Robertson Stephens Daily Growth Stock Update on AMCC EVOL PDYN

                         TXCC ANF AMD 
                                 CBIS and LLY 

  SAN FRANCISCO, Oct. 12 /PRNewswire/ -- The following is being issued by 
Robertson Stephens, a member of the National Association of Securities 
Dealers, CRD number 41271:  

      October 12, 2000 
      Estimate Changes 
      Applied Micro Circuits Corporation  (Nasdaq: AMCC) ($167.73) 
    F2001 EPS:  $1.07 from $0.96 
    F2002 EPS:  $1.51 from $1.30 
    Strong Buy 
    Arun Veerappan, Communication Components/Semiconductor Devices 

"AMCC reported September quarter revenue of $97.0 million, up 31 percent 
quarter-over-quarter and $8.0 million better than our estimate," said 
Veerappan.  "The strength in the quarter came once again from the company's 
communications business, which grew 31 percent to $80.5 million. The outlook 
for the third quarter is for 20 percent sequential revenue growth, with low- 
double-digit quarterly revenue growth expected thereafter. With AMCC executing 
strongly and with its technology positioning growing, we continue to rate the 
company's stock as a Strong Buy.  In addition, we believe that AMCC has done 
justice to its perceived leadership position in the industry through its 
stellar results and, in doing so, has also served to reaffirm the continued 
health of the larger end-markets that it serves as well."  

      Evolving Systems, Inc.  (Nasdaq: EVOL) ($5.88) 
    F2000 EPS:  ($0.27) from $0.25 
    F2001 EPS:  $0.31 from $0.50 
    Long-Term Attractive 
    Marianne Wolk, Wireless Data 

"Evolving Systems pre-announced a third quarter earnings and revenue 
shortfall," said Wolk.  "The shortfall was attributed to the delay of one 
significant LNP contract with an RBOC.  Though the company will not recognize 
revenue from this contract in the third quarter, associated expenses will be 
recognized, resulting in much lower than expected earnings performance.  We 
are lowering our second half of 2000 and 2001 estimates to reflect our 
cautious stance on the timing of the contract close and a conservative rebound 
timeframe for Evolving after a significant shortfall.  Though we believe the 
contract is still on track to close, we believe there could be a 1 to 2 
quarter delay as it appears to be bogged down in corporate 'red tape'.  Due to 
the size of the contract and Evolving's percentage of completion revenue 
recognition policy, the contract is likely to take two quarters to be fully 
accounted.   If the contract does close in the early fourth quarter and 
revenue can be recognized during that period, our new estimates for the fourth 
quarter of 2000 and the first quarter of 2001 may prove to be quite 

      Paradyne Networks, Inc.  (Nasdaq: PDYN) ($5.19) 
    F2000 EPS:  $0.06 from $0.41 
    F2001 EPS:  $0.16 from $0.85 
    Paul Johnson, Networking/Communications 

"Paradyne reported third quarter financial results in line with the 
company's guidance as of September 28, when it lowered estimates because of 
lower-than-expected shipments to a few network service providers," said 
Johnson. "The third quarter actual results are significantly lower than our 
original third quarter estimates of $81.0 million in revenue and fully-taxed 
earnings-per-share of $0.11.  Overall revenues decreased 17.5 percent 
sequentially on the shortfall, although they did increase 8 percent year-over- 
year.  Broadband revenues declined 22.5 percent sequentially but increased 15 
percent year-over-year.  Revenues from DSL and SLM products grew 43 percent 
year-over-year and are clearly the most important revenue drivers going 
forward.  The majority of the shortfall in demand during the quarter can be 
attributed to changes in deployment plans at Dreamline, a large, well- 
established telecommunications carrier based in Korea.  After aggressively 
deploying DSL equipment during the past several quarters, Dreamline has 
decided to change radically its strategy.  Dreamline appears to have stopped 
their deployment schedule and, as a direct consequence, are not buying 
additional equipment from Paradyne.  On a positive note, Paradyne has won 23 
new customers for their DSL products during the September quarter.  As we 
continue to believe that DSL demand will continue to show robust growth well 
into the next several years, we believe the current set-back at Paradyne is 
focused on a few specific customers, not a reflection of any changes in 
overall demand for DSL or on the competitive position of the company's 
products.  We are reducing radically our estimates for fiscal 2000 and 2001 to 
reflect the dramatic shortfall in the September quarter. We believe that the 
stock represents one of the best investment values of the companies we follow, 
although with a reasonable degree of investor uncertainty."  

