In today's edition of the Daily Update, Multex Investor director of
investment research Marc Gerstein explains the math and the theory
behind stock prices, and explains why investors should at least know the
basics before buying. Also, equity research columnist Ben Mattlin
discusses a pair of wireless telecom stocks that may be potential
bargains.

Also today, we feature a couple of broker reports on networking stocks
as well as a report from Morgan Stanley on Network Associates (NETA),
which readers can access free of charge by registering for the firm's free
research trial. See below.

Our NetScreen center helps novice, as well as more experienced
investors develop investment ideas. Click below to see how:
http://www.multexinvestor.com/BuzzPage.asp?target=stocks/advisor/home&DocID=509&nd=0123

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Below
--------

- Investment ideas
- Broker and third-party research
- Online advice and chats
- Free and sponsored reports


Investment ideas
-----------------------------------------

1. INVESTING STRATEGIES
Why $30 and not $130?
Buying stocks without knowing why prices are what they are is
dangerous to your financial health.

By Marc Gerstein, director of investment research

Here's the moral of the story. You should always, always, always, always
be able, in your mind, to construct some sort of logical connection
between today's stock price and a stream of future dividends. The logical
chain might be long: you might assume years of startup losses will be
followed by more years of all profits being reinvested. But you should be
able to envision some connection between today's stock prices and a
stream of dividends that will commence someday in the future. You don't
actually have to do the math. But you should feel comfortable that the
numbers are such that if you wanted to take the time to do it as an
interesting exercise, you could come up with some plausible set of
assumptions that make the present-day price seem somewhere in the
ballpark.
Click here to read more.
http://www.multexinvestor.com/article.asp?docid=6153&nd=0123


2. INVESTMENT IDEAS
A tale of two values
This pair of wireless infrastructure stocks offers long-
term growth--don't let the prices fool you

By Ben Mattlin, equity research columnist

Over the past two years, as the market's become more
challenging, investors are learning to be more selective than they
used to be. Rather than seizing momentum and growth, which
worked well in the '90s, successful investors are adopting a value
orientation.

But which discounted stocks represent true value and which are
inexpensive simply because the company they symbolize is no
good? In telecom, where most stocks have gotten hammered, it
can be especially difficult to distinguish between duds bargains.
Click here to read more.
http://www.multexinvestor.com/article.asp?docid=6198&nd=0123


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Broker and third-party reports
-----------------------------------------


1. INVESTORS' CHOICE: 3-DAY FAVORITE
The 451 discusses Cisco's (CSCO) new focus on the mobile wireless
market.

This report examines IP infrastructure spending, the next-gen
Internet and network architecture layers, Cisco's strategic
alliances and mobile business customer targets, and advanced e-
services and content applications. (2-page report for purchase -
$5)
http://www.multexinvestor.com/download.asp?docid=5676705&nd=0123


2. TODAY'S SPECIAL REPORT
CIBC World Markets explains why it believes the wireless sector will
see strong growth in 2002.

Predicting "mixed results" in Q1 2002, CIBC explains when the outlook
should improve. Top picks are named in components, infrastructure, and
handset manufacturers. Discussion of handset sales and subscriber
trends. 24 exhibits. (29-page report for purchase - $75)
http://www.multexinvestor.com/download.asp?docid=25996183&nd=0123


3. EDITOR'S PICK: CURRENT RESEARCH FROM THE CUTTING EDGE
Legg Mason offers its predictions and expectations for REITs and real
estate in 2002.

The firm discusses fundamentals since the 9/11 tragedy. It touches on its
revised ratings 'matrix' and a plethora of ratings changes and revenue
revisions. Brief explanations of ratings moves on HOT, HMT, EOP, and
many more. (11-page report for purchase - $25)
http://www.multexinvestor.com/download.asp?docid=25935782&nd=0123


4. THIRD-PARTY REVIEW
Morningstar makes the case for an aggressive investment in shares of
Metromedia Fiber Networks.

An investment overview, valuation analysis, analyst report, peer
comparison, and grades on growth, profitability, and financial health
all included. (3-page report for purchase - $10)
http://www.multexinvestor.com/download.asp?docid=21589123&nd=0123


5. WHAT'S HOT?
C.E. Unterberg Towbin explains key points in its 2002 outlook for
networking gear manufacturers.

C.E. UT explains why it sees sector bellwether Cisco (CSCO) and
Riverstone (RSTN) as two well-positioned companies in the space. Also,
why it is cautious on companies with focus on next-gen solutions.
Valuation comparison chart. (4-page report for purchase - $10)
http://www.multexinvestor.com/download.asp?docid=25935347&nd=0123


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strategies: http://www.multexinvestor.com/Analysts/HomeTIA.asp

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Online advice and chats
-----------------------------------------


1. ASK THE ANALYST
Market Edge's Tom Ventresca explains how to find top stocks within
various investment styles.

Focusing on value, one of five Market Edge classifications, Ventresca
explains how a combination of fundamental and technical analysis yields
highly attractive stocks for purchase. Pose him your questions on stock
selection today Wed., Jan. 23. Ask the analyst.
http://www.multexinvestor.com/AskTheAnalystForm.asp?&nd=0123

Register to receive a FREE weekly market commentary and FREE trial!
Get unbiased, computer generated BUY-HOLD-SELL opinions on 4,700
stocks and more. No credit card needed.  Click Here
http://www.marketedge.com/multex.asp?Location=3


2. ASK THE EXPERT
Multex.com's Alan Cohn explains some of the ways
Americans will benefit from new tax laws.

Citing aspects of new tax rules relating to individuals
over 50, education, and estate taxes, Cohn shows
how a wide range of citizens will benefit. How do the
new laws affect you? He can take your questions
until Thurs., Jan. 24. Ask the expert.
http://www.multexinvestor.com/AskTheExpertForm.asp?&nd=0123


3. CHAT REBROADCAST TODAY
Catch the January 8 rebroadcast today at 2:30pm ET and about the
current economy, the Fed, and a variety of widely held stocks.

Today at 2:30pm ET, Multex will rebroadcast the live event with Jim
Weiss from January 8.  He answered questions about the current
economy, the Fed, and a variety of widely held stocks. Don't miss this!
Click here
http://www.multexinvestor.com/LiveEvents/Article.asp?target=/liveevents/article/home&ForumID=42&DocID=6035&nd=0123



Free and sponsored reports
-----------------------------------------


1. FREE RESEARCH REPORT
Lehman Brothers comments on the Argentine situation as it relates to
consumer products companies.

Lehman takes a look at Latin America exchange rates and its incremental
effect on consumer multinationals. Companies looked at include DL, G,
PG, CL, CLX, and more. This 9-page report, which usually sells for $25,
is free to members for the next 72 hours.
http://www.multexinvestor.com/download.asp?docid=5788474&nd=0123


2. DAILY FREE SPONSOR REPORT
Morgan Stanley sets a $35 price target for "outerperform-volatile"-rated
Network Associates (NETA).

The firm argues that NETA is gaining marketshare and "still has
significant margin expansion ahead." Readers can download this report,
which outlines the firm's valuation analysis and investment positives and
risks, for free by registering for the firm's free-research trial.
http://www.multexinvestor.com/download.asp?docid=4340536&sid=8&nd=0123


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Be sure to check out our other newsletters, The Internet Analyst
and The Telecomm Analyst by Multex.com. The newsletters will
inform, educate, and entertain you with usable investment data,
ideas, experts, and info about the Internet and telecommunications
sectors. To see this week's issue,
click here:
http://www.thetelecommanalyst.com/ or
http://www.theinternetanalyst.com/