfine" quarter for Pfizer (NYSE: PFE). The
pharmaceuticals powerhouse reported earnings of $0.27 a share on
revenues of $7.2 billion. The results came in two cents ahead of
expectations. For the year, the company is comfortable with
targets of $30 billion in revenue and $1.01 a share in earnings.

Check out yesterday's Foolish market wrap-up with just one click.
http://www.fool.com/m.asp?i=165626
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EDITOR'S PICK

In the midst of the "Subway Series," the Fool's Phil Weiss
evaluates Lucent's performance this past year in baseball terms.
http://www.fool.com/m.asp?i=165627
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