From what I remember you downgraded AGM from the core. At what price would you look at it again or is it best to keep off it for the time being?

What point would you consider entering into TTC again. Any targets?

Zeev, where would you be buying QLTI? 20.xx?

Am loaded in MAXF. Wonder what's happening there. BTW got back into GIVN (single position) here at 26.2. Luckily I had sold my earlier position as promised at 32.6. You think we see sub 24 on GIVN this time around?

You think ZRAN is dead for now?

Thanks Zeev. I did enjoy the ride very much. Did not expect almost $3 today. Was almost about to pull the trigger close to 31, then thought why not go for a double bagger (In since 16.16 this time around ) and so held off. Will get out early tommorrow tho.

+DJ European Patent Office Revokes Rambus Chip Patent >RMBS

02/12/2004
Dow Jones News Services
(Copyright © 2004 Dow Jones & Company, Inc.)



(MORE) Dow Jones Newswires

02-12-04 1204ET

=DJ Rambus/European Patent -2: Co Has No Comment >RMBS

By Roger Cheng
Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--Shares of Rambus Inc. (RMBS) were down 12% Thursday after the European Patent Office revoked the patent for one of its semiconductors.

The EPO's Technical Board of Appeal made the decision after two days of public oral proceedings. A written decision is expected shortly.

"The patent is revoked in its entirety," said EPO spokesman Rainer Osterwalder. "The patent is no longer in existence."

The patent was effective in Germany, France, Italy and the U.K.

Rambus spokeswoman Linda Ashmore confirmed the decision and said the chip connection technology company was working with its European lawyers to understand the ruling. The company had no further comment.

Several European semiconductor companies had filed oppositions agains the patent, questioning the ability to patent the invention and whether the invention was sufficiently disclosed by the applicant in the patent application.

A Federal Trade Commission administrative law judge is expected to make a similar decision next Tuesday. The FTC is alleging Rambus violated U.S. antitrust laws in trying to seek patents after attending meetings to set industry standards, according to a research note dated Tuesday from Susquehana analyst Max Breier.

Rambus recently traded at $26.18, down $3.44, on volume of 9.5 million shares. Average daily volume is 2.7 million shares.

SKX reasons...

=DJ Skechers Up -2: CFO Says Shorts May Be Getting 'Nervous'


By Pamela Tate

OF DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--Shares of shoe designer Skechers USA Inc. (SKX) surged to a new 52-week high Wednesday, as the company trotted out new product lines for investors at a high-profile trade show in Las Vegas.

Chief Financial Officer David Weinberg said company officials met with investors at the World Shoe Association fair earlier, but added the meeting involved showing off new products, not financials. Skechers is "getting some good traffic" from retailers and buyers eyeing the company's new lines, such as Ecko and Michelle K., the executive said.

"....There are no announcements pending," Weinberg said.

Skechers is slated to report fourth-quarter earnings within a few weeks and is "extremely cognizant" of making any material statements ahead of that, he added.

Skechers' shares recently traded at $12.20, up $2.50, or 26%. Earlier, the stock hit an intraday high of $12.50, easily topping the previous peak of $9.75 on Tuesday. Volume is heavy, with more than 1.9 million shares changing hands - more than ten times their average daily volume.

Weinberg said he had no firm idea why Skechers' stock price was rocketing. He said it's possible that some who shorted the stock are getting "nervous" based on Skechers' products on display at the show and what retailers are saying.

"Steve Madden was up a couple bucks the other day, and no one understands that either," Weinberg noted, alluding to shares of rival shoe retailer Steven Madden Ltd. (SHOO).

Harris Hall, an analyst at Wedbush Morgan Securities, said he briefly stopped by the trade show on Tuesday, and the Skecher's booth looked "extremely busy with lots of traffic."

The company has struggled amid the dominant retro trend in shoes, Hall said, because Skechers doesn't have the lengthy heritage that brands like Puma and Chuck Taylor enjoy. But the company has responded appropriately by continuing to develop license deals - with Ecko and Michelle K, for instance - and by managing costs.

Skechers pledged a careful review of its cost structure in October after reporting a third-quarter loss. The company had aggressively moved to trim inventories and, in doing so, shriveled margins.

Hall, who doesn't own shares of Skechers, said the company has likely found ways to reduce expenses by cutting back on new store expansions and limiting new international stores.

But, he said, "They sure didn't cut back on trade show expenses."


(MORE) Dow Jones Newswires

02-11-04 1502ET

=DJ Skechers Up -3: New Board Appointment Raises Eyebrows >SKX


Meanwhile, some market players attributed significance to Skechers' appointment Tuesday of Fred Schneider to its board. Schneider was a principal in buyout firm Leonard Green & Partners LLP, and some investors suggested his presence might presage some sort of strategic move by the company.

