Enron Mail

From:1.14166227.-2@multexinvestornetwork.com
To:chris.dorland@enron.com
Subject:January 31, 2002 - Enron-gate
Cc:
Bcc:
Date:Wed, 30 Jan 2002 23:35:41 -0800 (PST)

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In today's edition of the Daily Update, frequent contributor Rick Wayman,
CFA, explains how off-balance sheet shenanigans first got their start,
where we are headed as a culture, and how investors like you should
react.

Also, Dave Sterman looks at the performance of one 'marvel'-ous chip
maker and the communications chip sector in general. Multex Investor
members like you can read about Openwave Systems (OPWV) in a
report from Morgan Stanley, which you can download free of charge
provided you sign up for the firm's free research trial.

You can link directly to our research page, which features synopses
of broker and free reports, and you can also register for the Morgan
Stanley trial by clicking on the Morgan Stanley logo, here:
http://www.multexinvestor.com/article.asp?docid=6589&;nd=0131

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Below
--------

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


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

1. INVESTMENT IDEAS
Enron-gate
The financial engineering bubble has finally burst

By Rick Wayman, CFA

Just when you thought it was safe to invest again, Enron-gate has roiled
the financial waters Investors, barely recovered from a hangover caused
by a myriad of causes that include the dot-com bubble, Sept. 11th, and
the recession, now face a much bigger challenge: the loss of faith in the
core underpinnings of all investing decisions, financial reporting.

Enron-gate is an apt name because, like the Watergate and
Whitewatergate scandals before it, a problem that initially appeared
isolated is spreading (like a cancer on the Presidency) to encompass a
much larger universe of players. Every day, another company
announces that it has to restate its operating results. The trustworthiness
of the reporting process and the accounting profession itself is being
called into question.

Click here to read more.
http://www.multexinvestor.com/article.asp?docid=6588&;nd=0131


2. INVESTMENT IDEAS
Marvell sets its sights on Broadcom (BRCM)
Broadcom still dominates the communications chip sector, but Marvell
(MRVL) is growing at a torrid clip.

By Dave Sterman, equity research columnist

Few firms have been able to grow as quickly as Broadcom (BRCM).
The communications chip maker saw its sales rise from $42 million in
1997 to more than $1 billion by 2000. Investors who got in early made
huge profits as shares of Broadcom rose twenty-fold from its spring 1998
IPO to its 2000 peak.

But just as Broadcom is looking to maintain its base of revenues while
the communications chip sector experiences a cyclical lull, a previously
obscure competitor has managed to grow through the downturn and is
setting its sights on the industry's number one spot. Marvell Technology
Group (MRVL) has been growing at a torrid clip, having already
surpassed the industry's next largest player, PMC-Sierra (PMCS).

Click here to read more.
http://www.multexinvestor.com/article.asp?docid=6592&;nd=0131


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==============================================================


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


1. INVESTORS' CHOICE: 3-DAY FAVORITE
Bear Stearns publishes a 'top ten list' of Internet security predictions for
2002.

After a page of general sector commentary, the firm discusses its list; #3
prediction calls for more sophisticated virus attacks, #6 prediction is that
the biometric hype fizzles, #10 predicts security vendor stocks that will
outperform. (4-page report for purchase - $10)
http://www.multexinvestor.com/download.asp?docid=25966746&;nd=0131


2. TODAY'S SPECIAL REPORT
Lehman Brothers comments on the 2002 growth potential for telecom
equip. vendors in China.

Lehman discusses how wireless and data-networking equipment
vendors should fare in China this year and beyond. Corporate spending,
CDMA, handsets, mobile licensing all discussed. Implications for CSCO,
MOT, NOK, LU, NT, and more. (9-page report for purchase - $25)
http://www.multexinvestor.com/download.asp?docid=26050081&;nd=0131


