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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, November 1, 2000

benjamin.rogers@enron.com
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talking." -- Louis Vermeil


WORLDCOM TO SPLIT INTO TWO
Telecom company WorldCom is going to create a tracking stock for
its MCI division.

By LouAnn Lofton

In an effort to boost its sagging stock price, and unlock
greater opportunities for the parts of its business that are
growing the quickest, telecommunications company WorldCom
(Nasdaq: WCOM) announced restructuring plans this morning. The
company, which has seen its stock tumble from a 52-week high in
November 1999 of $61.33 to its current price of around $23, will
create a tracking stock for its MCI business. The ticker for the
new stock will be MCIT.

WorldCom shareholders will receive one share of MCI for every 25
shares of WorldCom they own. The distribution of MCI stock is
expected to happen by the end of the first half of 2001.

Tracked under the new MCIT ticker will be WorldCom's
slowest-growing divisions. The bulk of the operations that will
be reflected with the tracking stock are WorldCom's
long-distance and dial-up Internet services for consumers and
small businesses. These parts of WorldCom's business generate
about $16 billion in annual revenues.

The split leaves WorldCom with the best-performing and
highest-growth businesses. That includes its Internet and data
businesses, its international business, and its wireless
business. These divisions of WorldCom contribute annual revenues
of around $23 billion, with $16 billion coming from the
company's data, Internet, and international operations.

WorldCom also issued earnings guidance this morning. The company
said it sees fourth-quarter earnings per share coming in between
$0.34 and $0.37. Analysts as polled by First Call/Thompson
Financial were looking for $0.49 a share. The company pointed to
"intense pricing pressures, unfavorable foreign exchange rates
and the shift of consumer voice to wireless technologies" as the
reasons for the shortfall. It also lowered expectations for its
next fiscal year.

WorldCom's decision to split its businesses comes not long after
a similar move from competitor AT&T (NYSE: T), which announced
last week that it will split itself into four parts.
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NEWS TO GO

Health insurance company Aetna (NYSE: AET) announced
third-quarter earnings this morning. Operating earnings,
excluding onetime items, dropped to $158.1 million from $184.1
million last year. On a per-share basis, that translates into
$1.10 a share, versus $1.21 a year ago. Analysts were expecting
$0.90 a share. Revenues climbed 15% to $8.1 billion. In last
year's third quarter, Aetna's revenues were $7.1 billion.

Airborne Freight (NYSE: ABF) reported a third-quarter loss last
night that was greater than had been expected. The company lost
$5.5 million in the quarter, or $0.11 a share. It warned
analysts in September to look for a loss of between $0.05 and
$0.10 a share. Previously, analysts had expected a profit of
$0.28 a share. After the September warning, the consensus
estimate fell to a loss of $0.07 a share. Airborne Freight
blamed high fuel costs and softness in its core domestic
business for the shortfall. In last year's third quarter,
Airborne Freight earned $21.6 million, or $0.44 a share.

Broadband company Covered Communications (Nasdaq: COVD)
acknowledged today that CEO Robert Knowling will resign. This
comes just two weeks after Covad reported a wider-than-expected
loss for the third quarter. The company's stock has been pounded
this year, falling from a high of $66.63 to around $5 a share.
Frank Marshall, one of Covad's directors, has been named interim
CEO. Former chief and founder Charles McMinn will assume the
role of chairman.

Computer Sciences (NYSE: CSC), the information technology
services company, announced that it's inked a $2.2 billion
agreement with British defense contractor BAE Systems. The
agreement is for six years and replaces a current agreement
between the two which expires in March 2004. Under the deal,
Computer Sciences will manage BAE's IT infrastructure in the
United Kingdom and here in the states.

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