-Pamela Tate; Dow Jones Newswires; 201-938-5400

-pamela.tate@dowjones.com

Do you own any JNJ. do you think it can fall to under 50 during this pullback?

A good question. Purely technical reasons? or something brewing...

Thanks Zeev. Wondering if any more juice left here. BTW do you still expect TBL to go to sub 57? would like to get back in.

13:46 ET TBL estimate raised at UBS 60.38 +1.48: -- Update -- UBS raises their 2004 EPS est slightly above consensus on Timberland and raises their target to $70 from $65; firm notes says very strong Spring orders reported last week as well as positive feedback from retailer contacts regarding the co's Fall product line could bode well for a stronger than expected 2H04.

May I ask where you got this info?

You think GIVN can go a little more? great results.

Zeev tgt for SKX?

10:12 ET JCOM: Hearing that takeover rumors circulating trading floors 23.83 +1.36: Keep in mind that this name has a very large short-interest, so possible that this rumor is being circulated in attempt to create short-squeeze. Nevertheless, we're hearing that the rumor is on trading floors.

Thanks for the TBL advice. Just sold mine at 59.16 - a cool heptabucker. I have been trying to do so since yesterday, but they wouldnt give me my price :)

12:04 ET BSTE upgraded at Piper; tgt $31 26.16 -1.72: -- Update -- Piper Jaffray upgrades Biosite to Outperform from Mkt Perform after another firm broke the news that Abbott Labs will likely bring BNP pricing down with its imminent launch (see Leerink Swann's comment at 9:41); firm says the bear-case on BSTE is arguably as well known as any on the Street, as evidenced by the enormous short position of 45% of the float; and while firm is not arguing that BSTE will come through the upcoming wave of competition (Abbott, Dade, J&J) unscathed, they believe this decline is now fairly well baked into the stock, which currently trades at less than 15x the FY04 consensus - a multiple well below peers, which typically trades north of 25x forward earnings. Target is $31.

BSTE ...

09:42 ET BSTE: Hearing that Abbott BNP test concerns are old, info has been in market since last week 26.38 -1.50:

09:41 ET BSTE follow-up 26.25 -1.63: As mentioned at 9:34, Leerink Swann believes that severe pricing pressure as well as the move to automated platforms vs Biosite's Triage meter will translate to lower BNP revenues for Biosite; firm says consultants have given them their first glimpse of pricing for Abbott/Axis-Shield's new BNP test, and while the "list price" is $24, Abbott is offering actual pricing of $12-$18 per test, and more problematically, consultants report offered pricing of $10 for high-volume users; also, lab bias toward migrating testing volume to automated platforms continues to be evident, suggesting that "meeting the quote" will not be sufficient for Biosite to retain business.

Zeev, HAUP breaking out. Any targets?

GIVN breaking out?

SKX on the move.

What do you think about this?

=DJ Brightpoint Dn -2: Deutsche Banc Cuts Price Target >CELL


By Andrew Wallmeyer
Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--Shares of Brightpoint Inc. (CELL) fell 16% after its fourth-quarter results came in shy of Wall Street expectations due to a decline in sales of its wireless handsets in India.

The cell phone equipment maker recently traded at $18.81, down $3.51, or 15.7%.

A Brightpoint spokesman declined to comment, noting that it is the company's policy not to publicly address stock price fluctuations.

After Thursday's market close, the company reported earnings of 28 cents a share, compared with 7 cents a share a year ago. Earnings from continuing operations came in at 33 cents a share, while revenue rose 60%, to $547.1 million.

Deutsche Bank analyst Brian Modoff, who was the only analyst surveyed by Thomson First Call, expected Brightpoint to earn 34 cents a share on $575 million in revenue. The analyst noted, however, that the company would have topped his estimate by 3 cents a share if one were to also exclude a $1 million factory consolidation charge.

Modoff cut his price target on the company to $22.50 from $26, reflecting lower earnings expectations and a reduced P/E multiplier of 15, which he said is more in line with lower-margin distribution companies such as Brightpoint.

The analyst dropped his first-quarter earnings estimate to 20 cents a share on revenue of $482.1 million from 26 cents a share on revenue of $503.1 million.

Modoff lowered his second-quarter earnings estimate to 29 cents a share on revenue of $544.4 million from 31 cents a share on revenue of $565.9 million.

His fiscal 2004 view dropped to earnings of $1.21 a share on revenue of $2.23 billion from $1.33 a share and $2.3 billion, while his 2005 outlook changed to earnings of $1.50 a share on revenue of $2.45 billion from earnings of $1.48 a share on revenue of $2.53 billion.

Modoff doesn't own any Brightpoint shares, nor does Deutsche Bank have an investment banking relationship with the company.

Zeev, what is your target on TBL short term?

Are you planning on getting into ZRAN here?

just being piggish, I suppose (g). What do you think of ZRAN's woes?

You think they would give us 25 on QLTI today?

