Robertson Stephens Daily Growth Stock Update on AMAT CY ET MBG RSAS SONS AZA AMB AGEN CELG GDT INHL MGG ORCL SEPR EYE

Apr 11, 2001, 01:00 ET from Robertson Stephens

    SAN FRANCISCO, April 11 /PRNewswire/ -- The following is being issued by
 Robertson Stephens:
 
     Estimate Changes:
 
     Applied Materials, Inc.
     (Nasdaq:   AMAT) $42.75
     Strong Buy
 
     Sue Billat, Semiconductor Equipment/Foundries
     "Given the soft business environment for chipmakers and low utilization at
 leading foundries, we are adjusting our Applied estimates," said Billat.
 "Although near term visibility is poor, we believe the rate of bookings
 decline has slowed. While Applied is not immune to the current slowdown in the
 chip industry, its strong position in interconnect-intensive logic circuits
 should help it outperform the industry. In our view, Applied Materials has
 established a track record of focussing on market share gains and new product
 development during downturns and emerging stronger in the ensuing upturn. With
 its strong product positioning in copper interconnect tools and 300 mm
 products, we believe Applied is well positioned to continue the winning
 streak. Accordingly, we reiterate our Strong Buy rating on AMAT."
 
     Cypress Semiconductor Corporation
     (NYSE:   CY) $16.34
     Long Term Attractive
     2001E EPS: $0.41, down from $0.98
     2002E EPS: $0.35, down from $0.90
 
     Eric Rothdeutsch, Semiconductors/Computer Hardware
     "Cypress negatively preannounced 1Q01 for the second time this morning
 indicating that revenues came in at $262 million with EPS estimated to be in
 the $0.23-0.26 range versus prior guidance of $280 million and $0.30-$0.34,"
 said Rothdeutsch. "The company cited worse-than-expected business conditions
 with barely positive bookings due to cancellations that nearly matched new
 orders.  Though visibility remains low, the company estimated that 2Q01
 revenues will be in the $200-210 million range, down 20% from 1Q01, with EPS
 in the single digits.  As a result, we are lowering our F2001 and F2002
 revenue and EPS estimates.  The company's 1Q01 revenue reflects the previously
 announced $25 million one-time charge resulting from the conversion of a major
 account to consignment ($4 million) and a change to its Asian and European
 distribution sales model ($21 million).  We remain cautious on the near-term
 prospects for Cypress pending better visibility into the rate of inventory
 depletion at customers and a resumption of end market demand.  We are
 maintaining our LTA rating."
 
     E*Trade Group, Inc.
     (NYSE:   ET) $7.55
     Buy
     F2001E EPS: $0.00, down from $0.10
     F2002E EPS: $0.20, New
 
     Justin Hughes, Financial Services
     "E*Trade reported 1Q01 EPS of $0.00, in line with our estimate," said
 Hughes. "However, we note that $0.02 of EPS resulted from the gain on sale of
 marketable securities, which was not factored into our estimates. We are
 lowering our 2001 EPS estimate to $0.00 (down $0.10) and establishing our 2002
 EPS estimate at $0.20 (the low end of management guidance). E*Trade management
 has taken a conservative approach for the remainder of 2001 by assuming that
 the current trying equity market conditions will continue in 2Q and 3Q of
 2001. Management will turn its attention from driving revenue and instead
 focus on cost efficiencies and increasing profitability and returns for the
 remainder of the year. Capital limitations are forcing the company to focus on
 internal capital generation for growth. The only near-term catalyst we see is
 a meaningful move in the equity markets that would induce retail-trading
 activity. Long term, and what will ultimately determine the value of the
 stock, will be management's ability to improve the returns and profitability
 of the business. Management will attempt to do this in the next 12 months by
 selling more products to the existing customer base."
 
     Mandalay Resort Group
     (NYSE:   MBG) $21.65
     Buy
     F2002E EPS: $1.40, down from $1.50
     F2003E EPS: $1.85, down from $2.05
 
     Harry Curtis, Gaming & Lodging
     "We are reducing our FY02 (calendar 2001) and FY03 (calendar 2002) EPS
 estimates for Mandalay Resort Group," said Curtis. "For FY02, our estimate
 declines to $1.40 from $1.50, which is well below consensus estimates of
 $1.64. For FY03, our estimate declines to $1.85 from $2.05, also below
 consensus of $1.89. Our estimate reductions are driven by expected negative
 year-over-year room rate comparisons at several of Mandalay's Las Vegas
 properties for the balance of calendar 2001. Of the gaming companies with
 significant exposure to Las Vegas, Mandalay has the most leverage to
 incremental changes in room rates. Our forward room-rate surveys indicate that
 most Las Vegas casinos are 10% below last year's average daily rate (ADR) in
 the second quarter. We believe this trend will continue into the summer months
 as well. Despite our reductions in forward EPS estimates, we are not
 downgrading the stock based on valuation and MBG's free cash flow. We retain
 our Buy rating because the company appears to us to be going private by
 degrees. Within two years, we believe the company would be in a position to
 LBO itself."
 
     RSA Security Inc.
     (Nasdaq:   RSAS) $26.31
     Long Term Attractive
     2001E EPS: $0.76, up from $0.73
 
     Dane Lewis, Infrastructure: Systems & Software
     "RSA Security's revenue and earnings for Q1:FY01 were lower than our
 estimates," said Lewis. "Management commented on their strong book-to-bill
 ratio of 1.1:1, which gives us some confidence about the rest of the year. We
 are fine-tuning our estimates for FY2001. RSAS is trading at 4.6x estimated
 FY2001 revenues and at a PE of 34.6x for FY2001. We maintain our Long-Term
 Attractive rating on RSAS."
 