3. EDITOR'S PICK: CURRENT RESEARCH FROM THE CUTTING EDGE
Prudential offers its views on stocks in the beverage group.

In new coverage, the firm identifies 4 stocks it considers 'buys' and 6
rated 'hold.' It provides commentary on most of them, including Pepsi
(PEP), Coke (KO), Anheuser-Busch (BUD), Coors (RKY), and
Panamerican (PB). (6-page report for purchase - $25)
http://www.multexinvestor.com/download.asp?docid=26064320&;nd=0131


4. THIRD-PARTY REVIEW
123 Jump.com takes a look at communications chip company Broadcom
(BRCM).

123 Jump's analyst discusses BRCM's product-focus shift the middle of
last year as well as product developments in wireless, cable/vision, and
wireline networking. Also, a look at competitive forces in various chip-
market segments. (4-page report for purchase - $25)
http://www.multexinvestor.com/download.asp?docid=26097274&;nd=0131


5. WHAT'S HOT?
CIBC World Markets discusses the outlook for the American economy

Calling the current economic recovery outlook a "faith-based story,"
CIBC takes a look at fundamental conditions including consumer
spending, Washington's fiscal stimulus proposal, corporate spending,
inflation, and an equity/bond outlook. (5-page report for purchase - $10)
http://www.multexinvestor.com/download.asp?docid=26067533&;nd=0131


======================== Sponsored by =========================

The Internet Analyst: Wall Street's daily and weekly industry outlook

Multex's The Internet Analyst features daily 'Net-industry specific
research highlights, investment ideas, analyst opinions, portfolio
strategies: http://www.multexinvestor.com/jp.asp?id=nl_MIN013102_A3

To be sure you receive your TIA newsletter every week, click here:
http://www.multexinvestor.com/login.asp
==============================================================


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

1. ASK THE ANALYST
Rabbitt Analytics's Paul Rabbitt discusses his continuing optimism on the
economy and stock market.

Explaining that an increase in investor pessimism is good for the market,
Rabbitt elaborates on his bullish position. Why is he so sure things will
get better and what stocks does he like? Feel free to pose him your
questions until Fri., Feb. 1. Ask the analyst.
http://www.multexinvestor.com/AskTheAnalystForm.asp?&;nd=0131

Find the right stocks to own in this market. Get Rabbitt's Daily Rankings
for Free. Click here http://www.rabbittanalytics.com/signup_multex3.asp


2. ASK THE EXPERT
Ronald E. Newton with Insurance.com talks about how much auto
insurance you really need.

In reality, there is often a large gap between the insurance you're
required to carry and what you should carry. Ask Ronald E. Newton of
Insurance.com your questions. He will take investor questions until
Thurs., Feb. 7.
http://www.multexinvestor.com/AskTheExpertForm.asp?&;nd=0131



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

1. FREE RESEARCH REPORT
Robert Baird & Co. reports on E-Content, what it terms the "lifeblood" of
the Internet.

The firm discusses industry highlights and focuses the report on
enterprise portals. Comparison of valuation, operating metrics and more
from its coverage universe. This 31-page report, which usually sells for
$75, is free to members for the next 72 hours.
http://www.multexinvestor.com/download.asp?docid=26054590&;nd=0131


2. DAILY FREE SPONSOR REPORT
Morgan Stanley calls Openwave Systems (OPWV) the "premier proxy for
wireless Internet adoption."

The firm lists key investment strengths and risks for this "neutral-volatile"
rated stock, and explains how it sees the company growing through both
mergers and acquisitions as well as internal development. Multex
Investor members like you can access this report for free by registering
for the firm's free-research trial.
http://www.multexinvestor.com/download.asp?docid=20255845&;sid=8&nd=0131

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<font face="verdana,geneva,sans-serif" size="+1" color="#003399"<<b<Multex Investor Daily Update</b<</font<<br<
<font face="verdana,geneva,sans-serif" size="-1"<
<p<In today&#146;s edition of the Daily Update, frequent contributor Rick Wayman,
CFA, explains how off-balance sheet shenanigans first got their start,
where we are headed as a culture, and how investors like you should
react.</p<

<p<Also, Dave Sterman looks at the performance of one 'marvel'-ous chip
maker and the communications chip sector in general. Multex Investor
members like you can read about Openwave Systems (OPWV) in a
report from Morgan Stanley, which you can download free of charge
provided you sign up for the firm&#146;s free research trial.</p<

