Robertson Stephens Daily Growth Stock Update on CCRT ENTU ASMI AMCC AVNX BMC COST ATHM FCS FLEX ICST ISRG JDSU IFX LSI LU PDYN SPWX TMCS VSEA VRGE VIXL CUBE CKFR CYTC ESA FRX NETP PPE RDRT

Apr 25, 2001, 01:00 ET from Robertson Stephens, Inc.

    SAN FRANCISCO, April 25 /PRNewswire/ -- The following has been issued by
 Robertson Stephens:
 
     Rating Changes:
 
     CompuCredit Corporation
     (Nasdaq:   CCRT) $10.52
     Upgrading to Long-Term Attractive from Market Performer
     2001E EPS: $0.75, down from $0.85
 
     Jordan Hymowitz, eCredit & Lending/I-Auto
     "CompuCredit reported Q1/01 managed EPS of $0.13, $0.03 better than our
     $0.10 estimate," said Hymowitz. "We are lowering our 2001 EPS estimate to
     $0.75 per share (-$0.10) due to the increasing loss provision to cover net
     chargeoffs.  We are not initiating a 2002 EPS estimate in light of CCRT's
     limited visibility in terms of credit quality going forward. We are
     upgrading CompuCredit to Long-Term Attractive.  We do not believe the
     company will be able to earn its $0.25 - $0.30 Q2/01 EPS estimate.
     Although we no longer think CCRT could blow up due to credit issues, we
     still think it is too early to recommend the stock as there is little
     earnings visibility going forward."
 
     Entrust Technologies Inc.
     (Nasdaq:   ENTU) $6.67
     Downgrading to Market Performer from Long-Term Attractive
     2001E Operating EPS: ($1.06), down from ($0.64)
     2002E Operating EPS: ($0.45), New
 
     Dane Lewis, Infrastructure: Systems & Software
     "Entrust announced Q1:01 revenues and earnings yesterday, in line with
     lower pre-announced expectations," said Lewis. "Revenues for Q1:01 were
     $31.5 million, down 34% sequentially, but up 8% year-over-year, as a
     result of the growth in services revenues. License revenues decreased 62%
     sequentially and 50% year-over-year. EPS for Q1:01 was $(0.32), down from
     $0.03 last quarter and $0.06 in Q1:00. Cutbacks in enterprise IT budgets
     and the difficulty and expense associated with PKI deployments led to the
     revenue shortfall. Additionally, Entrust saw a slowdown across all product
     lines and geographies. We are fine-tuning our estimates for FY2001 and
     introducing our estimates for FY2002. We are downgrading ENTU from a Long-
     Term Attractive rating to Market Performer as a result of the lack of
     visibility on return to profitability and resumption of growth. We will
     remain on the sidelines and continue to watch developments at the company
     that will increase visibility."
 
     Estimate Changes:
 
     ASM International N.V.
     (Nasdaq:   ASMI) $20.25
     Buy
     2001E EPS: $1.02, up from $0.58
     2002E EPS: $1.11, up from $0.77
 
     Sue Billat, Semiconductor Equipment/Foundries
     Although ASMI reported Q1:01 revenues below our projections, its EPS of
     $0.33 (0.37 euro) exceeded our $0.30 (0.32 euro) estimates due to a sharp
     reduction in operating expenses," said Billat. "Bookings dropped 47% to 87
     million euro, which we believe is in line with the industry numbers
     reported by SEMI. We believe the company has the largest installed base of
     300 vertical furnaces and continues to win market share. We also believe
     that ASMI has successfully penetrated Intel with its low k dielectric
     tools and are pleased to see the company demonstrate a long term road map
     for ultra low k films, which should position them well with chipmakers, in
     particular with those who may switch suppliers for what appears to a
     challenging process integration task. To reflect the new design wins and
     better expense control, we are raising our EPS estimates for 2001 to $1.02
     (from $0.58) on sales of $645.8 million (formerly $630.6 million) and for
     2002 to $1.11 (from $0.77) on revenues of $714.0 million (unchanged)."
 
     Applied Micro Circuits
     (Nasdaq:   AMCC) $23.98
     Buy
     F2002E EPS: $0.05, down from $0.15
     F2002E EPS: $0.23, down from $0.33
 
     Arun Veerappan, Communications Components/Semiconductor Devices
     "AMCC reported essentially in-line results for the March quarter," said
     Veerappan. "However, the outlook into the June quarter, has come in below
     expectations.  Clearly, the current outlook into the June quarter that
     calls for a worse than expected sequential decline in revenues than we had
     anticipated comes as a negative surprise.  Still, AMCC indicated that the
     low level of revenues expected for the June quarter could represent a
     bottom.  We would tend to agree based on 1) the expectation that
     inventories have peaked and are being worked down and 2) the seasonal
     pattern to service provider spending that is weighted towards latter half
     of the year. Overall, despite the near-term setback, which we expect will
     pressure the stock, AMCC's technology positioning remains as strong as
     ever and so we continue to believe that the company's shares remain a core
     holding for investors.  Given this, we maintain our Buy rating on AMCC
     stock."
 
     Avanex Corporation
     (Nasdaq:   AVNX) $14.93
     Buy
     F2001E EPS: $0.04, down from $0.14
     F2002E EPS: ($0.08), down from $0.18
 
     Paul Johnson, Communications/Networking
     "Avanex reported fiscal third quarter (March) revenues and profitability
     in-line with the company's April 11 pre-announcement," said Johnson.
     "These results were significantly below our original expectations for the
     quarter of $41 million and EPS of $0.02, which had been lowered in
     response to the company's first pre-announcement on February 27, 2001.
     Our original estimates had been $52.3 million in revenues and EPS of
     $0.07. Avanex attributed the majority of the revenue shortfall this
     quarter to weaker than expected orders for the company's PowerFilter
     product line, particularly from MCI Worldcom which represented less than
     10% of revenues, down from 50% in the December quarter.  The rest of the
     shortfall is due to carriers' lower spending on Avanex's legacy systems,
     and probably some effects from inventories having been built in December.
     We are lowering our revenue and EPS estimates for fiscal 2001 and 2002 as
     a direct result of Avanex's lowered guidance and lack of visibility. We
     are maintaining our estimates and our Buy rating on the stock."
 
     BMC Software, Inc.
     (NYSE:   BMC) $27.15
     Long-Term Attractive
     F2001E Operating EPS: $0.81, up from $0.80
     F2002E Operating EPS: $0.92, down from $1.15
 
     Dane Lewis, Infrastructure: Systems & Software
     "BMC announced FQ4:01 results above positive pre-announced estimates,"
     said Lewis. "BMC reported revenues of $422.8 million versus pre-announced
     guidance of $412-422 million.  This represents a 9.7% sequential growth
     and 11.3% year over year decline in revenues.  Pro-forma EPS was $0.26,
     above previously raised guidance of $0.23-$0.25.  Deferred revenue
     increased slightly from $784.4 million in FQ3:01 to $857.4 million this
     quarter.  Deferred license revenue increased by $34 million to $107
     million this quarter. Deferred revenue was driven partly by the company's
     continued adoption of a ratable revenue recognition policy for some of its
     customer deals. For F2002, we are revising our estimates to reflect
     seasonality and the current difficult market environment.  For FQ1:01, we
     are lowering our revenue estimate from $410.5 million to $364.9 million
     and EPS from $0.27 to $0.12.  For 2002, we are lowering our revenue
     estimate from $1.72 billion to $1.69 billion and lowering EPS from $1.15
     to $0.92.  We maintain our LTA rating."
 
     Costco Wholesale Corporation
     (Nasdaq:   COST) $34.28
     Long-Term Attractive
     F2001 Operating EPS: $1.26, down from $1.36
     F2002 Operating EPS: $1.41, down from $1.56
 
     Bill Dreher, Broadline Retailing: Discount & Department Stores
     "Due to the California energy crisis, Costco's electricity costs could
     rise $40 million pretax over the next 12 months, which alone would impact
     EPS by approximately $0.05," said Dreher. "Unfortunately, the energy
     conservation measures meant to reduce expenses are likely to hurt sales by
     limiting customer traffic into stores, and reduce impulse purchases thus
     shrinking average ticket.  In addition, the current environment of rising
     gas prices hurts Costco's margins. Not only has Costco's typically
     superior monthly same store sales results continued to modify as the
     company continues to cycle their perimeter departments, but we believe the
     weak economy, particularly on the West coast, is taking an additional toll
     on Costco. As a result of these issues, Costco warned that earnings for
     their May and August Quarter will come in nearly 10% below consensus.
     Bottom line, we remain more conservative than the Street, as we do not
     expect Costco's improvement to be as near-term as the street is hoping
     for.  We expect the same issues that have weighed on Costco's results to
     continue. In addition, the newer issues on the west coast, such as the
     tech meltdown and the energy crisis with potentially steep price hikes,
     will also keep earnings growth at sub-par levels for the remainder of this
     fiscal year and much of next fiscal year. We expect the stock to be under
     further pressure in the near term as investors react to the continued FY02
     (Sept. 2002) estimate reductions in an otherwise strong industry sector.
     We are maintaining our LTA rating on COST shares."
 