     Sonus Networks, Inc.
     (Nasdaq:   SONS) $19.49
     Buy
     2001E EPS: $0.01, up from ($0.01)
     2002E EPS: $0.15, down from $0.22
 
     Paul Johnson, Communications/Networking
     "Sonus exceeded our expectations during the March quarter with revenues
 and EPS (pro forma) beating our and Street consensus estimates by a
 considerable margin," said Johnson. "We are raising our revenue and earnings
 estimates for fiscal 2001 to reflect what we believe to be spectacular
 execution and product leadership at Sonus.  We are also raising revenue
 estimates for 2002.  However, we are fine-tuning our EPS estimates downward to
 reflect management's commitment for research and development expenditures
 during the year. We believe the company managed its balance sheet extremely
 well considering the rapid revenue growth and its associated need for working
 capital.  Cash at the end of the quarter totaled approximately $125 million,
 down roughly $17 million virtually all of which was related to the acquisition
 of telecom technologies, inc.  DSOs decreased by 22 days down to 22 days as a
 result strong collections in the quarter from a number of large customers.  We
 expect that DSOs may increase over time to a more natural level as the company
 grows its international revenue; management's ultimate target is 45-60 days.
 Inventory days were down sequentially, and now stand at 108.  We expect
 inventory turns to increase to more efficient levels over time, particularly
 as units that are now in trials turn into recognized revenues. We are
 reiterating our Buy rating on the shares of Sonus."
 
     Comments:
 
     Alza Corp.
     (NYSE:   AZA) $42.53
     Buy
 
     Robert Hazlett, Large Capitalization/Specialty Pharmaceuticals
     "Alza has published data from the OBJECT (Overactive Bladder: Judging
 Effective Control and Treatment) study, comparing its overactive bladder (OAB)
 drug Ditropan XL (oxybutinin) to Pharmacia's competitive agent Detrol
 (tolterodine) in the April 2001 issue of Mayo Clinic Proceedings," said
 Hazlett. "At the end of the study, Ditropan XL was significantly more
 effective than Detrol in each of the main outcome measures.  Additionally,
 rates of dry mouth, the most common adverse event, were numerically lower in
 Ditropan XL-treated patients (28.1%) than in patients treated with Detrol
 (33.2%) (p=0.32), though this data did not show a statistically significant
 difference. We expect the OBJECT data to stabilize Ditropan XL market share in
 the near-term, though longer-term competition will likely increase pressure on
 the drug.  With exceptional growth prospects for Concerta in the near term,
 and its strong technology platform over the long term, we expect significant
 and sustainable strong sales and above 20% EPS growth for Alza operations
 alone.  We continue to rate AZA shares Buy."
 
     AMB Property Corporation
     (NYSE:   AMB) $23.99
     Long Term Attractive
 
     Jay Leupp, REITs/REOCs/Real Estate Services
     "AMB reported Q1:01 FFO of $0.57/share, including a non-cash charge of
 $4.7 million, or $0.05/share related to the impairment of its $5 million
 equity investment in WebVan," said Leupp. "Robust Q1:01 same-store NOI growth
 of 8.0% was positively skewed by SF Bay Area same-store growth of 31.4%,
 which, when coupled with slowing national rental rate growth, is expected to
 cause overall same-store growth to moderate to 5.0% by year-end 2001. We
 believe that by "biting the bullet" on its disappointing equity investment in
 WebVan, and by reducing its total revenue exposure from 1.2% at Q4:00 to 0.8%
 currently, AMB has considerably alleviated concern over its exposure to the
 company, which has caused many investors to remain on the sidelines while the
 WebVan saga unfolded.  We believe however, that the approximate $15.3 million
 in other investments which remain on AMB's books represent a significant "dark
 cloud", as they could ultimately result in additional charges of up to
 $0.15/share, if management concludes that those investments have been
 permanently impaired. We maintain our current 2001 FFO/share estimate of $2.54
 ($2.49 net of the Q1:01 WBVN charge) and are introducing our 2002 FFO/share
 estimate of $2.77, representing 2001-2002 FFO/share growth of 9.0%."
 
     Antigenics Inc.
     (Nasdaq:   AGEN) $16.20
     Buy
 
     Michael King, Biopharmaceuticals
     "Abstracts were released yesterday on the internet for the upcoming
 American Society of Clinical Oncology (ASCO) meeting in San Francisco from May
 12-15," said King. "Researchers plan to present positive Phase I/II trial
 results for Oncophage in the treatment of metastatic melanoma. Forty-five
 patients with Stage IV metastatic melanoma were vaccinated with Oncophage.
 Eleven patients were made disease-free with surgery, leaving thirty-four for
 evaluation. Patients were treated with five or fifty mg every week for four
 weeks. Two complete responses (CR) and three stable diseases (SD) were
 observed in the 34 evaluable patients. We view the melanoma data as very
 interesting, but early. It is difficult to interpret the colorectal data
 without knowing more about the patient population. In general, Oncophage
 appears to be well tolerated and biologically active in some patients with
 both of these cancer types. We look forward to ASCO to review the data more
 closely and expect the company to study to pursue further studies in both
 indications. Oncophage is in Phase III testing for the treatment of renal cell
 cancer and in various Phase I and II trials for a number of cancer and
 infectious disease indications. We believe AGEN has diversified its portfolio
 over the past year, decreasing investor risk. We reiterate our Buy rating."
 