<p<You can link directly to our <a href="http://www.multexinvestor.com/article.asp?docid=6589&;nd=0131"<research page</a<, which features synopses
of broker and free reports, and you can also register for the Morgan
Stanley trial by clicking on the Morgan Stanley logo. </p<

<p<Finally, as you may have noticed, you are receiving today&#146;s newsletter in HTML format, a method we hope will enable us to give you a better service. Please let us know what you think. Email us at <a href="mailto:investor.feedback@multex.com"<investor.feedback@multex.com</a<</p<
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Got your W-2? Do your taxes online with H&R Block.
Let our program select the forms and do the math. You just
answer simple questions. Its fast, easy and accurate.

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<p<<font face="verdana,geneva,sans-serif" size="+1" color="#003399"<<b<In this issue:</b<</font<<br<
<table valign="top" width="100%" border="0" cellpadding="5" cellspacing="0" bgcolor="#ffffff"<
<tr<<td colspan="2"<<font face="verdana,geneva,sans-serif" size="-1"<<b<Investment Ideas:</b<</font<</td<</tr<
<tr<<td<<img src="http://www.multexinvestor.com/images/nl_icon_arrow.gif" alt="o" width="7" height="7" border="0"<</td<<td<<font face="verdana,geneva,sans-serif" size="-1"<<a href="#1"<<b<Enron-gate: The financial engineering bubble has finally burst</b<</a<</font<</td<</tr<
<tr<<td<<img src="http://www.multexinvestor.com/images/nl_icon_arrow.gif" alt="o" width="7" height="7" border="0"<</td<<td<<font face="verdana,geneva,sans-serif" size="-1"<<a href="#2"<<b<Marvell sets its sights on Broadcom (BRCM)</b<</a<</font<</td<</tr<
<tr<<td colspan="2"<<font face="verdana,geneva,sans-serif" size="-1"<<b<Featured Reports:</b<</font<</td<</tr<
<tr<<td<<img src="http://www.multexinvestor.com/images/nl_icon_arrow.gif" alt="o" width="7" height="7" border="0"<</td<<td<<font face="verdana,geneva,sans-serif" size="-1"<<a href="#3"<<b<Investor&#146;s Choice: Bear Stearns publishes Internet security predictions for
2002</b<</a<</font<</td<</tr<
<tr<<td<<img src="http://www.multexinvestor.com/images/nl_icon_arrow.gif" alt="o" width="7" height="7" border="0"<</td<<td<<font face="verdana,geneva,sans-serif" size="-1"<<a href="#4"<<b<Today&#146;s Special Report: Lehman Bros. comments on the 2002 growth potential for telecom
equip. vendors in China.</b<</a<</font<</td<</tr<
<tr<<td<<img src="http://www.multexinvestor.com/images/nl_icon_arrow.gif" alt="o" width="7" height="7" border="0"<</td<<td<<font face="verdana,geneva,sans-serif" size="-1"<<a href="#5"<<b<Editor&#146;s Pick: Prudential offers its views on stocks in the beverage group.</b<</a<</font<</td<</tr<
<tr<<td<<img src="http://www.multexinvestor.com/images/nl_icon_arrow.gif" alt="o" width="7" height="7" border="0"<</td<<td<<font face="verdana,geneva,sans-serif" size="-1"<<a href="#6"<<b<Third Party Review: 123 Jump.com takes a look at communications chip company Broadcom
(BRCM).</b<</a<</font<</td<</tr<
<tr<<td<<img src="http://www.multexinvestor.com/images/nl_icon_arrow.gif" alt="o" width="7" height="7" border="0"<</td<<td<<font face="verdana,geneva,sans-serif" size="-1"<<a href="#7"<<b<What&#146;s Hot: CIBC World Markets discusses the outlook for the American economy</b<</a<</font<</td<</tr<
<tr<<td colspan="2"<<font face="verdana,geneva,sans-serif" size="-1"<<b<Investment Advice:</b<</font<</td<</tr<
<tr<<td<<img src="http://www.multexinvestor.com/images/nl_icon_arrow.gif" alt="o" width="7" height="7" border="0"<</td<<td<<font face="verdana,geneva,sans-serif" size="-1"<<a href="#8"<<b<Ask the Analyst / Ask the Expert</b<</a<</font<</td<</tr<
</table<
</p<