     Excite@Home
     (Nasdaq:   ATHM) $3.89
     Long-Term Attractive
     F2001E EPS: ($0.55), down from ($0.32)
 
     Lowell Singer, Next-Generation Internet eNablers
     "Excite@Home reported full Q1 results that were in-line with preannounced
     levels," said Singer. "Following Excite@Home's Q1 shortfall and our
     outlook for continued ad market weakness, we are lowering our 2001 revenue
     estimate to $634.0 million from $665.1 million. Despite anticipated cost-
     cutting measures, we believe Excite@Home's bottom line could suffer from a
     lower mix of high margin advertising revenues. Thus, we are lowering our
     2001 Cash EPS loss estimate to $(0.55) from $(0.32). We believe
     uncertainties surrounding Excite@Home's current and future business
     strategy could continue place downward pressure on shares of ATHM. Despite
     our belief that Excite@Home could become a key broadband service provider
     longer-term, we believe near-term risks outweigh potential near-term
     rewards. Thus, we remain cautious on the stock."
 
     Fairchild Semiconductor Corporation
     (NYSE:   FCS) $17.11
     Buy
     2001E EPS: $0.50, down From $0.75
     2002E EPS: $0.90, down from $1.10
 
     Tore Svanberg, Analog & Mixed-Signal Semiconductor Devices
     "Fairchild Semiconductor reported March quarter revenues of $385.3
     million, down 18% Q-Q and down 4% Y-Y," said Svanberg. "Fairchild faced a
     tough environment in Q1:01, in our view. The sequential decline in revenue
     was broad-based and came from all of the company's main product lines.
     For the June quarter, we expect all product lines to be flat to slightly
     down.  Weaker sales will be a result of flat units with lower ASPs in low-
     voltage discretes, standard analog and CMOS logic products.  We expect
     that these weaknesses will likely be offset by more stable high-
     performance analog, discrete power and high-speed logic sales. In terms of
     the outlook, the company has guided for a flat to 5% sequential decline in
     revenue for the June quarter as it continues to face uncertainty in its
     end markets."
 
     Flextronics International Ltd.
     (Nasdaq:   FLEX) $22.17
     Buy
     F2002E Cash EPS: $0.95, down from $1.15
     F2003E Cash EPS: $1.20, down from $1.45
 
     J. Keith Dunne, Electronic Manufacturing Products & Services
     "FLEX reported 4Q:FY01 Cash EPS of $0.22, 10% below our recently reduced
     $0.24 estimate mostly due to lower gross margins as sales were actually 4%
     above our estimates," said Dunne. "We are lowering our FY02E Cash EPS from
     $1.15 to $0.95 to reflect softer end market demand and delays in realizing
     incremental benefits from increased outsourcing. For example, we now
     expect the ERICY cell phone deal to add $0.05 in FY02E vs. $0.10-$0.15.
     Nonetheless, management continues to evaluate about $10 billion in
     potential new business mostly from existing OEM customers and which could
     partially be funded with $630M in cash and about $1.25B in cash that could
     be raised while maintaining investment grade debt. We are maintaining our
     Buy rating on the premise that Flextronics should win major new programs
     to support increasing EPS expectations as the year progresses. Flextronics
     is currently trading at 19.5x our Cal-02E Cash EPS and an Enterprise Value
     to Cal-01E EBITDA of 14x, which is at a slight premium to a composite of
     other large EMS providers."
 
     Integrated Circuit Systems, Inc.
     (Nasdaq:   ICST) $16.11
     Buy
     F2001E EPS: $0.80, down from $0.86
     F2002E EPS: $0.65, down from $0.98
 
     Tore Svanberg, Analog & Mixed-Signal Semiconductor Devices
     "ICS reported Q3:F01 results on April 24," said Svanberg. "The company's
     revenue declined 20% sequentially to $45.3 million. Gross margin remained
     level with the December quarter at 62.2%.  Expenses were $13.4 million and
     EPS was $0.19, inline with our estimate and one penny better than the
     Street consensus estimate. In terms of the outlook, the company has guided
     for a 20% sequential decline in revenue for the June quarter.  We expect
     this decline will largely be driven by receding communications sales.
     Beyond the June quarter, we believe ICS should resume positive growth in
     the September and December quarters.  In our view, the company's H2:C01
     recovery of growth will be fueled by a seasonal pickup in demand for
     consumer and computing products combined with new ICS product platforms
     coming online and contributing to revenue."
 
     Intuitive Surgical, Inc.
     (Nasdaq:   ISRG) $6.93
     Buy
     F2001 EPS: ($0.39), up from ($0.42)
 
     Wade King, Medical Devices
     "Late yesterday, Intuitive Surgical reported Q1'01 revenues of $12.1M
     associated with EPS of ($0.10)," said King. "This beat our estimates of
     $11.7M with EPS of ($0.12). The company placed 12 systems (5 in the U.S.,
     5 in Europe, 2 in Asia), in line with our expectations. We are raising our
     revenue estimate for Q2'01 to $13.0M from $12.5M and maintaining our EPS
     estimate of $(0.11). For the full year 2001, we are raising our revenue
     estimate to $53.0M from $51.8M and increasing our 2001 EPS to ($0.39) from
     ($0.42). Our near-term price target for the shares of Intuitive is $11
     based on 30x our 2003 EPS estimate of $0.43, discounted 25%. This offers
     investors the opportunity for almost 60% ROI. We believe Intuitive is an
     attractive investment opportunity in the leader in advanced robotics
     applied to minimally invasive surgery. We reiterate our Buy rating on
     shares of Intuitive Surgical."
 
     JDS Uniphase Corporation
     (Nasdaq:   JDSU) $20.82
     Buy
     F2001E EPS: $0.57, down from $0.58
     F2002E EPS: $0.23, down from $0.37
 
     Arun Veerappan, Communications Components/Semiconductor Devices
     "JDS Uniphase announced Q3:F01 (March) revenue for the quarter of $920
     million (down 1% q/q), in line with our $922.6 million estimate and EPS of
     $0.14 vs. our $0.13 estimate," said Veerappan. "Going forward, JDS
     Uniphase provided revenue guidance of $700 million for the June quarter,
     down 24% q/q, and EPS of $0.05. Importantly, JDS Uniphase has well over
     $700 million in backlog shippable in a 6-month time frame. We are revising
     our estimates for the June quarter to revenue of $700 million and EPS of
     $0.05. Further, we are lowering our estimates for F01 and F02. JDS
     Uniphase indicated that it expects component inventory issues at its
     customers to be resolved in the next two quarters. Although the end-demand
     still remains somewhat murky, given the data points available, we believe
     that the June/September quarter timeframe represents a potential bottom.
     JDS Uniphase, as a proven market and technology leader in optical
     components, will continue to dominate the market and command a premium
     valuation, in our view.  Thus, we maintain our Buy rating."
 
     Infineon Technologies AG
     (NYSE:   IFX) 44.90 euro
     Buy
     F2001E EPS: 0.35 euro, down from 0.45 euro
     F2002E EPS: 0.85 euro, down from 1.10 euro
 
     Eric Rothdeutsch, Semiconductors/Computer Hardware
     "Infineon reported 2Q:F01 EPS of EUR 0.04, six cents better than our
     estimate and three cents better than the Consensus," said Rothdeutsch.
     "Revenues of EUR 1.65 billion were down less than 1% QoQ, solid
     performance considering sharp DRAM price declines and a soft wireless
     market, in our view. As a result of weak DRAM pricing, continuing softness
     in wireless sales, and the limited visibility into new orders, we are
     revising our F01 revenue and EPS estimates from EUR 6.68 billion and EUR
     0.45 to EUR 6.56 billion and EUR 0.35, respectively.  Our F01 estimates
     are going from EUR 8.0 billion and EUR 1.10 to EUR 7.4 billion and EUR
     0.85. Near-term fundamentals remain challenging for all semiconductor
     companies, Infineon included, particularly over the next couple of
     quarters.  Still, once end market demand improves, we remain convinced of
     the company's strong product portfolio-particularly in wireline, wireless,
     and chip card ICs-and solid technology leadership.  We are maintaining our
     Buy rating and 12-month price target of $45."
 
     LSI Logic Corporation
     (NYSE:   LSI) $19.50
     Buy
     F2001E EPS: $(0.15), down from $0.15
     F2002E EPS: $0.15, down from $0.30
 
     Eric Rothdeutsch, Semiconductors/Computer Hardware
     "LSI reported 1Q01 EPS of $0.03, in line with our and consensus
     estimates," said Rothdeutsch. "As a result of the continuing inventory
     correction and the communications end market slowdown, we are lowering our
     F2001 revenue and EPS estimates from  $1.96 billion and $0.15 to 1.85
     billion and ($0.15), respectively. Our F2002 estimates are going from
     $2.21 billion and $0.30 to $2.05 billion and $0.15, respectively. Although
     we remain cautious on the near-term prospects for LSI pending better
     visibility into the rate of inventory depletion at customers and a
     resumption of end-market demand, we remain optimistic about LSI's long-
     term prospects given the company's solid positioning in its end markets,
     broad product and intellectual property portfolios, and leading-edge
     process technologies.  We are maintaining our Buy rating on LSI and 12-
     month price target of $22."
 