     Celgene Corporation
     (Nasdaq:   CELG) $19.10
     Buy
 
     Michael King, Biopharmaceuticals
     "Abstracts were released yesterday on the Internet for the upcoming
 American Society of Clinical Oncology (ASCO) meeting in San Francisco from May
 12-15," said King. "Researchers are expected to present data from trials using
 CELG's Thalomid in the treatment of a variety of solid tumors.  Six separate
 Phase II trials using Thalomid in metastatic renal cell cancer should be
 presented. The prognosis for these patients is dismal. Most of the patients in
 these trials had progressed after treatment with IL-2 and/or interferon. A
 limited number of patients in these trials achieved objective tumor shrinkage.
 However, a number of patients had stable disease up to a year out and survival
 was greater than would be expected in this cohort of patients. We find these
 data very intriguing and worthy of further study with survival as the
 endpoint. Despite all of the recent confusion surrounding the Total Therapy II
 trial, we believe that the Thalomid franchise remains intact and is growing.
 As indicated by the abstracts at ASCO, there is substantial interest amongst
 physicians in using Thalomid for a number of solid tumor indications. We
 believe treatment of solid tumors with Thalomid is an area Wall Street has
 largely ignored. We would be buyers of the stock at these levels and reiterate
 our Buy rating."
 
     Guidant Corporation
     (NYSE:   GDT) $41.10
     Long Term Attractive
 
     Wade King, Medical Technologies
     "Yesterday, Guidant announced Q1'01 revenues ahead of expectations," said
 King. "At Guidant's analyst meeting, the company eased some fears surrounding
 the recent recall of its AAA stent graft. Deficiencies in communicating with
 the FDA regarding clinical feedback surrounding the deployment system were
 cited as the primary reasons for the production halt and recall. None of the
 reasons cited were related to the safety and efficacy of the stent graft
 itself, and good long-term data has been published on ANCURE. Several new
 stent products from competitors have received FDA approval recently. Near-
 term, these products will likely increase competitive stent pressures for
 Guidant, which has over 40% domestic market share. Although the
 preannouncement is positive news for Guidant, we are maintaining our LTA
 rating on the company due to the highly competitive outlook. We believe that
 Guidant has a strong product portfolio and pipeline in areas that will prove
 to be substantial growth areas in cardiology. We expect major new products on
 the market for Guidant during 2H'01 and 1H'02. At the same time, we believe
 the company will encounter numerous challenges in this highly competitive
 market, particularly in the AAA stent graft arena and also in the race to
 market effective drug-coated stents. Our rating on the shares of Guidant is
 LTA."
 
     Inhale Therapeutic Systems, Inc.
     (Nasdaq:   INHL) $21.01
     Long-Term Attractive
 
     Robert Hazlett, Large Capitalization/Specialty Pharmaceuticals
     "Inhale and development partner Aventis Behring announced the successful
 completion of a phase Ib trial of an inhaleable formulation of Alpha-1
 Proteinase Inhibitor for the treatment of genetic emphysema caused by alpha
 one antitrypsin deficiency," said Hazlett. "The formulation has been granted
 Orphan Drug status by FDA, which would confer seven years of US marketing
 exclusivity if the drug is ultimately approved. Although we view these results
 as a modest positive for Inhale, we continue to believe that share performance
 will continue to be driven by inhaled insulin milestones, specifically NDA
 filing and FDA approval, potentially by year-end 2001 and 2002, respectively.
 This therapy is being developed in collaboration with Pfizer (PFE, 41.01, Buy)
 and Aventis (AVE, 80.35, NR) and could move the company toward profitability
 in 2003, assuming the program's development timeline remains on-track.  We
 continue to rate INHL shares Long-Term Attractive."
 
     MGM Mirage, Inc.
     (NYSE:   MGG) $26.95
     Buy
 
     Harry Curtis, Gaming & Lodging
     "We are maintaining our 2001 EPS estimate of $1.65 for MGM Mirage, which
 is in line with consensus," said Curtis. "However, we are adjusting our
 quarterly estimates to reflect first quarter strength, but anticipate seasonal
 weakness in the second and third quarters in the Las Vegas market. We believe
 MGM benefits from having the strongest asset base in Las Vegas. When pricing
 returns, which we believe will be 4Q:01, the stock should outperform
 meaningfully. At current levels, shares trade at 7.4x estimated 2001 EBITDA of
 $1.28 billion and only 6.9x estimated 2002 EBITDA of $1.32 billion. We
 forecast multiple expansion to at least 8.0x forward EBITDA later in 2001 or
 when real GDP re-accelerates, for a 12-month price target of $35, or more than
 35% above current levels. We believe shares of MGM should trade at a premium
 to other gaming companies given its superior property base on the Las Vegas
 Strip (MGM Grand, New York New York, Bellagio, The Mirage and Treasure
 Island). We anticipate MGM will dedicate free cash of more than $300 million
 in 2001 toward reducing debt. Earnings will be further diversified with the
 addition of a joint venture casino in Atlantic City, estimated to open 2H:03,
 and longer term, a wholly owned Atlantic City casino."
 
     Oracle Corporation
     (Nasdaq:   ORCL) $14.97
     Long Term Attractive
 
     Eric Upin, Business-to-Business eCommerce
     "At the mid-point of Oracle's all-important May quarter, we continue to
 believe the numbers -- and therefore, the stock -- are at risk," said Upin.
 "Since the company pre-announced earnings on March 1, we have lowered our May
 quarter revenue estimate by 15% and EPS by 26% -- reflecting the low-end of
 management's guidance range provided on March 15. We continue to believe the
 sequential revenue ramp from Q3:01 to Q4:01 is steep, particularly in light of
 the market and company-specific execution challenges facing the company over
 the next several quarters. Although it is still relatively early in the May
 quarter, we believe there is risk to our revised estimates based on market-
 related challenges, Oracle-specific issues, and valuation. We maintain our
 cautious outlook on the stock based on the downside risk to Street estimates
 and current valuation levels, which in our view are not yet compelling.
 However, given that the Oracle has one of the strongest franchises and most
 compelling visions in the technology sector, the question clearly becomes:
 When is it time to get involved with the stock?  At this time, our answer is:
 Not yet.  Therefore, we maintain our cautious outlook and Long-Term Attractive
 rating."
 