      TranSwitch Corporation  (Nasdaq: TXCC) ($54.94) 
    F2000 EPS:  $0.48 from $0.40 
    F2001 EPS:  $0.72 from $0.54 

"TranSwitch reported impressive third quarter results above published 
expectations," said Johnson.  "The growth in revenues in the quarter came from 
the SONET and ATM product areas. We believe TranSwitch continues to do an 
excellent job of managing its financial performance.  We are raising our 
estimates for fiscal 2000 and fiscal 2001 to reflect the higher revenues and 
profitability reported in the third quarter and greater confidence in the 
company's business model.  We continue to believe that our estimates are 
conservative. We reiterate our Buy recommendation on the stock."  

      Abercrombie & Fitch Co.  (NYSE: ANF) ($21.00) 
    Janet Kloppenburg, Specialty Retailing/Apparel Manufacturers 

"Abercrombie & Fitch is speaking this morning at the Robertson Stephens 
Consumer Conference," said Kloppenburg.  "We believe this will be one of the 
most closely watched and noteworthy meetings of the day, and we believe 
investors should be particularly focused on the company's comments regarding 
possible inventory shortfalls during October, gross margins trends thus far in 
the third quarter, the strength of the current men's business, the look and/or 
attitude of the holiday merchandise assortments, and management's comp 
expectations for the remainder of fiscal 2000. We believe the stock is poised 
to appreciate significantly over the next six months, by at least 50 percent, 
as its highly fashion-right merchandise assortments should continue to 
generate strong full-price sales and resulting margins, in our opinion.  We 
believe this will drive upside to our current fiscal 2000 and 2001 earnings- 
per-share estimates of $1.59 and $1.88, respectively."  

      Advanced Micro Devices  (NYSE: AMD) ($21.50) 
    Long-Tem Attractive 
    Eric Rothdeutsch, Semiconductors/Computer Hardware 

"We are assuming coverage of Advanced Micro Devices with a Long-Term 
Attractive rating," said Rothdeutsch.  "AMD reported third quarter revenues of 
$1.21 billion, up 3.1 percent quarter-over-quarter, and earnings-per-share of 
$0.64, $0.02 ahead of the Consensus.  Given the solid demand for Athlon and 
Duron processors, the company's successful ramping of its 0.18 micron copper 
capacity in Dresden, and continued strong sales of flash memory, we believe a 
12-month price target of $30 is reasonable, or 13 times our fiscal 2001 
earnings-per-share of $2.35."  

      C-Bridge Internet Solutions  (Nasdaq: CBIS) ($12.19) 
    Strong Buy 
    Steven Birer, eServices 

"C-bridge Internet Solutions plans to report earnings Thursday, October 
12, after the market closes," said Birer.  "In September, the company 
presented at our Internet conference and conveyed a very positive outlook for 
its business over the next several quarters.  With virtually no 
exposure, an aggressive sales engine, above-average operational execution, and 
solution-based frameworks that make understanding the business benefits of 
using Internet technologies easier for corporate buyers, we continue to view 
C-bridge as one of the emerging leaders within the iBuilder category.  As 
such, we expect the company to exceed our estimates on both the top and bottom 
lines. We highlight our expectation for a profitable third quarter, which is 
the first quarter of what we expect to be an accelerating earnings-per-share 
line.  We believe the Company's iSolution service framework provides a 
competitive advantage for winning new business and successfully completing 
complex projects with a high level of customer satisfaction.  The company has 
industry-leading expertise in "heavy lifting" horizontal practices such as 
supply chain integration, coupled with a focused strategy service offering. 
Moving forward, we expect to see the company's recently launched Internet- 
enabled customer relationship management (eCRM) service offering become a 
contributor to revenue.  In addition, we feel C-bridge is one of the best- 
managed companies in our research universe."  