     Lucent Technologies, Inc.
     (NYSE:   LU) $10.25
     Market Performer
     F2001E EPS: $(1.39), down from $(0.85)
     F2002E EPS: $(0.81), down from $0.15
 
     Paul Silverstein, Communications/Networking
     "On Tuesday, April 24, 2001, Lucent reported March quarter pro forma
     revenues increased to $5.9 billion, representing a 35.9% sequential
     increase and (17.3%) decline year over year, and a pro forma loss from
     continuing operations of ($0.37) per share," said Silverstein. "These
     results exclude the operating performance of Agere Microsystems, which was
     formerly Lucent's microelectronics division until its spin-off on April 2,
     2001. We have lowered our revenue and EPS estimates for each of fiscal
     2001 and fiscal 2002.  Our revised forecasts reflect the difficult
     operating environment characterizing the communications equipment industry
     in general and the challenges facing Lucent in particular. Given our
     concerns that Lucent's growth will not be attended by significant
     profitability-at least not for the foreseeable future -- we are
     maintaining our Market Performer recommendation on Lucent's' shares."
 
     Paradyne Networks, Inc.
     (Nasdaq:   PDYN) $2.07
     Long-Term Attractive
     2001E EPS: ($1.10), up from ($1.45)
     2002E EPS: ($1.02), up from ($1.14)
 
     Paul Johnson, Communications/Networking
     "Paradyne reported first quarter financial results above our and Street
     expectations," said Johnson. "Revenues of $33.1 million were above our
     estimate of $25.8 million, and the pro forma net loss of $0.19 per share
     beat our estimate of $0.38 per share.  Overall revenues decreased 36%
     sequentially and 49% year-over-year.  Broadband revenues declined 39%
     sequentially and 45% year-over-year.  Despite the relatively strong
     revenue contribution in the quarter, management commented on the company's
     lack of visibility -- similar to other companies in the access market.  We
     are cutting near term revenue estimates as a consequence. We are lowering
     our estimates for fiscal 2001and 2002 to reflect a significant lack of
     visibility.  We have lowered gross margins by two points in our forward
     estimates, as we believe there will be significant pricing pressure in the
     future.  Interestingly, because of aggressive cost cutting, our EPS
     estimate remains essentially unchanged, despite the significant reductions
     in our revenue forecasts.  We believe our estimates to be conservative.
     We are maintaining our Long-Term Attractive rating on the shares of
     Paradyne."
 
     Speechworks International Inc.
     (Nasdaq:   SPWX) $11.90
     Buy
     2001E EPS: ($0.85), down from ($0.73)
     2002E EPS: ($0.45), down from ($0.35)
 
     Marianne Wolk, Wireless Data and Telecom Services
     "Speechworks reported March quarter revenue and operating EPS of $11.4MM
     and ($0.19), slightly ahead of our $11.3MM and ($0.20) estimates," said
     Wolk. "Gross margins of 67% topped our 65% estimates, but license revenue
     came in slightly below our forecasts and license revenue mix was only 53%
     versus our 56% estimate.  DSOs rose 1 day sequentially to 76 days. Strong
     reliance on solutions sales by direct salesforce has proven to be a major
     advantage in the current environment though SpeechWorks has begun to see
     some erosion in its visibility, with backlog declining 10%.  We are
     reducing estimates slightly to reflect uncertainty in 2H:00."
 
     Ticketmaster
     (Nasdaq:   TMCS) $9.24
     Buy
     F2001E EPS: $0.22, up from $0.17
     F2002E EPS: $0.52, up from $0.48
 
     Lauren Cooks Levitan, Branded Internet
     "Ticketmaster delivered better-than-expected Q1 results led by solid
     growth in the core ticketing business which achieved 29.5% online
     penetration," said Levitan. "Ticketmaster reported roughly in-line results
     in the company's advertising-supported businesses providing us with
     increased validation that the company's unique advertising platform can
     mitigate the impact of an overall weak online advertising environment. The
     company provided greater insights into the profit potential of its
     category leading personals business, Match.com, which we have long
     believed could provide a meaningful catalyst for growth.  We expect shares
     of Ticketmaster to react favorably to the company's better-than-expected
     Q1 results and encouraging trends.  We continue to rate shares of
     Ticketmaster Buy, given the current total market valuation approximates
     only our estimated value of the ticketing business, and not the potential
     value of Ticketmaster's other businesses."
 
     Varian Semiconductor Equipment Associates, Inc.
     (Nasdaq:   VSEA) $40.77
     Long-Term Attractive
     F2001E EPS: $2.03, down from $2.54
     F2002E EPS: $0.65, down from $1.76
 
     Sue Billat, Semiconductor Equipment/Foundries
     "Although Varian Semiconductor reported revenues in line with our
     estimates, its FQ2:01 EPS of $0.53 came in well below our estimate of
     $0.67 and consensus' expectation for $0.60, due to a steep decline in
     gross margins," said Billat. "We are pleased with the substantial market
     share gains that Varian has made over the past year, which improved to 42%
     in CY00 from 31.4% in CY99. In addition, we are impressed with its strong
     position in 300 mm, which is over 10 percentage points higher than in 200
     mm. We expect softness in the equipment industry to continue over the next
     two quarters, followed by a gradual recovery early in 2002. Accordingly,
     we are lowering our estimates for FQ3 to $0.25 (from $0.37) on revenues of
     $144.0 million (formerly $150.0 million). We are also reducing our
     estimates for F2001 to $2.03 (from $2.54) on revenues of $675.2 million
     (formerly $700.2 million) and for F2002 to $0.65 (from $1.78) on sales of
     $578.0 million (formerly $700.0 million). Our revised estimates reflect
     margin pressure due to new product ramp and under-absorption of overhead
     costs."
 
     Virage, Inc.
     (Nasdaq:   VRGE) $4.50
     Buy
     F2001E EPS: ($0.97), up from ($1.08)
     F2002E EPS: ($0.33), down from ($0.11)
 
     Aleksandar Sasa Zorovic, Online Media Infrastructure
     "Virage reported revenues of $3.6 million, higher than our $3.3 million
     estimate, and EPS of ($0.30), in line with our estimate," said Zorovic.
     "The company grew its revenues 11% sequentially and 116% over last year.
     We are projecting a 10% revenue increase in the June quarter and growth of
     over 105% for FY2002. Going forward we are focusing on: (1) deeper
     penetration of the media and entertainment market, in particular following
     the recent sports-related announcements; (2) international growth,
     particularly in Asia (especially after the recent internationalization of
     the SmartEncode process); (3) further brand name customer announcements
     for the syndication product. We reiterate our Buy rating on the stock."
 
     Vixel Corporation
     (Nasdaq:   VIXL) $2.30
     Buy
     2001E EPS: ($1.00), up from ($1.15)
     2002E EPS: ($0.80), up from ($1.03)
 
     Ara Mizrakjian, Communications/Networking
     "Vixel reported fiscal third quarter (March) revenues and profitability
     in-line with the company's March 21 pre-announcement, albeit significantly
     below our original expectations for the quarter," said Mizrakjian.
     "Revenue of $6.1 million was slightly better than our $5.8 million
     estimate, and a reported loss of $0.29 per share was slightly above our
     $0.30 loss estimate.  SAN Systems contributed 58% of revenues in the
     quarter, and were down 48% sequentially. We continue to rate the shares of
     Vixel a Buy.  Although the company faces near-term challenges, and the
     stock has been trading far below its highs, at the current valuation
     level, we are maintaining our Buy rating on the shares of Vixel.  Given
     that the company is in the important SAN sector with a broad product
     portfolio, and that Vixel presently trades near cash, we believe the stock
     remains interesting to value investors."
 
     Comments:
 
     C-Cube Microsystems, Inc.
     (Nasdaq:   CUBE) $15.23
     Buy
 
     Arun Veerappan, Communications Components/Semiconductor Devices
     "On April 24, C-Cube reported Q1:01 results with revenue $50.1 million and
     EPS from continuing operations of $0.02, which was in line with the
     company's guidance following its December quarter conference call," said
     Veerappan. "Expansion platforms, which include DVD chips, set-top box
     chips, and codecs, accounted for 75% of total revenue, with VCD chips
     accounting for the remaining 25%. Given C-Cube's pending acquisition by
     LSI Logicb (LSI $19.50), which is expected to close in the current
     quarter, we are not publishing a new model. While we are not publishing a
     new model, we would note that the company provided guidance for sequential
     revenue growth of 12-18% in June versus forecasted sequential declines at
     other related communications companies."
 
     Checkfree Corporation
     (Nasdaq:   CKFR) $35.08
     Strong Buy
 
     Andrew Jeffrey, eProcessing/ePayment
     "CheckFree reported 3Q01 results last night, exceeding our revenue,
     subscriber growth and EPS expectations," said Jeffrey. "Most important, in
     our view, was a sharp acceleration in sequential transaction growth.  We
     estimate that transactions grew 11.4% sequentially in the period,
     significantly ahead of our 7.1% estimate.  This represents the first
     period in a year that transaction growth exceeded subscriber growth. In
     light of the most recent results, we are raising our 4Q01 and fiscal 2002
     revenue estimates to $119.8 million and $576.0 million, respectively, from
     $118.3 million and $572.8 million.  Our EPS estimates remain unchanged at
     $(0.03) and $0.04 for the two periods, respectively. We continue to
     recommend aggressive purchase of CKFR shares and believe the stock has the
     potential to be the best performer in our universe for the foreseeable
     future."
 