     Sepracor Inc.
     (Nasdaq:   SEPR) $37.95
     Strong Buy
 
     Robert Hazlett, Large Capitalization/Specialty Pharmaceuticals
     "We remain steadfast in our belief of considerable growth prospects for
 Sepracor," said Hazlett. "The company continues to move rapidly toward
 commercialization of numerous late-stage compounds. The remainder of 2001
 should be positive for Sepracor, including filing of (s)-zopiclone in 2H01 for
 sleep disorders and a number of compounds moving into phase III.  In addition
 to its in-house portfolio, Sepracor will be receiving royalties on
 desloratadine for allergy, Allegra for allergy from Aventis and norcisipride
 for GERD from Johnson and Johnson, among others.  We reiterate our Strong Buy
 rating on SEPR shares."
 
     VISX, Incorporated
     (NYSE:   EYE) $19.10
     Long Term Attractive
 
     Wade King, Medical Technologies
     "VISX is scheduled to announce its Q1'01 financial results on Thursday,
 4/12/01," said King. "Recall that recently, the company preannounced
 expectations for Q1'01 EPS of $0.20-$0.21. Our estimates for the quarter are
 revenues of $48.3MM and fully taxed EPS of $0.20. This reflects over 20%
 sequential procedure growth, consistent with our estimate of 260,000 LVC
 procedures performed on VISX lasers in the quarter. We are pleased with the
 upturn in procedure volumes for VISX in Q1'01. Yet we believe that there are
 mixed dynamics for VISX to contend with in the LVC marketplace going forward.
 VISX shares are currently trading at 22.5x our 2001 EPS estimate of $0.85. We
 consider this to be close to fair valuation for the company near-term. Our
 rating on shares of VISX is Long Term Attractive."
 
     Industry Updates:
 
     Gaming/Lodging Industry
 
     Harry Curtis, Gaming & Lodging
     "We believe that pricing power will be weak in Las Vegas in 2Q:01 and
 3Q:01, which will lead to negative comparisons at many properties, and
 negative to flat EPS comparisons for the period," said Curtis. "At current
 valuations, stock prices of gaming operators with EBITDA concentration in Las
 Vegas are more likely to tread water until at least 4Q:01 when pricing
 visibility improves. We believe the only gaming operator with near-term
 earnings momentum is Harrah's Entertainment, given its strong same-store
 comparisons in casinos outside of Nevada, and its limited exposure to Las
 Vegas (approximately 15% of estimated 2001 EBITDA)."
 
     Las Vegas Gaming Update
     Harry Curtis, Gaming & Lodging
     "Las Vegas casino win at the 43 properties on the Strip decreased 12.7% in
 February to $335.6 million versus $384.2 million a year ago," said Curtis.
 "The decline in win was primarily due to an 81% decline in baccarat win to
 $16.1 million from $85.1 million a year ago, which, in turn, was largely due
 to seasonal factors and a very low hold percentage. Excluding baccarat, table
 and slot win increased by 6.8%, driven by a 2.6 point increase in non-baccarat
 table hold percentage to 12.6% from 10.1% last year. Excluding baccarat,
 wagers on table games and slots declined nearly 3% during the month."
 
     Next Generation Networks
     Paul Johnson, Communications/Networking
     "Valuations in the next generation networks universe have tumbled recently
 due to softened economic conditions and disappointing financial performance -
 reaching valuation levels that have not been seen in many years," said
 Johnson. "In fact, some of the companies within our universe are trading
 strikingly close to, if not below as in many cases, cash value. It appears to
 us that some of these stocks may, in fact, represent interesting investment
 value as a consequence.  Increasingly, we feel that investors may begin to
 look at many of the companies from a balance sheet perspective, focusing on
 the company's excess cash, trying to determine good opportunities to buy
 stocks that may prove to have real business value. We believe that sifting
 through the next generation networking companies, looking for undervalued
 stocks, may prove very valuable, particularly when looking at the subsection
 of our companies that would be considered distressed from a valuation
 perspective, but may actual represent interesting investment value.  In order
 to ensure that cash is an asset, it is necessary to look at the cash burn for
 these companies to determine how stable their cash position is.  This
 consideration has a significant impact on the several companies that are
 losing money at epic proportions -- rendering their cash positions unstable
 and valuations based on this cash less attractive.  On the other hand, it also
 serves to show which stocks may actually be great bargains from a cash
 perspective-particularly when forecasting future cash levels.  Despite the
 cash burn at these companies, many of the stocks will retain a high cash
 position relative to their current market value.  These companies may
 represent interesting investment opportunities because of the low value placed
 on the ongoing business (relative to the cash position).  Of these companies
 there are some that are actually profitable (or will be within the year) and
 show a positive contribution to the cash value of the companies.  Though the
 market is placing only a slight premium on these companies relative to the
 value of the simplest of assets--cash, we feel that some of these companies
 represent positive investment opportunities."
 
     Unless otherwise noted, prices are as of Tuesday, April 10, 2001.
 
