Well the Fed didn't and immediately everyone started speculating about
August. The Nasdaq acted well up over 80 although it lost some ground in the
last half hour (down over 30). The Dow and the S&P had some gains but lost
everything in the last hour - Dow closing up 23 (was up over 90) and S&P up
4 (was up 13)... news of the day centered around QCOM (Qualcomm) and talk of
problems in Korea (a major profit center) - the stock had an intra-day swing
of 10 to close nearly unchanged; ERICY (LM Eric Tel) was up 3 1/2% while NOK
(Nokia) was down 4 1/2% meanwhile in telco land - WCOM (Worldcom) was up 12%
on analyst comments while the ex-fiancee FON (Sprint Fon Grp) was down over
9%, T (AT&T) was down chips were ho hum TXN (Texas Instruments) down small,
MOT (Motorola) down 2%, INTC (Intel Corp) even, AMD (Advanced Micro Devices)
down 5%; it wasn't all bad in tech with MCRE (Metacreations) up 11%, HWP
(Hewlett-Packard) and AAPL (Apple Computer) up over 5%, SUNW (Sun
Microsystems) up 3%, GE (General Electric) up 2% but IBM,  MSFT (Microsoft)
and ORCL (Oracle) were about even. In the CEUT Universe: Mr. Bezos continued
his strong defense of AMZN* (Amazon) against negative analyst comments at
the PC Expo and CNBC - the stock moved slightly to the positive.... MANU*
(Manugistics) up over 7 on positive announcement on a collaboration with GE,
ITWO* (I2 Technologies) was down 2 and PSDI (Project Software) was up 2...
SSTI* (Silicon Storage) continued its fall - down 6 and KOPN* (Kopin) and
MTLK* (Metalink Ltd) were both down over 4 1/2, ZRAN* (Zoran) up 2... JDSU*
(JDS Uniphase) up 3..... BRCD* (Brodcade Communications) up over 10....
PROX* (Proxim) up over 7 while GOAM (Goamerica) came in hard - down 18% (it
had that strong run up).... MERQ (Mercury Interactive) and MUSE* (Micromuse)
up over 5....TMPW* (TMP Worldwide) up over 1 1/2.... SIRI+ (Sirius
Satellite) up over 2,  DISH+ (Echostar Communications) down over 2, GSTRF+
(Globalstar Communications )up small on muted reaction to their unexpectedly
taking the line of credit, GMH* (General Motors H) continued it's fall down
2 1/2 - its splits tomorrow, XMSR (XM Satellite) up over 2, SPOT (Panam Sat)
up over 1... JBL* (Jabil Circuit) up 1, SIMG* (Silicon Image) up over 1
1/2... WCII* (Winstar Communications) up over 1.... In IPOland - what a
difference a day makes - Geniuty (GENU) - an e-business net infrastructure
co. had a tough debut  - falling 14% and prompting one IPO site to issue an
apology of sorts for recommending the issue - pundits blamed the size of the
deal as leading to the problems (70% of the shares traded).  Coming today -
Virage Inc. (VRGE) - soft for video over net - priced mid range; ACCD -
Accord Networks - network for real-time communcications. - priced mid range.

Palm - beat # but problems with a chip.

Larry Ellison - taking heat for spying on MSFT (he defends action).

Deut T - bond deal went well/ interested in FON?/

SpeechWorks - 2 new products - voice recong. apps for net.

Cabletron - bigger loss.

RealNetworks and Nokia - team for music and video over phone.

YHOO - buys eGroups (mail).

Six Airlines team to offer discount tickets via net - watch out Priceline.

Priceline - launching Priceline Europe/ Also - is Vulcan selling their
shares?/

IBM - built fastest computer ever for Engergy Dept.

Australian Treasury Dept - hack attacked.

Richard Li - CyberWorks tycoon - lauches billion dollar backed "Network of
the World" - produce interactive ent. (games etc) and net access via phone,
TV or PC.

Survey - 5,000 dot com jobs gone since Dec.

Deut T's T mobile unit - suvey of users shows WAP isn't catching on.

Topps - special ecard (baseball cards) over net.

Telefonica - Villalonga still Chairman - what scandel?

Czech ISP - gets $2.4  million from Siemens and others.

Nokia - opening office in Israel to form VC ventures.

Former lead banking analyst for UBS censured and fined for starting rumors.

Ebay* - revamp auto site.

M & M's Plain - new name M & M's Milk Chocolate

Prodigy - moving from NY to Texas - also executive shifts.

Icebox.com - in hot water for racist cartoon.

TYC buys MKG.

VSAT+ replacing Sports Auth. (TSA) in S&P Small Cap 600.

Smartmoney - Invesco Fund Manager names GMH* as top pick.

EXDS - double size of bond issue.

CPQ - new ibook inspired laptop - Presario 1400.

Steve Young - ex-football star starting Utah based VC firm - First Light
Ventures.

Pixo - wireless soft for phones - offering new employees all expenses paid
week in Hawaii.

WSJ Heard - WCOM deal demise - not a surprise.

MP3.com - device to provide music in many business settings - while you
work, when people on hold...

AOL - class action suit by people who subscribe by the hour (not a huge %) -
why should we pay to watch ads?

GLW - expanding photonics plant 700 new jobs.

INTC - Williamette - chip now called Pentium IV.

Zoran* - buys sensor co. Pixelcam.

MMG - buys 70% stake in Romanian ISP.

Fortune Mag. - best co. for minorities - Advantica (DINE) - yes the people
who own Denny's

There is talk: NTT for WCOM?/ HLIT in play?/  PXD in play/

C.E. Unterberg Towbin: Futurlink secondary today/ Infovista in Boston.

The information contained herein is obtained from sources we believe to be
reliable but its accuracy and completeness, and that of the opinions based
thereon, are not guaranteed. C.E. Unterberg Towbin, or one or more of its
partners, may have a position in any of the securities discussed herein. All
rights reserved by C.E. Unterberg Towbin. May not be reproduced in whole or
in part without prior written authorization. This report is not an offer to
sell or solicitation of an offer to buy the securities mentioned herein.
*C.E. Unterberg Towbin makes a market in this security and/or has analyst
coverage.
+C.E. Unterberg Towbin makes a market in this security and has been involved
in a recent financing.
_____________________________
Bram Towbin
C.E. Unterberg Towbin
10 East 50th Street
New York NY 10022

Telephone: 212 572 8163
Fax: 212 759 4032
Btowbin@unterberg.com
www.unterberg.com


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