<!-- CONTENT BLOCK --<
<a name="1"<
<p<
<!-- **TITLE** --<<font face="verdana,geneva,sans-serif" size="-1" color="#003399"<<b<<a href="http://www.multexinvestor.com/article.asp?docid=6588&;nd=0131"<Enron-gate: The financial engineering bubble has finally burst</a<</b<</font<<br<
<!-- **AUTHOR** --<<font face="verdana,geneva,sans-serif" size="-2"<<b<By Rick Wayman</b<, CFA</font<
<font face="verdana,geneva,sans-serif" size="-1"<
<p<Just when you thought it was safe to invest again, Enron-gate has roiled
the financial waters Investors, barely recovered from a hangover caused
by a myriad of causes that include the dot-com bubble, Sept. 11th, and
the recession, now face a much bigger challenge: the loss of faith in the
core underpinnings of all investing decisions, financial reporting. </p<

<p<Enron-gate is an apt name because, like the Watergate and
Whitewatergate scandals before it, a problem that initially appeared
isolated is spreading (like a cancer on the Presidency) to encompass a
much larger universe of players. Every day, another company
announces that it has to restate its operating results. The trustworthiness
of the reporting process and the accounting profession itself is being
called into question. <a href="http://www.multexinvestor.com/article.asp?docid=6588&;nd=0131"<Click here to read more.</a<</p<
</font<
</p<
<!-- end content block --<

<hr color="#cccccc"<

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<a name="2"<
<p<
<!-- **TITLE** --<<font face="verdana,geneva,sans-serif" size="-1" color="#003399"<<b<<a href="http://www.multexinvestor.com/article.asp?docid=6592&;nd=0131"<Marvell sets its sights on Broadcom (BRCM)</a<</b<<br<Broadcom still dominates the communications chip sector, but Marvell
(MRVL) is growing at a torrid clip.</font<<br<
<!-- **AUTHOR** --<<font face="verdana,geneva,sans-serif" size="-2"<<b<By Dave Sterman</b<, equity research columnist</font<
<font face="verdana,geneva,sans-serif" size="-1"<

<p<Few firms have been able to grow as quickly as Broadcom (BRCM).
The communications chip maker saw its sales rise from $42 million in
1997 to more than $1 billion by 2000. Investors who got in early made
huge profits as shares of Broadcom rose twenty-fold from its spring 1998
IPO to its 2000 peak.</p<

<p<But just as Broadcom is looking to maintain its base of revenues while
the communications chip sector experiences a cyclical lull, a previously
obscure competitor has managed to grow through the downturn and is
setting its sights on the industry&#146;s number one spot. Marvell Technology
Group (MRVL) has been growing at a torrid clip, having already
surpassed the industry&#146;s next largest player, PMC-Sierra (PMCS). <a href="http://www.multexinvestor.com/article.asp?docid=6592&;nd=0131"<Click here to read more.</a<
</p< </font<
</p<
<!-- end content block --<
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<font face="verdana,geneva,sans-serif" size="-1"<
Paying too much for AUTO Insurance? Take a test drive on Insurance.com -
where some of Americas Best Known Carriers compete to help you SAVE. Get
no-obligation QUOTES. COMPARE with your own policy. Dont pay more than
you have to. Seek the best policy for your money - Insurance.com. <a href="http://www.multexinvestor.com/jp.asp?id=nl_MIN013102_A2"<Click here for details.</a<
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<p<
<!-- **SECTION** --<<font face="verdana,geneva,sans-serif" size="-2"<<b<Investors&#146;s Choice: 3-day Favorite</b<</font<<br<
<!-- **TITLE** --<<font face="verdana,geneva,sans-serif" size="-1" color="#003399"<<b<<a href="http://www.multexinvestor.com/download.asp?docid=25966746&;nd=0131"<Bear Stearns publishes a &#145;top ten list&#146; of Internet security predictions for 2002.</a<</b<</font<<br<
<font face="verdana,geneva,sans-serif" size="-1"<
<p<After a page of general sector commentary, the firm discusses its list; #3
prediction calls for more sophisticated virus attacks, #6 prediction is that
the biometric hype fizzles, #10 predicts security vendor stocks that will
outperform. <a href="http://www.multexinvestor.com/download.asp?docid=25966746&;nd=0131"<(4-page report for purchase - $10)</a<
</p<
</font<
</p<
<!-- end content block --<