     Robertson Stephens maintains a market in the shares of Applied Materials,
 RSA Security, Sonus Networks, Celegene Corp., Inhale Therapeutic Systems,
 Oracle Corp., Sepracor, Webvan, and VISX and has been a managing or comanaging
 underwriter for or has privately placed securities of Cypress Semiconductor,
 RSA Security, and Sonus Networks within the past three years.
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SOURCE Robertson Stephens
    SAN FRANCISCO, April 11 /PRNewswire/ -- The following is being issued by
 Robertson Stephens:
 
     Estimate Changes:
 
     Applied Materials, Inc.
     (Nasdaq:   AMAT) $42.75
     Strong Buy
 
     Sue Billat, Semiconductor Equipment/Foundries
     "Given the soft business environment for chipmakers and low utilization at
 leading foundries, we are adjusting our Applied estimates," said Billat.
 "Although near term visibility is poor, we believe the rate of bookings
 decline has slowed. While Applied is not immune to the current slowdown in the
 chip industry, its strong position in interconnect-intensive logic circuits
 should help it outperform the industry. In our view, Applied Materials has
 established a track record of focussing on market share gains and new product
 development during downturns and emerging stronger in the ensuing upturn. With
 its strong product positioning in copper interconnect tools and 300 mm
 products, we believe Applied is well positioned to continue the winning
 streak. Accordingly, we reiterate our Strong Buy rating on AMAT."
 
     Cypress Semiconductor Corporation
     (NYSE:   CY) $16.34
     Long Term Attractive
     2001E EPS: $0.41, down from $0.98
     2002E EPS: $0.35, down from $0.90
 
     Eric Rothdeutsch, Semiconductors/Computer Hardware
     "Cypress negatively preannounced 1Q01 for the second time this morning
 indicating that revenues came in at $262 million with EPS estimated to be in
 the $0.23-0.26 range versus prior guidance of $280 million and $0.30-$0.34,"
 said Rothdeutsch. "The company cited worse-than-expected business conditions
 with barely positive bookings due to cancellations that nearly matched new
 orders.  Though visibility remains low, the company estimated that 2Q01
 revenues will be in the $200-210 million range, down 20% from 1Q01, with EPS
 in the single digits.  As a result, we are lowering our F2001 and F2002
 revenue and EPS estimates.  The company's 1Q01 revenue reflects the previously
 announced $25 million one-time charge resulting from the conversion of a major
 account to consignment ($4 million) and a change to its Asian and European
 distribution sales model ($21 million).  We remain cautious on the near-term
 prospects for Cypress pending better visibility into the rate of inventory
 depletion at customers and a resumption of end market demand.  We are
 maintaining our LTA rating."
 
     E*Trade Group, Inc.
     (NYSE:   ET) $7.55
     Buy
     F2001E EPS: $0.00, down from $0.10
     F2002E EPS: $0.20, New
 
     Justin Hughes, Financial Services
     "E*Trade reported 1Q01 EPS of $0.00, in line with our estimate," said
 Hughes. "However, we note that $0.02 of EPS resulted from the gain on sale of
 marketable securities, which was not factored into our estimates. We are
 lowering our 2001 EPS estimate to $0.00 (down $0.10) and establishing our 2002
 EPS estimate at $0.20 (the low end of management guidance). E*Trade management
 has taken a conservative approach for the remainder of 2001 by assuming that
 the current trying equity market conditions will continue in 2Q and 3Q of
 2001. Management will turn its attention from driving revenue and instead
 focus on cost efficiencies and increasing profitability and returns for the
 remainder of the year. Capital limitations are forcing the company to focus on
 internal capital generation for growth. The only near-term catalyst we see is
 a meaningful move in the equity markets that would induce retail-trading
 activity. Long term, and what will ultimately determine the value of the
 stock, will be management's ability to improve the returns and profitability
 of the business. Management will attempt to do this in the next 12 months by
 selling more products to the existing customer base."
 
     Mandalay Resort Group
     (NYSE:   MBG) $21.65
     Buy
     F2002E EPS: $1.40, down from $1.50
     F2003E EPS: $1.85, down from $2.05
 
     Harry Curtis, Gaming & Lodging
     "We are reducing our FY02 (calendar 2001) and FY03 (calendar 2002) EPS
 estimates for Mandalay Resort Group," said Curtis. "For FY02, our estimate
 declines to $1.40 from $1.50, which is well below consensus estimates of
 $1.64. For FY03, our estimate declines to $1.85 from $2.05, also below
 consensus of $1.89. Our estimate reductions are driven by expected negative
 year-over-year room rate comparisons at several of Mandalay's Las Vegas
 properties for the balance of calendar 2001. Of the gaming companies with
 significant exposure to Las Vegas, Mandalay has the most leverage to
 incremental changes in room rates. Our forward room-rate surveys indicate that
 most Las Vegas casinos are 10% below last year's average daily rate (ADR) in
 the second quarter. We believe this trend will continue into the summer months
 as well. Despite our reductions in forward EPS estimates, we are not
 downgrading the stock based on valuation and MBG's free cash flow. We retain
 our Buy rating because the company appears to us to be going private by
 degrees. Within two years, we believe the company would be in a position to
 LBO itself."
 
     RSA Security Inc.
     (Nasdaq:   RSAS) $26.31
     Long Term Attractive
     2001E EPS: $0.76, up from $0.73
 
     Dane Lewis, Infrastructure: Systems & Software
     "RSA Security's revenue and earnings for Q1:FY01 were lower than our
 estimates," said Lewis. "Management commented on their strong book-to-bill
 ratio of 1.1:1, which gives us some confidence about the rest of the year. We
 are fine-tuning our estimates for FY2001. RSAS is trading at 4.6x estimated
 FY2001 revenues and at a PE of 34.6x for FY2001. We maintain our Long-Term
 Attractive rating on RSAS."
 