      Eli Lilly and Company  (NYSE: LLY) ($84.50) 
    Robert Hazlett, Large Capitalization/Specialty Pharmaceuticals 

"Yesterday, a 'Dear Doctor' letter was issued for Serentil, an old-line 
schizophrenia drug, noting that the drug has received major modifications to 
its label, including a significant 'black box' warning that the drug lengthens 
the QT interval of the heart," said Hazlett.  "This action by FDA for Serentil 
reinforces our view that Pfizer's Zeldox will emerge with a similar 'black 
box' warning for QT prolongation, a significant marketing hindrance for that 
drug.  We reiterate our Buy rating on LLY shares.  We continue to believe 
Lilly has the industry's best late-stage product pipeline, including Zovant 
(sepsis), Forteo (osteoporosis), r-fluoxetine (depression), Alimta (cancer), 
PKC-Beta (diabetic complications) and Cialis (erectile dysfunction), all 
likely to be filed through 2002.  We believe the recent trade-off in LLY 
shares due to the Prozac patent situation has more than fully priced in any 
revenue growth compression, providing investors an opportunity to own shares 
of this high-quality pharmaceutical company."  

      Industry Updates 
      Third Quarter Earnings Preview 
    Andrew Jeffrey, eProcessing/ePayment 

"We remain steadfastly bullish on the eProcessing and ePayment sector as 
we head into the third quarter reporting season," said Jeffrey.  "While we are 
recommending aggressive accumulation of 'mature' eProcessing stocks whose 
shares have handily outperformed the market this year, we are also 
enthusiastic about the prospects of certain emerging ePayment stocks that have 
sharply underperformed so far in 2000."  

      Consumer Conference Update 
    Alexandra DalPan, Multichannel Consumer Hardgoods 

"Six leading hardgoods retailers presented at the Robertson Stephens 2000 
Consumer Conference yesterday," said DalPan. "These presentations reinforced 
each company's strategy, but revealed no new news.  As expected, presenting 
companies did not focus on current business trends. Our third quarter 
earnings-per-share projections remain unchanged."  
  Third Quarter 2000 Real Estate Equities Earnings Preview and Investment 
Jay Leupp, REITs/REOCs/Real Estate Services  
"For the third quarter 2000 earnings season, we expect most REITs and 
REOCs to post modestly positive results, with annual FFO/share growth of  9.0- 
10.0 percent, driven by same-store NOI growth of 4.0-4.5 percent and external 
growth of 2.0-3.0 percent, with the effect of financial leverage adding 3.0- 
4.0 percent," said Leupp.  "We are expecting above-average same-store NOI 
growth the apartment and CBD office sectors, average same-store NOI growth in 
the suburban office, industrial, lodging and retail sectors, and below-average 
NOI growth in the manufactured home community, specialty and self-storage 

      Illinois Update 
    Harry Curtis, Gaming & Lodging 
      Las Vegas Update 
    Harry Curtis, Gaming & Lodging 
      Missouri Update 
    Harry Curtis, Gaming & Lodging 
      Unless otherwise noted, prices are as of Wednesday, October 11, 2000 

  Robertson Stephens maintains a market in the shares of Applied Micro 
Circuits Corp., Evolving Systems, Paradyne, Transwitch, and C-Bridge and has 
been a managing or comanaging underwriter for or has privately placed 
securities of Applied Micro Circuits Corp., Evolving Systems, Paradyne, 
Transwitch, and C-Bridge within the past three years.  
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SOURCE  Robertson Stephens, Inc.  

    -0-                             10/12/2000 
    /CONTACT:  Elizabeth Denton, 212-407-0470, for Robertson Stephens, Inc./ 
    /Web site: 

CO:  Robertson Stephens, Inc.; Applied Micro Circuits Corporation; Evolving  

     Systems, Inc.; Paradyne Networks, Inc.; TranSwitch Corporation; 
     Abercrombie & Fitch Co.; Advanced Micro Devices; C-Bridge Internet 

 Solutions; Eli Lilly and Company; Fleet Specialist, Inc. 
ST:  California, New York 
-0- Oct/12/2000 15:27 GMT
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