08:33 ET GILD cut to Neutral from Buy at Merrill Lynch 60.69: Merrill Lynch downgrades Gilead Sciences to Neutral from Buy; although co remains a top growth story in the biotech sector and firm thinks Viread/Emtriva will become the standard of care for HIV patients, believes the the stock may pause until the company fully resolves its inventory issue, greater clarity is gained on European pricing, and investors begin to focus on the Viread/Emtriva combo pill.

BSTE - Broken for now right? Lower box (27-31) in effect?

14:27 ET FOMC Directive : As expected, the FOMC left policy rates unchanged, with the federal funds rate targeted at the 45 year low of 1.00%. The statement that policy accommodation can be maintained for a considerable period was dropped, as the Fed said it "can be patient in removing accommodation" -- again suggesting an on-hold stance in the months/quarters ahead (the next policy meeting is scheduled for March 16). Treasuries got stomped as a result, with the thirty-year tumbling over a point and a half and running yields up to 5.041%. Ten-years hit 4.241% from 4.048%.

14:15 ET Fed leaves rate at 1%, drops considerable period phrase :

GIVN : where to from here?

You think we finally see sub 60 on COCO now?

Zeev, Are you in BSTE? If so do you plan on holding it through earnings tonight?

12:09 ET j2 Global Color (JCOM) 23.06 -2.18: --Update-- First Albany comments that co's FY04 below-consensus guidance remains conservative. Specifically, says JCOM established guidance for FY04 this morning, with revenue guidance at $100-$105 mln (vs. firm's $108.9 mln estimate), while GAAP EPS guidance is for $1.00-$1.15 (vs. firm's and consensus' $1.19 estimate). Firm believes co's estimates are conservative; expects JCOM to report strong 4Q:03 results and maintains its Buy rating on the stock, particularly on a pullback following today's announcement.

Here's the 8K filing details.. Notice the following..

Due to the expected release of the valuation reserve for our NOLs at year-end 2003, we anticipate a GAAP tax accrual rate for 2004 of between approximately 35% and 40%, although we continue to anticipate actual federal tax payments to remain negligible through 2004.

Via Email

TO: j2 Global Research Analysts
FROM: R. Scott Turicchi

RE: 2004 Guidance

Gentlemen:

We have completed our budget process for 2004 and are now able to refine our November 3, 2003 View with more specific guidance. This guidance represents j2 Global's expectations as of the date of this letter, and assumes completion of the acquisition of The Electric Mail Company, which we believe will not have a material impact on either our revenue or pre-tax earnings for fiscal 2004.

In addition to reporting revenue and earnings per share, for fiscal year 2004 we will be reporting pre-tax income per share, as we believe this number will help investors look at year-to-year comparisons without the potentially confusing effect of our commencement of GAAP federal tax accruals. As you recall, for the first three quarters of 2003, we had a GAAP tax accrual rate of approximately 5% (reflecting only California state income tax). Due to the expected release of the valuation reserve for our NOLs at year-end 2003, we anticipate a GAAP tax accrual rate for 2004 of between approximately 35% and 40%, although we continue to anticipate actual federal tax payments to remain negligible through 2004.

We anticipate generating revenue of between $100 million and $105 million for fiscal 2004. We expect our pre-tax income per share in 2004 to be between $1.65 and $1.75, as compared to pre-tax income per share of $1.09 in 2003 based upon three quarters of actual performance and our previously provided guidance for Q4 2003. We anticipate earnings per share to be between $1.00 and $1.15 in 2004. This range of estimated earnings per share for 2004 reflects application of the estimated GAAP tax accrual rate of between approximately 35% and 40% to the range of estimated pre-tax income per share as set forth above.

As you are aware, these estimates are forward-looking statements and are based on management's current expectations or beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described herein. For more information on the risk factors and uncertainties affecting our Company, please refer to our Annual Report on Form 10-K filed on March 31, 2003 and the other reports we have filed with the SEC from time to time. Although our expectations may change after the date of this letter, we undertake no obligation to revise or update this guidance.

During our Q4 and year-end 2003 earnings conference call, scheduled for Monday, February 2, 2004, we will discuss in greater detail the assumptions underlying this fiscal 2004 guidance.

Regards,

R. Scott Turicchi

CFO
j2 Global Communications, Inc.

I thought the 35%-40% tax accrual rate for JCOM was a given. Then why this reaction. Interestingly there was only one estimate of 1.32 that pulled up the avg. EPS estimate to 1.19. The low estimate out of 5 analyst estimates was 1.03. I feel this is completely unwarranted.

What's your read on JCOM ?

What is your roadmap on JCOM?

Zeev, COCO does'nt seem to want to go under 60. It seems to be wanting to go up after having taken a few days of rest. Do you think it's time to get in now for a potential run to new highs or you still feel a retrench to around 60 is coming...