     Sonus Networks, Inc.
     (Nasdaq:   SONS) $19.49
     Buy
     2001E EPS: $0.01, up from ($0.01)
     2002E EPS: $0.15, down from $0.22
 
     Paul Johnson, Communications/Networking
     "Sonus exceeded our expectations during the March quarter with revenues
 and EPS (pro forma) beating our and Street consensus estimates by a
 considerable margin," said Johnson. "We are raising our revenue and earnings
 estimates for fiscal 2001 to reflect what we believe to be spectacular
 execution and product leadership at Sonus.  We are also raising revenue
 estimates for 2002.  However, we are fine-tuning our EPS estimates downward to
 reflect management's commitment for research and development expenditures
 during the year. We believe the company managed its balance sheet extremely
 well considering the rapid revenue growth and its associated need for working
 capital.  Cash at the end of the quarter totaled approximately $125 million,
 down roughly $17 million virtually all of which was related to the acquisition
 of telecom technologies, inc.  DSOs decreased by 22 days down to 22 days as a
 result strong collections in the quarter from a number of large customers.  We
 expect that DSOs may increase over time to a more natural level as the company
 grows its international revenue; management's ultimate target is 45-60 days.
 Inventory days were down sequentially, and now stand at 108.  We expect
 inventory turns to increase to more efficient levels over time, particularly
 as units that are now in trials turn into recognized revenues. We are
 reiterating our Buy rating on the shares of Sonus."
 
     Comments:
 
     Alza Corp.
     (NYSE:   AZA) $42.53
     Buy
 
     Robert Hazlett, Large Capitalization/Specialty Pharmaceuticals
     "Alza has published data from the OBJECT (Overactive Bladder: Judging
 Effective Control and Treatment) study, comparing its overactive bladder (OAB)
 drug Ditropan XL (oxybutinin) to Pharmacia's competitive agent Detrol
 (tolterodine) in the April 2001 issue of Mayo Clinic Proceedings," said
 Hazlett. "At the end of the study, Ditropan XL was significantly more
 effective than Detrol in each of the main outcome measures.  Additionally,
 rates of dry mouth, the most common adverse event, were numerically lower in
 Ditropan XL-treated patients (28.1%) than in patients treated with Detrol
 (33.2%) (p=0.32), though this data did not show a statistically significant
 difference. We expect the OBJECT data to stabilize Ditropan XL market share in
 the near-term, though longer-term competition will likely increase pressure on
 the drug.  With exceptional growth prospects for Concerta in the near term,
 and its strong technology platform over the long term, we expect significant
 and sustainable strong sales and above 20% EPS growth for Alza operations
 alone.  We continue to rate AZA shares Buy."
 
     AMB Property Corporation
     (NYSE:   AMB) $23.99
     Long Term Attractive
 
     Jay Leupp, REITs/REOCs/Real Estate Services
     "AMB reported Q1:01 FFO of $0.57/share, including a non-cash charge of
 $4.7 million, or $0.05/share related to the impairment of its $5 million
 equity investment in WebVan," said Leupp. "Robust Q1:01 same-store NOI growth
 of 8.0% was positively skewed by SF Bay Area same-store growth of 31.4%,
 which, when coupled with slowing national rental rate growth, is expected to
 cause overall same-store growth to moderate to 5.0% by year-end 2001. We
 believe that by "biting the bullet" on its disappointing equity investment in
 WebVan, and by reducing its total revenue exposure from 1.2% at Q4:00 to 0.8%
 currently, AMB has considerably alleviated concern over its exposure to the
 company, which has caused many investors to remain on the sidelines while the
 WebVan saga unfolded.  We believe however, that the approximate $15.3 million
 in other investments which remain on AMB's books represent a significant "dark
 cloud", as they could ultimately result in additional charges of up to
 $0.15/share, if management concludes that those investments have been
 permanently impaired. We maintain our current 2001 FFO/share estimate of $2.54
 ($2.49 net of the Q1:01 WBVN charge) and are introducing our 2002 FFO/share
 estimate of $2.77, representing 2001-2002 FFO/share growth of 9.0%."
 
     Antigenics Inc.
     (Nasdaq:   AGEN) $16.20
     Buy
 
     Michael King, Biopharmaceuticals
     "Abstracts were released yesterday on the internet for the upcoming
 American Society of Clinical Oncology (ASCO) meeting in San Francisco from May
 12-15," said King. "Researchers plan to present positive Phase I/II trial
 results for Oncophage in the treatment of metastatic melanoma. Forty-five
 patients with Stage IV metastatic melanoma were vaccinated with Oncophage.
 Eleven patients were made disease-free with surgery, leaving thirty-four for
 evaluation. Patients were treated with five or fifty mg every week for four
 weeks. Two complete responses (CR) and three stable diseases (SD) were
 observed in the 34 evaluable patients. We view the melanoma data as very
 interesting, but early. It is difficult to interpret the colorectal data
 without knowing more about the patient population. In general, Oncophage
 appears to be well tolerated and biologically active in some patients with
 both of these cancer types. We look forward to ASCO to review the data more
 closely and expect the company to study to pursue further studies in both
 indications. Oncophage is in Phase III testing for the treatment of renal cell
 cancer and in various Phase I and II trials for a number of cancer and
 infectious disease indications. We believe AGEN has diversified its portfolio
 over the past year, decreasing investor risk. We reiterate our Buy rating."
 
