/FIRST AND FINAL ADD -- DCW023 -- Robertson Stephens


                          Daily Growth Stock Update/ 
      Comments: 
      American Eagle Outfitters, Inc. 
    (Nasdaq: AEOS) $48.75 
    Buy 
      Janet Joseph Kloppenburg, Specialty Retailing/Apparel Manufacturers 


"After speaking with the company yesterday, we believe January comps at 
American Eagle are tracking in-line with the 5% estimate we established at the 
beginning of the month," said Kloppenburg. "While January typically represents 
a significantly promotional period for retailers to clear carry-over Holiday 
inventory, AEOS entered January with significantly less markdown inventory vs. 
a year ago.  As such, we believe that current strong sales momentum is 
attributable to the company's strong new Spring assortments, which flowed into 
stores on December 26 and, as such, that strong sales trends could continue 
through the Spring season. As we move further into F2001, we believe the stock 
should begin trading at a 20x multiple to our preliminary F2002 EPS estimate 
of $2.85, implying a short-term price target of $57 or approximately 17% 
potential appreciation from current levels.  As such, going forward we believe 
the stock should continue to appreciate, particularly as estimates continue to 
be upwardly revised.  We recommend purchase and rate the stock a Buy."  


      AMB Property Corporation 
    (NYSE: AMB) $24.31 
    Long-Term Attractive 
      Jay Leupp, REITs/REOCs/Real Estate Services 


"AMB reported Q4:00 FFO of $0.60/share, in-line with our estimate, and the 
consensus estimate, representing annual FFO/share growth of 11.1%," said 
Leupp. "Same-store NOI growth was an eyebrow-raising 11.2% (vs. our 6.0% 
estimate), driven by a 31.1% average rental rate increase on Q4:00 lease 
expirations. We maintain our 2000 and 2001 FFO/share estimates of $2.32 and 
$2.54, respectively, and maintain our LTA rating."  


      APW Ltd. 
    (NYSE: APW) $41.00 
    Buy 
      J. Keith Dunne, Electronic Manufacturing Products and Services 


"APW announced the expected purchase of Mayville Metal Products in Feb. 
2001 for an enterprise value of  $287M, excluding potential acquisition 
charges," said Dunne. "We view this as a strategically important deal that a) 
establishes a North American presence in outdoor enclosures, b) strengthens 
relations with Lucent, Alcatel, Applied Materials and Nortel, c) enhances the 
company's geographic footprint especially in the Midwest, Carolinas, and near 
an important LU systems facility, and d) should be accretive. We are 
maintaining our Buy rating.  Currently, APW is trading for 11.7x our pre- 
adjusted CY02E cash EPS, or a 35-40% discount to the EMS industry.  As APW 
continues to meet our earnings expectations and successfully integrates recent 
acquisitions, we expect the stock market to re-assess the long-term growth 
opportunity, which should lead to multiple expansion towards 20x."  


      Artesyn Technologies, Inc. 
    (Nasdaq: ATSN) $21.56 
    Long-Term Attractive 
      J. Keith Dunne, Electronic Manufacturing Products and Services 


"Artesyn reported 4Q00 Cash EPS of $0.27, $0.04 higher than our $0.23 
estimate and previous guidance of $0.22-$0.25 given after the company's 
December 15 pre-announcement, on higher than expected revenues of $184MM, or 
6% and 31% below our estimates prior to the pre-announcement of $196.3MM and 
$0.39, respectively," said Dunne. "We are maintaining our previously lowered 
FY01 and FY02 Cash EPS $1.30 and $1.60-$1.65, respectively, which are below 
consensus expectations, although we expect to review our estimates once we 
have more visibility in 2H:FY01. ATSN is trading for 16.6x our Cal-01E cash 
EPS and 13.5x our Cal-02E cash EPS, a 37% and 29% discount to its peer group, 
respectively. While relatively inexpensive, we believe that the stock will 
remain at these levels until inventors receive further evidence of improved 
supply chain management performance and revenue growth in 2H:FY01."  