     Cytyc Corporation
     (Nasdaq:   CYTC) $18.29
     Buy
 
     Wade King, Medical Devices
     "Cytyc will announce Q1'01 financial results today after the market
     close," said King. "We believe that Cytyc posted another strong
     performance in Q1'01 and that the company's cash flow profile is very
     favorable. In our view, disposables pricing was stable in the quarter, and
     we expect Cytyc to meet our expectations. Our projections for the quarter
     are $46.2MM in revenue associated with fully taxed EPS of $0.09. The
     consensus estimate is $0.08. Our model assumes nationwide ThinPrep market
     penetration of over 39% on a run rate basis. We believe that Cytyc
     represents a very compelling investment opportunity. We reiterate our Buy
     rating on CYTC."
 
     Extended Stay America
     (NYSE:   ESA) $16.10
     Buy
 
     Harry Curtis, Gaming & Lodging
     "Extended Stay America reported outstanding 1Q:01 EPS of $0.17, beating
     the consensus and our estimate of $0.13," said Curtis. "EPS was driven by
     exceptional RevPAR growth of 5.7% and 26.6% EBITDA growth to $65.9 million
     from $52.1 million a year ago. We maintained our 2001 EPS estimate of
     $0.85 (versus consensus of $0.82) and thus are revising our quarterly
     estimates.  We maintain our Buy rating on shares of ESA. Despite a more
     pessimistic near-term outlook for the U.S. lodging industry, we believe
     that ESA's strong pipeline of new hotel developments and limited new
     competition will allow the company to outperform through 2002 and 2003. In
     addition, we believe that ESA's pricing at the low end of the market is
     also favorable, as RevPAR has remained stronger at the lowest price
     segments. Our 12-month price target is $20, or 24% upside from current
     levels."
 
     Forest Laboratories, Inc.
     (NYSE:   FRX) $60.36
     Long-Term Attractive
 
     Robert Hazlett, Large Capitalization/Specialty Pharmaceuticals
     "Forest reported 4Q01 EPS of $0.38, up 140% from 4Q00, two cents ahead of
     consensus and three cents ahead of our estimate," said Hazlett. "We
     continue to estimate FY2002 EPS of $1.60, although we believe there
     remains downside risk to our number given the uncertainty surrounding the
     entry of generic Tiazac. Though FRX share valuation has recently
     decreased, they currently trade at roughly 37 times our calendar 2001 EPS
     estimates of $1.55, a 23% premium to the Specialty Pharmaceutical group's
     30x 2001 EPS estimates.  Until we get a clearer profile of escitalopram's
     profile, as well as those of other new antidepressants, we believe that
     FRX shares nearly fully reflect robust expectations for growth; we
     therefore continue to rate them Long-Term Attractive."
 
     Net Perceptions, Inc.
     (Nasdaq:   NETP) $1.40
     Market Performer
 
     Lowell Singer, Next-Generation Internet eNablers
     "Net Perceptions reported Q1:01 revenues of $3.2 million, in line with
     their pre-announced range of  $2.5 - $3.5 million, and well below our
     original estimate of $7.0 million," said Singer. "The company reported EPS
     for the quarter of ($0.44) also within the pre-announced range of ($0.42)
     - ($0.46), but well below our original estimate of ($0.35). We believe
     that the same factors that caused the company to announce a shortfall in
     Q3 and Q4 continued through Q1. The main drivers of the company's
     shortfall include: the "dot-com" slowdown and the inability of the company
     to close deals given the industry-wide slowdown in IT spending. We now
     estimate revenue of $2 million and an EPS loss of $0.25 for Q2, the low
     end of the company's guidance range. Our estimates remain under review for
     the second half of 2001, as visibility continues to be limited. Given that
     this is Net Perceptions' third consecutive quarterly shortfall, and given
     the company's overall lack of visibility, we are maintaining our Market
     Performer rating. We encourage investors to remain on the sidelines until
     visibility improves and the company demonstrates momentum in closing
     sales."
 
     Park Place Entertainment Corporation
     (NYSE:   PPE) $10.58
     Long-Term Attractive
 
     Harry Curtis, Gaming & Lodging
     "Yesterday (April 23), Park Place reported 1Q:01 EPS above expectations of
     $0.15 vs. our $0.12 estimate," said Curtis. "We increased our EPS estimate
     for the year to $0.62 from $0.59, and raised our rating on the stock to
     Long-Term Attractive from Market Performer. We upgraded shares of Park
     Place Entertainment on April 23 to Long-Term Attractive from Market
     Performer. We view downside to shares of Park Place as limited from
     current levels given relatively low enterprise value/EBITDA multiples 6.6x
     our 2001 EBITDA estimate of $1.27 billion and 6.2x estimated 2002 EBITDA
     of $1.32 billion. We believe multiple contraction is unlikely. However, we
     remain cautious on trends in Las Vegas, especially in the third quarter as
     we believe comparisons become increasingly difficult. Las Vegas properties
     contribute approximately 35% of the company's EBITDA. However, the
     declining interest rate environment will likely offset possible weakness
     in Las Vegas, and could allow for upside to our estimates. Although we are
     cautious on near-term trends, especially in Las Vegas, we believe the
     company is attractively valued for patient investors. Likewise, we believe
     there could be upside to our EPS estimates given the increasingly positive
     interest rate environment and the possibility of improving trends late in
     2001."
 
     Read-Rite Corporation
     (Nasdaq:   RDRT) $5.20
     Long-Term Attractive
     F2001E EPS: $0.27, New
     F2002E EPS: $0.29, New
 
     Eric Rothdeutsch, Semiconductors/Computer Hardware
     "We are assuming coverage of Read-Rite Corporation with a Long-Term
     Attractive rating," said Rothdeutsch.  "Read-Rite is the second largest of
     the independent suppliers of magnetic recording head for the hard disk
     drive (HDD) market. We are establishing revenue and EPS estimates for
     F2001 of $706 million and $0.27 and $744 million and $0.29 for F2002,
     respectively. We believe the recording head industry is caught in the
     crosscurrents of a number of negative trends.  The PC market-the major end
     market for recording heads-currently is experiencing weak demand, a
     situation we do not expect to improve until 2H:C01.  Although,
     consolidation in the recording head industry has kept pricing from
     becoming overly aggressive, PC OEMs are in a price war and will likely be
     pressuring component suppliers for lower pricing through the balance of
     C2001, in our view. Given that Read-Rite shares currently trade at a 40%
     premium on a P/S basis to comparable hard disk drive companies and that
     the company has traded between .2 and 1.6, on a trailing-twelve-month P/S
     basis for the past five years, we believe that shares of RDRT are nearly
     fully valued current levels."
 
     Unless otherwise noted, prices are as of Tuesday, April 24, 2001.
 
     Robertson Stephens maintains a market in the shares of CompuCredit,
 Entrust Technologies, ASM International, Applied Micro Circuits Corp., Avanex
 Corp., MCI Worldcom, Costco, Excite@Home, Flextronics, Integrated Circuit
 Systems, Intuitive Surgical, JDS Uniphase, Paradyne Networks, SpeechWorks,
 TicketMaster, Varian Semiconductor Equipment, Virage, Vixel, C-Cube, Checkfree
 Corp., Cytyc Corp., Net Perceptions and Read-Rite Corp. and was a managing or
 co-managing underwriter for or has privately placed securities of Applied
 Micro Circuits Corp., Avanex Corp., Fairchild Semiconductor, Flextronics,
 Integrated Circuit Systems, Intuitive Surgical, Infineon Technologies, LSI
 Logic, Paradyne Networks, TicketMaster, Virage, C-Cube, Net Perceptions and
 Read-Rite Corp. within the past three years.
 
     Robertson Stephens, Inc. and its international affiliates ("Robertson
 Stephens") is the leading full-service investment bank focused exclusively on
 growth companies. The firm provides a comprehensive set of investment banking
 products and services, including equity underwriting, sales & trading,
 research, M&A advisory, convertible securities, private capital, equity
 derivatives, and corporate and executive services. Robertson Stephens, Inc. is
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 1,400 employees worldwide with offices in San Francisco, Boston, New York,
 Palo Alto, Chicago, Atlanta, London, Munich and Tel Aviv.
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 member of all major exchanges and SIPC.
 
     The information contained herein is not a complete analysis of every
 material fact respecting any company, industry or security. Although opinions
 and estimates expressed herein reflect the current judgment of Robertson
 Stephens, the information upon which such opinions and estimates are based is
 not necessarily updated on a regular basis; when it is, the date of the change
 in estimate will be noted. In addition, opinions and estimates are subject to
 change without notice. This Report contains forward-looking statements, which
 involve risks and uncertainties. Actual results may differ significantly from
 the results described in the forward-looking statements. Factors that might
 cause such a difference include, but are not limited to, those discussed in
 "Investment Risks." Robertson Stephens from time to time performs corporate
 finance or other services for some companies described herein and may
 occasionally possess material, nonpublic information regarding such companies.
 This information is not used in the preparation of the opinions and estimates
 herein. While the information contained in this Report and the opinions
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 Stephens has not independently verified the facts, assumptions and estimates
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 publication is not meant for private customers.
 