     Celgene Corporation
     (Nasdaq:   CELG) $19.10
     Buy
 
     Michael King, Biopharmaceuticals
     "Abstracts were released yesterday on the Internet for the upcoming
 American Society of Clinical Oncology (ASCO) meeting in San Francisco from May
 12-15," said King. "Researchers are expected to present data from trials using
 CELG's Thalomid in the treatment of a variety of solid tumors.  Six separate
 Phase II trials using Thalomid in metastatic renal cell cancer should be
 presented. The prognosis for these patients is dismal. Most of the patients in
 these trials had progressed after treatment with IL-2 and/or interferon. A
 limited number of patients in these trials achieved objective tumor shrinkage.
 However, a number of patients had stable disease up to a year out and survival
 was greater than would be expected in this cohort of patients. We find these
 data very intriguing and worthy of further study with survival as the
 endpoint. Despite all of the recent confusion surrounding the Total Therapy II
 trial, we believe that the Thalomid franchise remains intact and is growing.
 As indicated by the abstracts at ASCO, there is substantial interest amongst
 physicians in using Thalomid for a number of solid tumor indications. We
 believe treatment of solid tumors with Thalomid is an area Wall Street has
 largely ignored. We would be buyers of the stock at these levels and reiterate
 our Buy rating."
 
     Guidant Corporation
     (NYSE:   GDT) $41.10
     Long Term Attractive
 
     Wade King, Medical Technologies
     "Yesterday, Guidant announced Q1'01 revenues ahead of expectations," said
 King. "At Guidant's analyst meeting, the company eased some fears surrounding
 the recent recall of its AAA stent graft. Deficiencies in communicating with
 the FDA regarding clinical feedback surrounding the deployment system were
 cited as the primary reasons for the production halt and recall. None of the
 reasons cited were related to the safety and efficacy of the stent graft
 itself, and good long-term data has been published on ANCURE. Several new
 stent products from competitors have received FDA approval recently. Near-
 term, these products will likely increase competitive stent pressures for
 Guidant, which has over 40% domestic market share. Although the
 preannouncement is positive news for Guidant, we are maintaining our LTA
 rating on the company due to the highly competitive outlook. We believe that
 Guidant has a strong product portfolio and pipeline in areas that will prove
 to be substantial growth areas in cardiology. We expect major new products on
 the market for Guidant during 2H'01 and 1H'02. At the same time, we believe
 the company will encounter numerous challenges in this highly competitive
 market, particularly in the AAA stent graft arena and also in the race to
 market effective drug-coated stents. Our rating on the shares of Guidant is
 LTA."
 
     Inhale Therapeutic Systems, Inc.
     (Nasdaq:   INHL) $21.01
     Long-Term Attractive
 
     Robert Hazlett, Large Capitalization/Specialty Pharmaceuticals
     "Inhale and development partner Aventis Behring announced the successful
 completion of a phase Ib trial of an inhaleable formulation of Alpha-1
 Proteinase Inhibitor for the treatment of genetic emphysema caused by alpha
 one antitrypsin deficiency," said Hazlett. "The formulation has been granted
 Orphan Drug status by FDA, which would confer seven years of US marketing
 exclusivity if the drug is ultimately approved. Although we view these results
 as a modest positive for Inhale, we continue to believe that share performance
 will continue to be driven by inhaled insulin milestones, specifically NDA
 filing and FDA approval, potentially by year-end 2001 and 2002, respectively.
 This therapy is being developed in collaboration with Pfizer (PFE, 41.01, Buy)
 and Aventis (AVE, 80.35, NR) and could move the company toward profitability
 in 2003, assuming the program's development timeline remains on-track.  We
 continue to rate INHL shares Long-Term Attractive."
 
     MGM Mirage, Inc.
     (NYSE:   MGG) $26.95
     Buy
 
     Harry Curtis, Gaming & Lodging
     "We are maintaining our 2001 EPS estimate of $1.65 for MGM Mirage, which
 is in line with consensus," said Curtis. "However, we are adjusting our
 quarterly estimates to reflect first quarter strength, but anticipate seasonal
 weakness in the second and third quarters in the Las Vegas market. We believe
 MGM benefits from having the strongest asset base in Las Vegas. When pricing
 returns, which we believe will be 4Q:01, the stock should outperform
 meaningfully. At current levels, shares trade at 7.4x estimated 2001 EBITDA of
 $1.28 billion and only 6.9x estimated 2002 EBITDA of $1.32 billion. We
 forecast multiple expansion to at least 8.0x forward EBITDA later in 2001 or
 when real GDP re-accelerates, for a 12-month price target of $35, or more than
 35% above current levels. We believe shares of MGM should trade at a premium
 to other gaming companies given its superior property base on the Las Vegas
 Strip (MGM Grand, New York New York, Bellagio, The Mirage and Treasure
 Island). We anticipate MGM will dedicate free cash of more than $300 million
 in 2001 toward reducing debt. Earnings will be further diversified with the
 addition of a joint venture casino in Atlantic City, estimated to open 2H:03,
 and longer term, a wholly owned Atlantic City casino."
 