      Delano Technology Corporation 
    (Nasdaq: DTEC) $4.50 
    Long-Term Attractive 
      Richard Juarez, eCommerce Infrastructure Services 


"Delano reported 3Q:FY01 results in-line with the pre-announced results on 
January 4, 2001," said Juarez. "The Company reported revenues of $9.3 million, 
representing 15% sequential growth.  We are maintaining estimates, and 
reiterating our Long-Term Attractive rating to reflect the slowdown in IT 
spending, and the growing and intense competition in the sector.  We believe 
the Company is sufficiently funded to reach profitability, which we expect 
will be in FY3Q03 (December 2002), as opposed to the Company's estimate of 
FY4Q02 (March 2002)."  


      Gap, Inc. (The) 
    (NYSE: GPS) $29.44 
    Buy 
      Janet Joseph Kloppenburg, Specialty Retailing/Apparel Manufacturers 


"Yesterday the company announced the appointment of longtime Gap board 
member John M. Lillie to the newly-created post of Vice Chairman," said 
Kloppenburg. "Given his extensive management background, Mr. Lillie brings 
with him significant operational experience, which we believe should prove 
particularly helpful to the Gap as it focuses on its overall infrastructure 
needs, including sizable information technology investments. The Gap plans to 
report January sales on February 7th after the close of business.  While we 
believe it is difficult to gain visibility on sales this month given the 
highly promotional period, we believe the company should generate a negative 
high-single digit comp vs. an 11% comp gain in the year-ago period. While we 
maintain our current Q4:00 EPS estimate of $0.34 vs. $0.47 in Q4:99, slightly 
ahead of the street consensus $0.33 estimate, we believe there could be some 
risk to our Q1:01 EPS estimate of $0.26 vs. $0.27 in Q1:00 as we believe that 
while management has made strong inroads in correcting the operational issues 
that plagued F2000, that the fashion merchandising issues which constrained 
F2000 comp store sales growth have not yet entirely been corrected. However, 
given the company's relatively low valuation of 21x our F2001 EPS estimate of 
$1.40, current levels represent close to a historic low for the company, and 
we believe shares should appreciate somewhat from current levels, we believe 
up to a 23x multiple (still well below the company's customary 30x-35x trading 
multiple) of our F2001 EPS estimate in the short term, or $32 per share, and 
over the next six to nine months to 23x our preliminary F2002 EPS estimate of 
$1.90, or approximately $45 per share. As such, we rate the stock a Buy and 
continue to recommend purchase."  


      HearMe 
    (Nasdaq: HEAR) $1.31 
    Market Performer 
      Richard Juarez, eCommerce Infrastructure Services 


"Yesterday HearMe reported 4Q00 results essentially in line with the 
company's pre-announcement of December 20th and with our estimates," said 
Juarez. We believe that HearMe's divestiture of its Live Communities consumer- 
focused business and the re-structuring of its business to focus on VoIP 
technology may make it an attractive acquisition target for a larger 
messaging, conferencing, or VoIP player seeking to augment its technology 
capabilities. We are maintaining our FY01 estimates and Market Performer 
Rating."  


      Intuit Inc. 
    (Nasdaq: INTU) $35.50 
    Buy 
      Scott Appleby, eFinance 


"According to PC Data, Intuit's TurboTax product sales at retail are 
improving," said Appleby. "TurboTax sales were down 30% versus the year ago 
week for the first week of release in December, but the most recent week's 
results indicate that sales at retail were up 8% versus the year ago week. 
Despite the improvement in TurboTax sales, QuickBook sales are still lagging. 
We remain cautiously optimistic regarding Intuit's outlook for both the 
quarter and longer-term.  The improvement of TurboTax sales at retail during 
the quarter provides validation for our optimism.  Further, we believe 
Intuit's mortgage business should benefit from an improved interest rate 
environment as refinance activity increases.  However, we need to see more of 
an improvement in retail sales for Intuit's QuickBooks product before we would 
recommend more aggressive purchases."  