     Fleet Meehan Specialist, Inc. (Member NYSE), an affiliate of Robertson
 Stephens, Inc., is the specialist that makes a market in  Alcatel, AutoNation,
 Inc., Cabletron Systems, Inc., Cash America International, Inc., Catellus
 Development Corp., CKE Restaurants, Inc., Computer Associates International,
 Electronic Data Systems Corporation, Ethan Allen Interiors Inc., FelCor
 Lodging Trust Inc., Foundation Health Systems, Inc., Harrah's Entertainment,
 Inc., Hilton Hotels Corporation, The Home Depot, Inc., International Game
 Technology, Jones Apparel Group, Inc., McDonald's Corporation,  The Men's
 Wearhouse, MGM Mirage, Inc., National Semiconductor Corporation, Park Place
 Entertainment Corporation, Public Storage Inc., Scientific-Atlanta Inc.,
 Seagate Technology, Inc., Shurgard Storage Centers, Inc., Station Casinos
 Inc., The Talbots, Inc., Tommy Hilfiger Corporation and Wal-Mart Stores, Inc.
 and at any given time, Fleet Meehan Specialist may have an inventory position,
 either "long" or "short," in this security.  As a result of Fleet Meehan
 Specialist's function as a market maker, such specialist may be on the
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 security.
 
     Copyright (C) 2001 Robertson Stephens.
 
     Robertson Stephens is a member of the National Association of Securities
 Dealers, CRD number 41271.
 
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SOURCE Robertson Stephens, Inc.
    SAN FRANCISCO, April 25 /PRNewswire/ -- The following has been issued by
 Robertson Stephens:
 
     Rating Changes:
 
     CompuCredit Corporation
     (Nasdaq:   CCRT) $10.52
     Upgrading to Long-Term Attractive from Market Performer
     2001E EPS: $0.75, down from $0.85
 
     Jordan Hymowitz, eCredit & Lending/I-Auto
     "CompuCredit reported Q1/01 managed EPS of $0.13, $0.03 better than our
     $0.10 estimate," said Hymowitz. "We are lowering our 2001 EPS estimate to
     $0.75 per share (-$0.10) due to the increasing loss provision to cover net
     chargeoffs.  We are not initiating a 2002 EPS estimate in light of CCRT's
     limited visibility in terms of credit quality going forward. We are
     upgrading CompuCredit to Long-Term Attractive.  We do not believe the
     company will be able to earn its $0.25 - $0.30 Q2/01 EPS estimate.
     Although we no longer think CCRT could blow up due to credit issues, we
     still think it is too early to recommend the stock as there is little
     earnings visibility going forward."
 
     Entrust Technologies Inc.
     (Nasdaq:   ENTU) $6.67
     Downgrading to Market Performer from Long-Term Attractive
     2001E Operating EPS: ($1.06), down from ($0.64)
     2002E Operating EPS: ($0.45), New
 
     Dane Lewis, Infrastructure: Systems & Software
     "Entrust announced Q1:01 revenues and earnings yesterday, in line with
     lower pre-announced expectations," said Lewis. "Revenues for Q1:01 were
     $31.5 million, down 34% sequentially, but up 8% year-over-year, as a
     result of the growth in services revenues. License revenues decreased 62%
     sequentially and 50% year-over-year. EPS for Q1:01 was $(0.32), down from
     $0.03 last quarter and $0.06 in Q1:00. Cutbacks in enterprise IT budgets
     and the difficulty and expense associated with PKI deployments led to the
     revenue shortfall. Additionally, Entrust saw a slowdown across all product
     lines and geographies. We are fine-tuning our estimates for FY2001 and
     introducing our estimates for FY2002. We are downgrading ENTU from a Long-
     Term Attractive rating to Market Performer as a result of the lack of
     visibility on return to profitability and resumption of growth. We will
     remain on the sidelines and continue to watch developments at the company
     that will increase visibility."
 
     Estimate Changes:
 
     ASM International N.V.
     (Nasdaq:   ASMI) $20.25
     Buy
     2001E EPS: $1.02, up from $0.58
     2002E EPS: $1.11, up from $0.77
 
     Sue Billat, Semiconductor Equipment/Foundries
     Although ASMI reported Q1:01 revenues below our projections, its EPS of
     $0.33 (0.37 euro) exceeded our $0.30 (0.32 euro) estimates due to a sharp
     reduction in operating expenses," said Billat. "Bookings dropped 47% to 87
     million euro, which we believe is in line with the industry numbers
     reported by SEMI. We believe the company has the largest installed base of
     300 vertical furnaces and continues to win market share. We also believe
     that ASMI has successfully penetrated Intel with its low k dielectric
     tools and are pleased to see the company demonstrate a long term road map
     for ultra low k films, which should position them well with chipmakers, in
     particular with those who may switch suppliers for what appears to a
     challenging process integration task. To reflect the new design wins and
     better expense control, we are raising our EPS estimates for 2001 to $1.02
     (from $0.58) on sales of $645.8 million (formerly $630.6 million) and for
     2002 to $1.11 (from $0.77) on revenues of $714.0 million (unchanged)."
 
     Applied Micro Circuits
     (Nasdaq:   AMCC) $23.98
     Buy
     F2002E EPS: $0.05, down from $0.15
     F2002E EPS: $0.23, down from $0.33
 
     Arun Veerappan, Communications Components/Semiconductor Devices
     "AMCC reported essentially in-line results for the March quarter," said
     Veerappan. "However, the outlook into the June quarter, has come in below
     expectations.  Clearly, the current outlook into the June quarter that
     calls for a worse than expected sequential decline in revenues than we had
     anticipated comes as a negative surprise.  Still, AMCC indicated that the
     low level of revenues expected for the June quarter could represent a
     bottom.  We would tend to agree based on 1) the expectation that
     inventories have peaked and are being worked down and 2) the seasonal
     pattern to service provider spending that is weighted towards latter half
     of the year. Overall, despite the near-term setback, which we expect will
     pressure the stock, AMCC's technology positioning remains as strong as
     ever and so we continue to believe that the company's shares remain a core
     holding for investors.  Given this, we maintain our Buy rating on AMCC
     stock."
 
     Avanex Corporation
     (Nasdaq:   AVNX) $14.93
     Buy
     F2001E EPS: $0.04, down from $0.14
     F2002E EPS: ($0.08), down from $0.18
 
     Paul Johnson, Communications/Networking
     "Avanex reported fiscal third quarter (March) revenues and profitability
     in-line with the company's April 11 pre-announcement," said Johnson.
     "These results were significantly below our original expectations for the
     quarter of $41 million and EPS of $0.02, which had been lowered in
     response to the company's first pre-announcement on February 27, 2001.
     Our original estimates had been $52.3 million in revenues and EPS of
     $0.07. Avanex attributed the majority of the revenue shortfall this
     quarter to weaker than expected orders for the company's PowerFilter
     product line, particularly from MCI Worldcom which represented less than
     10% of revenues, down from 50% in the December quarter.  The rest of the
     shortfall is due to carriers' lower spending on Avanex's legacy systems,
     and probably some effects from inventories having been built in December.
     We are lowering our revenue and EPS estimates for fiscal 2001 and 2002 as
     a direct result of Avanex's lowered guidance and lack of visibility. We
     are maintaining our estimates and our Buy rating on the stock."
 
     BMC Software, Inc.
     (NYSE:   BMC) $27.15
     Long-Term Attractive
     F2001E Operating EPS: $0.81, up from $0.80
     F2002E Operating EPS: $0.92, down from $1.15
 
     Dane Lewis, Infrastructure: Systems & Software
     "BMC announced FQ4:01 results above positive pre-announced estimates,"
     said Lewis. "BMC reported revenues of $422.8 million versus pre-announced
     guidance of $412-422 million.  This represents a 9.7% sequential growth
     and 11.3% year over year decline in revenues.  Pro-forma EPS was $0.26,
     above previously raised guidance of $0.23-$0.25.  Deferred revenue
     increased slightly from $784.4 million in FQ3:01 to $857.4 million this
     quarter.  Deferred license revenue increased by $34 million to $107
     million this quarter. Deferred revenue was driven partly by the company's
     continued adoption of a ratable revenue recognition policy for some of its
     customer deals. For F2002, we are revising our estimates to reflect
     seasonality and the current difficult market environment.  For FQ1:01, we
     are lowering our revenue estimate from $410.5 million to $364.9 million
     and EPS from $0.27 to $0.12.  For 2002, we are lowering our revenue
     estimate from $1.72 billion to $1.69 billion and lowering EPS from $1.15
     to $0.92.  We maintain our LTA rating."
 