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<!-- CONTENT BLOCK --<
<a name="4"<
<p<
<!-- **SECTION** --<<font face="verdana,geneva,sans-serif" size="-2"<<b<Todays&#146;s Special Report</b<</font<<br<
<!-- **TITLE** --<<font face="verdana,geneva,sans-serif" size="-1" color="#003399"<<b<<a href="http://www.multexinvestor.com/download.asp?docid=26050081&;nd=0131"<Lehman Brothers comments on the 2002 growth potential for telecom equip. vendors in China.</a<</b<</font<<br<
<font face="verdana,geneva,sans-serif" size="-1"<
<p< Lehman discusses how wireless and data-networking equipment
vendors should fare in China this year and beyond. Corporate spending,
CDMA, handsets, mobile licensing all discussed. Implications for CSCO,
MOT, NOK, LU, NT, and more. <a href="http://www.multexinvestor.com/download.asp?docid=26050081&;nd=0131"<(9-page report for purchase - $25)</a<</p<
</font<
</p<
<!-- end content block --<

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<!-- CONTENT BLOCK --<
<a name="5"<
<p<
<!-- **SECTION** --<<font face="verdana,geneva,sans-serif" size="-2"<<b<Editor&#146;s Pick: Current Research from the Cutting Edge</b<</font<<br<
<!-- **TITLE** --<<font face="verdana,geneva,sans-serif" size="-1" color="#003399"<<b<<a href="http://www.multexinvestor.com/download.asp?docid=26064320&;nd=0131"<Prudential offers its views on stocks in the beverage group.</a<</b<</font<<br<
<font face="verdana,geneva,sans-serif" size="-1"<<p<
<p<In new coverage, the firm identifies 4 stocks it considers 'buys' and 6
rated 'hold.' It provides commentary on most of them, including Pepsi
(PEP), Coke (KO), Anheuser-Busch (BUD), Coors (RKY), and
Panamerican (PB). <a href="http://www.multexinvestor.com/download.asp?docid=26064320&;nd=0131"<(6-page report for purchase - $25)</a<</p<
</font<
</p<
<!-- end content block --<

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<!-- CONTENT BLOCK --<
<a name="6"<
<p<
<!-- **SECTION** --<<font face="verdana,geneva,sans-serif" size="-2"<<b<Third Party Review</b<</font<<br<
<!-- **TITLE** --<<font face="verdana,geneva,sans-serif" size="-1" color="#003399"<<b<<a href="http://www.multexinvestor.com/download.asp?docid=26097274&;nd=0131"<123 Jump.com takes a look at communications chip company Broadcom (BRCM).</a<</b<</font<<br<
<font face="verdana,geneva,sans-serif" size="-1"<
123 Jump&#146;s analyst discusses BRCM&#146;s product-focus shift the middle of
last year as well as product developments in wireless, cable/vision, and
wireline networking. Also, a look at competitive forces in various chip-
market segments. <a href="http://www.multexinvestor.com/download.asp?docid=26097274&;nd=0131"<(4-page report for purchase - $25)</a<
</p<
</font<
</p<
<!-- end content block --<

<hr color="#cccccc"<

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<a name="7"<
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<!-- **SECTION** --<<font face="verdana,geneva,sans-serif" size="-2"<<b<What&#146;s Hot?</b<</font<<br<
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