     Oracle Corporation
     (Nasdaq:   ORCL) $14.97
     Long Term Attractive
 
     Eric Upin, Business-to-Business eCommerce
     "At the mid-point of Oracle's all-important May quarter, we continue to
 believe the numbers -- and therefore, the stock -- are at risk," said Upin.
 "Since the company pre-announced earnings on March 1, we have lowered our May
 quarter revenue estimate by 15% and EPS by 26% -- reflecting the low-end of
 management's guidance range provided on March 15. We continue to believe the
 sequential revenue ramp from Q3:01 to Q4:01 is steep, particularly in light of
 the market and company-specific execution challenges facing the company over
 the next several quarters. Although it is still relatively early in the May
 quarter, we believe there is risk to our revised estimates based on market-
 related challenges, Oracle-specific issues, and valuation. We maintain our
 cautious outlook on the stock based on the downside risk to Street estimates
 and current valuation levels, which in our view are not yet compelling.
 However, given that the Oracle has one of the strongest franchises and most
 compelling visions in the technology sector, the question clearly becomes:
 When is it time to get involved with the stock?  At this time, our answer is:
 Not yet.  Therefore, we maintain our cautious outlook and Long-Term Attractive
 rating."
 
     Sepracor Inc.
     (Nasdaq:   SEPR) $37.95
     Strong Buy
 
     Robert Hazlett, Large Capitalization/Specialty Pharmaceuticals
     "We remain steadfast in our belief of considerable growth prospects for
 Sepracor," said Hazlett. "The company continues to move rapidly toward
 commercialization of numerous late-stage compounds. The remainder of 2001
 should be positive for Sepracor, including filing of (s)-zopiclone in 2H01 for
 sleep disorders and a number of compounds moving into phase III.  In addition
 to its in-house portfolio, Sepracor will be receiving royalties on
 desloratadine for allergy, Allegra for allergy from Aventis and norcisipride
 for GERD from Johnson and Johnson, among others.  We reiterate our Strong Buy
 rating on SEPR shares."
 
     VISX, Incorporated
     (NYSE:   EYE) $19.10
     Long Term Attractive
 
     Wade King, Medical Technologies
     "VISX is scheduled to announce its Q1'01 financial results on Thursday,
 4/12/01," said King. "Recall that recently, the company preannounced
 expectations for Q1'01 EPS of $0.20-$0.21. Our estimates for the quarter are
 revenues of $48.3MM and fully taxed EPS of $0.20. This reflects over 20%
 sequential procedure growth, consistent with our estimate of 260,000 LVC
 procedures performed on VISX lasers in the quarter. We are pleased with the
 upturn in procedure volumes for VISX in Q1'01. Yet we believe that there are
 mixed dynamics for VISX to contend with in the LVC marketplace going forward.
 VISX shares are currently trading at 22.5x our 2001 EPS estimate of $0.85. We
 consider this to be close to fair valuation for the company near-term. Our
 rating on shares of VISX is Long Term Attractive."
 
     Industry Updates:
 
     Gaming/Lodging Industry
 
     Harry Curtis, Gaming & Lodging
     "We believe that pricing power will be weak in Las Vegas in 2Q:01 and
 3Q:01, which will lead to negative comparisons at many properties, and
 negative to flat EPS comparisons for the period," said Curtis. "At current
 valuations, stock prices of gaming operators with EBITDA concentration in Las
 Vegas are more likely to tread water until at least 4Q:01 when pricing
 visibility improves. We believe the only gaming operator with near-term
 earnings momentum is Harrah's Entertainment, given its strong same-store
 comparisons in casinos outside of Nevada, and its limited exposure to Las
 Vegas (approximately 15% of estimated 2001 EBITDA)."
 
     Las Vegas Gaming Update
     Harry Curtis, Gaming & Lodging
     "Las Vegas casino win at the 43 properties on the Strip decreased 12.7% in
 February to $335.6 million versus $384.2 million a year ago," said Curtis.
 "The decline in win was primarily due to an 81% decline in baccarat win to
 $16.1 million from $85.1 million a year ago, which, in turn, was largely due
 to seasonal factors and a very low hold percentage. Excluding baccarat, table
 and slot win increased by 6.8%, driven by a 2.6 point increase in non-baccarat
 table hold percentage to 12.6% from 10.1% last year. Excluding baccarat,
 wagers on table games and slots declined nearly 3% during the month."
 
     Next Generation Networks
     Paul Johnson, Communications/Networking
     "Valuations in the next generation networks universe have tumbled recently
 due to softened economic conditions and disappointing financial performance -
 reaching valuation levels that have not been seen in many years," said
 Johnson. "In fact, some of the companies within our universe are trading
 strikingly close to, if not below as in many cases, cash value. It appears to
 us that some of these stocks may, in fact, represent interesting investment
 value as a consequence.  Increasingly, we feel that investors may begin to
 look at many of the companies from a balance sheet perspective, focusing on
 the company's excess cash, trying to determine good opportunities to buy
 stocks that may prove to have real business value. We believe that sifting
 through the next generation networking companies, looking for undervalued
 stocks, may prove very valuable, particularly when looking at the subsection
 of our companies that would be considered distressed from a valuation
 perspective, but may actual represent interesting investment value.  In order
 to ensure that cash is an asset, it is necessary to look at the cash burn for
 these companies to determine how stable their cash position is.  This
 consideration has a significant impact on the several companies that are
 losing money at epic proportions -- rendering their cash positions unstable
 and valuations based on this cash less attractive.  On the other hand, it also
 serves to show which stocks may actually be great bargains from a cash
 perspective-particularly when forecasting future cash levels.  Despite the
 cash burn at these companies, many of the stocks will retain a high cash
 position relative to their current market value.  These companies may
 represent interesting investment opportunities because of the low value placed
 on the ongoing business (relative to the cash position).  Of these companies
 there are some that are actually profitable (or will be within the year) and
 show a positive contribution to the cash value of the companies.  Though the
 market is placing only a slight premium on these companies relative to the
 value of the simplest of assets--cash, we feel that some of these companies
 represent positive investment opportunities."
 
     Unless otherwise noted, prices are as of Tuesday, April 10, 2001.
 
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