     Costco Wholesale Corporation
     (Nasdaq:   COST) $34.28
     Long-Term Attractive
     F2001 Operating EPS: $1.26, down from $1.36
     F2002 Operating EPS: $1.41, down from $1.56
 
     Bill Dreher, Broadline Retailing: Discount & Department Stores
     "Due to the California energy crisis, Costco's electricity costs could
     rise $40 million pretax over the next 12 months, which alone would impact
     EPS by approximately $0.05," said Dreher. "Unfortunately, the energy
     conservation measures meant to reduce expenses are likely to hurt sales by
     limiting customer traffic into stores, and reduce impulse purchases thus
     shrinking average ticket.  In addition, the current environment of rising
     gas prices hurts Costco's margins. Not only has Costco's typically
     superior monthly same store sales results continued to modify as the
     company continues to cycle their perimeter departments, but we believe the
     weak economy, particularly on the West coast, is taking an additional toll
     on Costco. As a result of these issues, Costco warned that earnings for
     their May and August Quarter will come in nearly 10% below consensus.
     Bottom line, we remain more conservative than the Street, as we do not
     expect Costco's improvement to be as near-term as the street is hoping
     for.  We expect the same issues that have weighed on Costco's results to
     continue. In addition, the newer issues on the west coast, such as the
     tech meltdown and the energy crisis with potentially steep price hikes,
     will also keep earnings growth at sub-par levels for the remainder of this
     fiscal year and much of next fiscal year. We expect the stock to be under
     further pressure in the near term as investors react to the continued FY02
     (Sept. 2002) estimate reductions in an otherwise strong industry sector.
     We are maintaining our LTA rating on COST shares."
 
     Excite@Home
     (Nasdaq:   ATHM) $3.89
     Long-Term Attractive
     F2001E EPS: ($0.55), down from ($0.32)
 
     Lowell Singer, Next-Generation Internet eNablers
     "Excite@Home reported full Q1 results that were in-line with preannounced
     levels," said Singer. "Following Excite@Home's Q1 shortfall and our
     outlook for continued ad market weakness, we are lowering our 2001 revenue
     estimate to $634.0 million from $665.1 million. Despite anticipated cost-
     cutting measures, we believe Excite@Home's bottom line could suffer from a
     lower mix of high margin advertising revenues. Thus, we are lowering our
     2001 Cash EPS loss estimate to $(0.55) from $(0.32). We believe
     uncertainties surrounding Excite@Home's current and future business
     strategy could continue place downward pressure on shares of ATHM. Despite
     our belief that Excite@Home could become a key broadband service provider
     longer-term, we believe near-term risks outweigh potential near-term
     rewards. Thus, we remain cautious on the stock."
 
     Fairchild Semiconductor Corporation
     (NYSE:   FCS) $17.11
     Buy
     2001E EPS: $0.50, down From $0.75
     2002E EPS: $0.90, down from $1.10
 
     Tore Svanberg, Analog & Mixed-Signal Semiconductor Devices
     "Fairchild Semiconductor reported March quarter revenues of $385.3
     million, down 18% Q-Q and down 4% Y-Y," said Svanberg. "Fairchild faced a
     tough environment in Q1:01, in our view. The sequential decline in revenue
     was broad-based and came from all of the company's main product lines.
     For the June quarter, we expect all product lines to be flat to slightly
     down.  Weaker sales will be a result of flat units with lower ASPs in low-
     voltage discretes, standard analog and CMOS logic products.  We expect
     that these weaknesses will likely be offset by more stable high-
     performance analog, discrete power and high-speed logic sales. In terms of
     the outlook, the company has guided for a flat to 5% sequential decline in
     revenue for the June quarter as it continues to face uncertainty in its
     end markets."
 
     Flextronics International Ltd.
     (Nasdaq:   FLEX) $22.17
     Buy
     F2002E Cash EPS: $0.95, down from $1.15
     F2003E Cash EPS: $1.20, down from $1.45
 
     J. Keith Dunne, Electronic Manufacturing Products & Services
     "FLEX reported 4Q:FY01 Cash EPS of $0.22, 10% below our recently reduced
     $0.24 estimate mostly due to lower gross margins as sales were actually 4%
     above our estimates," said Dunne. "We are lowering our FY02E Cash EPS from
     $1.15 to $0.95 to reflect softer end market demand and delays in realizing
     incremental benefits from increased outsourcing. For example, we now
     expect the ERICY cell phone deal to add $0.05 in FY02E vs. $0.10-$0.15.
     Nonetheless, management continues to evaluate about $10 billion in
     potential new business mostly from existing OEM customers and which could
     partially be funded with $630M in cash and about $1.25B in cash that could
     be raised while maintaining investment grade debt. We are maintaining our
     Buy rating on the premise that Flextronics should win major new programs
     to support increasing EPS expectations as the year progresses. Flextronics
     is currently trading at 19.5x our Cal-02E Cash EPS and an Enterprise Value
     to Cal-01E EBITDA of 14x, which is at a slight premium to a composite of
     other large EMS providers."
 
     Integrated Circuit Systems, Inc.
     (Nasdaq:   ICST) $16.11
     Buy
     F2001E EPS: $0.80, down from $0.86
     F2002E EPS: $0.65, down from $0.98
 
     Tore Svanberg, Analog & Mixed-Signal Semiconductor Devices
     "ICS reported Q3:F01 results on April 24," said Svanberg. "The company's
     revenue declined 20% sequentially to $45.3 million. Gross margin remained
     level with the December quarter at 62.2%.  Expenses were $13.4 million and
     EPS was $0.19, inline with our estimate and one penny better than the
     Street consensus estimate. In terms of the outlook, the company has guided
     for a 20% sequential decline in revenue for the June quarter.  We expect
     this decline will largely be driven by receding communications sales.
     Beyond the June quarter, we believe ICS should resume positive growth in
     the September and December quarters.  In our view, the company's H2:C01
     recovery of growth will be fueled by a seasonal pickup in demand for
     consumer and computing products combined with new ICS product platforms
     coming online and contributing to revenue."
 
     Intuitive Surgical, Inc.
     (Nasdaq:   ISRG) $6.93
     Buy
     F2001 EPS: ($0.39), up from ($0.42)
 
     Wade King, Medical Devices
     "Late yesterday, Intuitive Surgical reported Q1'01 revenues of $12.1M
     associated with EPS of ($0.10)," said King. "This beat our estimates of
     $11.7M with EPS of ($0.12). The company placed 12 systems (5 in the U.S.,
     5 in Europe, 2 in Asia), in line with our expectations. We are raising our
     revenue estimate for Q2'01 to $13.0M from $12.5M and maintaining our EPS
     estimate of $(0.11). For the full year 2001, we are raising our revenue
     estimate to $53.0M from $51.8M and increasing our 2001 EPS to ($0.39) from
     ($0.42). Our near-term price target for the shares of Intuitive is $11
     based on 30x our 2003 EPS estimate of $0.43, discounted 25%. This offers
     investors the opportunity for almost 60% ROI. We believe Intuitive is an
     attractive investment opportunity in the leader in advanced robotics
     applied to minimally invasive surgery. We reiterate our Buy rating on
     shares of Intuitive Surgical."
 
     JDS Uniphase Corporation
     (Nasdaq:   JDSU) $20.82
     Buy
     F2001E EPS: $0.57, down from $0.58
     F2002E EPS: $0.23, down from $0.37
 
     Arun Veerappan, Communications Components/Semiconductor Devices
     "JDS Uniphase announced Q3:F01 (March) revenue for the quarter of $920
     million (down 1% q/q), in line with our $922.6 million estimate and EPS of
     $0.14 vs. our $0.13 estimate," said Veerappan. "Going forward, JDS
     Uniphase provided revenue guidance of $700 million for the June quarter,
     down 24% q/q, and EPS of $0.05. Importantly, JDS Uniphase has well over
     $700 million in backlog shippable in a 6-month time frame. We are revising
     our estimates for the June quarter to revenue of $700 million and EPS of
     $0.05. Further, we are lowering our estimates for F01 and F02. JDS
     Uniphase indicated that it expects component inventory issues at its
     customers to be resolved in the next two quarters. Although the end-demand
     still remains somewhat murky, given the data points available, we believe
     that the June/September quarter timeframe represents a potential bottom.
     JDS Uniphase, as a proven market and technology leader in optical
     components, will continue to dominate the market and command a premium
     valuation, in our view.  Thus, we maintain our Buy rating."
 
     Infineon Technologies AG
     (NYSE:   IFX) 44.90 euro
     Buy
     F2001E EPS: 0.35 euro, down from 0.45 euro
     F2002E EPS: 0.85 euro, down from 1.10 euro
 
     Eric Rothdeutsch, Semiconductors/Computer Hardware
     "Infineon reported 2Q:F01 EPS of EUR 0.04, six cents better than our
     estimate and three cents better than the Consensus," said Rothdeutsch.
     "Revenues of EUR 1.65 billion were down less than 1% QoQ, solid
     performance considering sharp DRAM price declines and a soft wireless
     market, in our view. As a result of weak DRAM pricing, continuing softness
     in wireless sales, and the limited visibility into new orders, we are
     revising our F01 revenue and EPS estimates from EUR 6.68 billion and EUR
     0.45 to EUR 6.56 billion and EUR 0.35, respectively.  Our F01 estimates
     are going from EUR 8.0 billion and EUR 1.10 to EUR 7.4 billion and EUR
     0.85. Near-term fundamentals remain challenging for all semiconductor
     companies, Infineon included, particularly over the next couple of
     quarters.  Still, once end market demand improves, we remain convinced of
     the company's strong product portfolio-particularly in wireline, wireless,
     and chip card ICs-and solid technology leadership.  We are maintaining our
     Buy rating and 12-month price target of $45."
 
     LSI Logic Corporation
     (NYSE:   LSI) $19.50
     Buy
     F2001E EPS: $(0.15), down from $0.15
     F2002E EPS: $0.15, down from $0.30
 
     Eric Rothdeutsch, Semiconductors/Computer Hardware
     "LSI reported 1Q01 EPS of $0.03, in line with our and consensus
     estimates," said Rothdeutsch. "As a result of the continuing inventory
     correction and the communications end market slowdown, we are lowering our
     F2001 revenue and EPS estimates from  $1.96 billion and $0.15 to 1.85
     billion and ($0.15), respectively. Our F2002 estimates are going from
     $2.21 billion and $0.30 to $2.05 billion and $0.15, respectively. Although
     we remain cautious on the near-term prospects for LSI pending better
     visibility into the rate of inventory depletion at customers and a
     resumption of end-market demand, we remain optimistic about LSI's long-
     term prospects given the company's solid positioning in its end markets,
     broad product and intellectual property portfolios, and leading-edge
     process technologies.  We are maintaining our Buy rating on LSI and 12-
     month price target of $22."
 
     Lucent Technologies, Inc.
     (NYSE:   LU) $10.25
     Market Performer
     F2001E EPS: $(1.39), down from $(0.85)
     F2002E EPS: $(0.81), down from $0.15
 
     Paul Silverstein, Communications/Networking
     "On Tuesday, April 24, 2001, Lucent reported March quarter pro forma
     revenues increased to $5.9 billion, representing a 35.9% sequential
     increase and (17.3%) decline year over year, and a pro forma loss from
     continuing operations of ($0.37) per share," said Silverstein. "These
     results exclude the operating performance of Agere Microsystems, which was
     formerly Lucent's microelectronics division until its spin-off on April 2,
     2001. We have lowered our revenue and EPS estimates for each of fiscal
     2001 and fiscal 2002.  Our revised forecasts reflect the difficult
     operating environment characterizing the communications equipment industry
     in general and the challenges facing Lucent in particular. Given our
     concerns that Lucent's growth will not be attended by significant
     profitability-at least not for the foreseeable future -- we are
     maintaining our Market Performer recommendation on Lucent's' shares."
 
     Paradyne Networks, Inc.
     (Nasdaq:   PDYN) $2.07
     Long-Term Attractive
     2001E EPS: ($1.10), up from ($1.45)
     2002E EPS: ($1.02), up from ($1.14)
 
     Paul Johnson, Communications/Networking
     "Paradyne reported first quarter financial results above our and Street
     expectations," said Johnson. "Revenues of $33.1 million were above our
     estimate of $25.8 million, and the pro forma net loss of $0.19 per share
     beat our estimate of $0.38 per share.  Overall revenues decreased 36%
     sequentially and 49% year-over-year.  Broadband revenues declined 39%
     sequentially and 45% year-over-year.  Despite the relatively strong
     revenue contribution in the quarter, management commented on the company's
     lack of visibility -- similar to other companies in the access market.  We
     are cutting near term revenue estimates as a consequence. We are lowering
     our estimates for fiscal 2001and 2002 to reflect a significant lack of
     visibility.  We have lowered gross margins by two points in our forward
     estimates, as we believe there will be significant pricing pressure in the
     future.  Interestingly, because of aggressive cost cutting, our EPS
     estimate remains essentially unchanged, despite the significant reductions
     in our revenue forecasts.  We believe our estimates to be conservative.
     We are maintaining our Long-Term Attractive rating on the shares of
     Paradyne."
 
     Speechworks International Inc.
     (Nasdaq:   SPWX) $11.90
     Buy
     2001E EPS: ($0.85), down from ($0.73)
     2002E EPS: ($0.45), down from ($0.35)
 
     Marianne Wolk, Wireless Data and Telecom Services
     "Speechworks reported March quarter revenue and operating EPS of $11.4MM
     and ($0.19), slightly ahead of our $11.3MM and ($0.20) estimates," said
     Wolk. "Gross margins of 67% topped our 65% estimates, but license revenue
     came in slightly below our forecasts and license revenue mix was only 53%
     versus our 56% estimate.  DSOs rose 1 day sequentially to 76 days. Strong
     reliance on solutions sales by direct salesforce has proven to be a major
     advantage in the current environment though SpeechWorks has begun to see
     some erosion in its visibility, with backlog declining 10%.  We are
     reducing estimates slightly to reflect uncertainty in 2H:00."
 
     Ticketmaster
     (Nasdaq:   TMCS) $9.24
     Buy
     F2001E EPS: $0.22, up from $0.17
     F2002E EPS: $0.52, up from $0.48
 
     Lauren Cooks Levitan, Branded Internet
     "Ticketmaster delivered better-than-expected Q1 results led by solid
     growth in the core ticketing business which achieved 29.5% online
     penetration," said Levitan. "Ticketmaster reported roughly in-line results
     in the company's advertising-supported businesses providing us with
     increased validation that the company's unique advertising platform can
     mitigate the impact of an overall weak online advertising environment. The
     company provided greater insights into the profit potential of its
     category leading personals business, Match.com, which we have long
     believed could provide a meaningful catalyst for growth.  We expect shares
     of Ticketmaster to react favorably to the company's better-than-expected
     Q1 results and encouraging trends.  We continue to rate shares of
     Ticketmaster Buy, given the current total market valuation approximates
     only our estimated value of the ticketing business, and not the potential
     value of Ticketmaster's other businesses."
 
     Varian Semiconductor Equipment Associates, Inc.
     (Nasdaq:   VSEA) $40.77
     Long-Term Attractive
     F2001E EPS: $2.03, down from $2.54
     F2002E EPS: $0.65, down from $1.76
 
     Sue Billat, Semiconductor Equipment/Foundries
     "Although Varian Semiconductor reported revenues in line with our
     estimates, its FQ2:01 EPS of $0.53 came in well below our estimate of
     $0.67 and consensus' expectation for $0.60, due to a steep decline in
     gross margins," said Billat. "We are pleased with the substantial market
     share gains that Varian has made over the past year, which improved to 42%
     in CY00 from 31.4% in CY99. In addition, we are impressed with its strong
     position in 300 mm, which is over 10 percentage points higher than in 200
     mm. We expect softness in the equipment industry to continue over the next
     two quarters, followed by a gradual recovery early in 2002. Accordingly,
     we are lowering our estimates for FQ3 to $0.25 (from $0.37) on revenues of
     $144.0 million (formerly $150.0 million). We are also reducing our
     estimates for F2001 to $2.03 (from $2.54) on revenues of $675.2 million
     (formerly $700.2 million) and for F2002 to $0.65 (from $1.78) on sales of
     $578.0 million (formerly $700.0 million). Our revised estimates reflect
     margin pressure due to new product ramp and under-absorption of overhead
     costs."
 
     Virage, Inc.
     (Nasdaq:   VRGE) $4.50
     Buy
     F2001E EPS: ($0.97), up from ($1.08)
     F2002E EPS: ($0.33), down from ($0.11)
 
     Aleksandar Sasa Zorovic, Online Media Infrastructure
     "Virage reported revenues of $3.6 million, higher than our $3.3 million
     estimate, and EPS of ($0.30), in line with our estimate," said Zorovic.
     "The company grew its revenues 11% sequentially and 116% over last year.
     We are projecting a 10% revenue increase in the June quarter and growth of
     over 105% for FY2002. Going forward we are focusing on: (1) deeper
     penetration of the media and entertainment market, in particular following
     the recent sports-related announcements; (2) international growth,
     particularly in Asia (especially after the recent internationalization of
     the SmartEncode process); (3) further brand name customer announcements
     for the syndication product. We reiterate our Buy rating on the stock."
 
     Vixel Corporation
     (Nasdaq:   VIXL) $2.30
     Buy
     2001E EPS: ($1.00), up from ($1.15)
     2002E EPS: ($0.80), up from ($1.03)
 
     Ara Mizrakjian, Communications/Networking
     "Vixel reported fiscal third quarter (March) revenues and profitability
     in-line with the company's March 21 pre-announcement, albeit significantly
     below our original expectations for the quarter," said Mizrakjian.
     "Revenue of $6.1 million was slightly better than our $5.8 million
     estimate, and a reported loss of $0.29 per share was slightly above our
     $0.30 loss estimate.  SAN Systems contributed 58% of revenues in the
     quarter, and were down 48% sequentially. We continue to rate the shares of
     Vixel a Buy.  Although the company faces near-term challenges, and the
     stock has been trading far below its highs, at the current valuation
     level, we are maintaining our Buy rating on the shares of Vixel.  Given
     that the company is in the important SAN sector with a broad product
     portfolio, and that Vixel presently trades near cash, we believe the stock
     remains interesting to value investors."
 
     Comments:
 
     C-Cube Microsystems, Inc.
     (Nasdaq:   CUBE) $15.23
     Buy
 
     Arun Veerappan, Communications Components/Semiconductor Devices
     "On April 24, C-Cube reported Q1:01 results with revenue $50.1 million and
     EPS from continuing operations of $0.02, which was in line with the
     company's guidance following its December quarter conference call," said
     Veerappan. "Expansion platforms, which include DVD chips, set-top box
     chips, and codecs, accounted for 75% of total revenue, with VCD chips
     accounting for the remaining 25%. Given C-Cube's pending acquisition by
     LSI Logicb (LSI $19.50), which is expected to close in the current
     quarter, we are not publishing a new model. While we are not publishing a
     new model, we would note that the company provided guidance for sequential
     revenue growth of 12-18% in June versus forecasted sequential declines at
     other related communications companies."
 
     Checkfree Corporation
     (Nasdaq:   CKFR) $35.08
     Strong Buy
 
     Andrew Jeffrey, eProcessing/ePayment
     "CheckFree reported 3Q01 results last night, exceeding our revenue,
     subscriber growth and EPS expectations," said Jeffrey. "Most important, in
     our view, was a sharp acceleration in sequential transaction growth.  We
     estimate that transactions grew 11.4% sequentially in the period,
     significantly ahead of our 7.1% estimate.  This represents the first
     period in a year that transaction growth exceeded subscriber growth. In
     light of the most recent results, we are raising our 4Q01 and fiscal 2002
     revenue estimates to $119.8 million and $576.0 million, respectively, from
     $118.3 million and $572.8 million.  Our EPS estimates remain unchanged at
     $(0.03) and $0.04 for the two periods, respectively. We continue to
     recommend aggressive purchase of CKFR shares and believe the stock has the
     potential to be the best performer in our universe for the foreseeable
     future."
 
     Cytyc Corporation
     (Nasdaq:   CYTC) $18.29
     Buy
 
     Wade King, Medical Devices
     "Cytyc will announce Q1'01 financial results today after the market
     close," said King. "We believe that Cytyc posted another strong
     performance in Q1'01 and that the company's cash flow profile is very
     favorable. In our view, disposables pricing was stable in the quarter, and
     we expect Cytyc to meet our expectations. Our projections for the quarter
     are $46.2MM in revenue associated with fully taxed EPS of $0.09. The
     consensus estimate is $0.08. Our model assumes nationwide ThinPrep market
     penetration of over 39% on a run rate basis. We believe that Cytyc
     represents a very compelling investment opportunity. We reiterate our Buy
     rating on CYTC."
 
     Extended Stay America
     (NYSE:   ESA) $16.10
     Buy
 
     Harry Curtis, Gaming & Lodging
     "Extended Stay America reported outstanding 1Q:01 EPS of $0.17, beating
     the consensus and our estimate of $0.13," said Curtis. "EPS was driven by
     exceptional RevPAR growth of 5.7% and 26.6% EBITDA growth to $65.9 million
     from $52.1 million a year ago. We maintained our 2001 EPS estimate of
     $0.85 (versus consensus of $0.82) and thus are revising our quarterly
     estimates.  We maintain our Buy rating on shares of ESA. Despite a more
     pessimistic near-term outlook for the U.S. lodging industry, we believe
     that ESA's strong pipeline of new hotel developments and limited new
     competition will allow the company to outperform through 2002 and 2003. In
     addition, we believe that ESA's pricing at the low end of the market is
     also favorable, as RevPAR has remained stronger at the lowest price
     segments. Our 12-month price target is $20, or 24% upside from current
     levels."
 
     Forest Laboratories, Inc.
     (NYSE:   FRX) $60.36
     Long-Term Attractive
 
     Robert Hazlett, Large Capitalization/Specialty Pharmaceuticals
     "Forest reported 4Q01 EPS of $0.38, up 140% from 4Q00, two cents ahead of
     consensus and three cents ahead of our estimate," said Hazlett. "We
     continue to estimate FY2002 EPS of $1.60, although we believe there
     remains downside risk to our number given the uncertainty surrounding the
     entry of generic Tiazac. Though FRX share valuation has recently
     decreased, they currently trade at roughly 37 times our calendar 2001 EPS
     estimates of $1.55, a 23% premium to the Specialty Pharmaceutical group's
     30x 2001 EPS estimates.  Until we get a clearer profile of escitalopram's
     profile, as well as those of other new antidepressants, we believe that
     FRX shares nearly fully reflect robust expectations for growth; we
     therefore continue to rate them Long-Term Attractive."
 
     Net Perceptions, Inc.
     (Nasdaq:   NETP) $1.40
     Market Performer
 
     Lowell Singer, Next-Generation Internet eNablers
     "Net Perceptions reported Q1:01 revenues of $3.2 million, in line with
     their pre-announced range of  $2.5 - $3.5 million, and well below our
     original estimate of $7.0 million," said Singer. "The company reported EPS
     for the quarter of ($0.44) also within the pre-announced range of ($0.42)
     - ($0.46), but well below our original estimate of ($0.35). We believe
     that the same factors that caused the company to announce a shortfall in
     Q3 and Q4 continued through Q1. The main drivers of the company's
     shortfall include: the "dot-com" slowdown and the inability of the company
     to close deals given the industry-wide slowdown in IT spending. We now
     estimate revenue of $2 million and an EPS loss of $0.25 for Q2, the low
     end of the company's guidance range. Our estimates remain under review for
     the second half of 2001, as visibility continues to be limited. Given that
     this is Net Perceptions' third consecutive quarterly shortfall, and given
     the company's overall lack of visibility, we are maintaining our Market
     Performer rating. We encourage investors to remain on the sidelines until
     visibility improves and the company demonstrates momentum in closing
     sales."
 
     Park Place Entertainment Corporation
     (NYSE:   PPE) $10.58
     Long-Term Attractive
 
     Harry Curtis, Gaming & Lodging
     "Yesterday (April 23), Park Place reported 1Q:01 EPS above expectations of
     $0.15 vs. our $0.12 estimate," said Curtis. "We increased our EPS estimate
     for the year to $0.62 from $0.59, and raised our rating on the stock to
     Long-Term Attractive from Market Performer. We upgraded shares of Park
     Place Entertainment on April 23 to Long-Term Attractive from Market
     Performer. We view downside to shares of Park Place as limited from
     current levels given relatively low enterprise value/EBITDA multiples 6.6x
     our 2001 EBITDA estimate of $1.27 billion and 6.2x estimated 2002 EBITDA
     of $1.32 billion. We believe multiple contraction is unlikely. However, we
     remain cautious on trends in Las Vegas, especially in the third quarter as
     we believe comparisons become increasingly difficult. Las Vegas properties
     contribute approximately 35% of the company's EBITDA. However, the
     declining interest rate environment will likely offset possible weakness
     in Las Vegas, and could allow for upside to our estimates. Although we are
     cautious on near-term trends, especially in Las Vegas, we believe the
     company is attractively valued for patient investors. Likewise, we believe
     there could be upside to our EPS estimates given the increasingly positive
     interest rate environment and the possibility of improving trends late in
     2001."
 
     Read-Rite Corporation
     (Nasdaq:   RDRT) $5.20
     Long-Term Attractive
     F2001E EPS: $0.27, New
     F2002E EPS: $0.29, New
 
     Eric Rothdeutsch, Semiconductors/Computer Hardware
     "We are assuming coverage of Read-Rite Corporation with a Long-Term
     Attractive rating," said Rothdeutsch.  "Read-Rite is the second largest of
     the independent suppliers of magnetic recording head for the hard disk
     drive (HDD) market. We are establishing revenue and EPS estimates for
     F2001 of $706 million and $0.27 and $744 million and $0.29 for F2002,
     respectively. We believe the recording head industry is caught in the
     crosscurrents of a number of negative trends.  The PC market-the major end
     market for recording heads-currently is experiencing weak demand, a
     situation we do not expect to improve until 2H:C01.  Although,
     consolidation in the recording head industry has kept pricing from
     becoming overly aggressive, PC OEMs are in a price war and will likely be
     pressuring component suppliers for lower pricing through the balance of
     C2001, in our view. Given that Read-Rite shares currently trade at a 40%
     premium on a P/S basis to comparable hard disk drive companies and that
     the company has traded between .2 and 1.6, on a trailing-twelve-month P/S
     basis for the past five years, we believe that shares of RDRT are nearly
     fully valued current levels."
 
     Unless otherwise noted, prices are as of Tuesday, April 24, 2001.
 
     Robertson Stephens maintains a market in the shares of CompuCredit,
 Entrust Technologies, ASM International, Applied Micro Circuits Corp., Avanex
 Corp., MCI Worldcom, Costco, Excite@Home, Flextronics, Integrated Circuit
 Systems, Intuitive Surgical, JDS Uniphase, Paradyne Networks, SpeechWorks,
 TicketMaster, Varian Semiconductor Equipment, Virage, Vixel, C-Cube, Checkfree
 Corp., Cytyc Corp., Net Perceptions and Read-Rite Corp. and was a managing or
 co-managing underwriter for or has privately placed securities of Applied
 Micro Circuits Corp., Avanex Corp., Fairchild Semiconductor, Flextronics,
 Integrated Circuit Systems, Intuitive Surgical, Infineon Technologies, LSI
 Logic, Paradyne Networks, TicketMaster, Virage, C-Cube, Net Perceptions and
 Read-Rite Corp. within the past three years.
 
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 Stephens") is the leading full-service investment bank focused exclusively on
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 material fact respecting any company, industry or security. Although opinions
 and estimates expressed herein reflect the current judgment of Robertson
 Stephens, the information upon which such opinions and estimates are based is
 not necessarily updated on a regular basis; when it is, the date of the change
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