      Jones Apparel Group Inc. 
    (NYSE: JNY) $38.7 
    Buy 
      Janet Joseph Kloppenburg, Specialty Retailing/Apparel Manufacturers 


"Yesterday after the close JNY announced that it expects total sales for 
4Q:00 should increase to $950-$970 mm, relatively in line with our $970 mm 
estimate and vs. $914.5 mm in 4Q:99," said Kloppenburg. "This estimate 
represents a 6% increase including $6.2 mm in licensing royalty income.  In 
addition, management indicated they are comfortable with First Call Consensus 
EPS estimate for 4Q:00 of $0.52 vs. $0.40 and anticipate 4Q:00 EPS to fall in 
the range of $0.50-$0.53. Thus, we are maintaining our 4Q:00 estimate of $0.52 
vs. $0.40.  This brings our F2000 estimate to $2.50 which represents a 23.8% 
increase in earnings vs. F1999 $2.02 EPS results. Finally, JNY shares are 
currently trading at only 13.0x our F2001 EPS estimate of $2.98, a significant 
discount to the company's 3-year secular growth rate of 22%. Given the 
aforementioned merchandising initiatives in tandem with what we believe to be 
JNY's expanding market share in both department stores and retail locations, 
we believe the stock deserves to sell at least at an 18x forward year 
multiple.   As such, we have raised our price target to $55 and believe 
current levels represent a compelling buying opportunity.  We re-iterate our 
Buy rating and recommend purchase of shares."  


      marchFIRST, Inc. 
    (Nasdaq: MRCH) $3.00 
    Buy 
      Steven Birer, eServices 


"Yesterday, marchFIRST announced the completion of its 2001 business 
planning process, implemented a number of cost-cutting programs, and finalized 
a stock option re-issuance program," said Birer. "The cost cutting initiatives 
announced by the company include reducing corporate expenses to 10% of 
revenues, cutting discretionary spending, consolidating smaller branches, 
closing its Montreal and Pittsburgh offices and reducing the company's 
workforce by an additional 550 people. Following the announced reductions, the 
company's employee base should total 7,600. The company also continues to 
evaluate opportunities for selling some of its non-core assets. In addition to 
the cost cutting initiatives, the company outlined an employee stock option 
re-issuance program under which eligible employees will be able to return 25.4 
million existing options for newly issued options.  Under the program, on July 
23, 2001, the company plans to issue participating employees options to 
purchase a total of 8.4 million shares, or a new option for every three 
cancelled."  


      Merck & Co., Inc. 
    (NYSE: MRK) $82.44 
    Market Performer 
      Robert Hazlett, Large Capitalization/Specialty Pharmaceuticals 


"Yesterday Merck reported 4Q00 EPS of $0.75 vs. $0.66, a 12% increase, in 
line with consensus and a penny above our expectations," said Hazlett. 
"Revenue growth of 28% benefited from robust Medco growth and some wholesaler 
stocking of certain key drugs ahead of price increases.  Generic competition 
for hypertension drug Vasotec (elanapril) weighed heavily on both sales and 
margins. We believe a host of patent expirations over the next few years, 
coupled with revenue growth increasingly driven from low-margin Medco 
operations will likely make even mid-teens EPS growth increasingly difficult. 
We therefore continue to rate MRK shares Market Performer."  


      Netopia, Inc. 
    (Nasdaq: NTPA) $8.19 
    No Rating*** 
      Richard Juarez, eCommerce Infrastructure Services 


"Proxim announced today that it has entered into a definitive agreement to 
acquire Netopia, Inc. in an stock-for-stock deal," said Juarez. "We believe 
that the acquisition is prudent for both companies, as it combines Proxim's 
expertise in wirefree networking solutions with Netopia's expertise in 
broadband Internet equipment and eCommerce Web platforms. In terms of 
management changes, Alan Lefkof, Netopia's current CEO, will become Proxim's 
Chief Operating Officer and Co-Chairman of the Board, while David King will 
remain Proxim's CEO and become Co-Chairman of the Board."  


      Park Place Entertainment Corporation 
    (NYSE: PPE) $10.00 
    Market Performer 
      Harry Curtis, Gaming & Lodging 


"Park Place Entertainment's 4Q:00 EPS of $0.00 was in line with pre- 
announced guidance," said Curtis. "EPS for the year declined 5% to $0.57 from 
$0.60. We are maintaining our 2001 EPS estimate of $0.60, which is below 
consensus of $0.65. We expect consensus to decline toward our estimate. Bottom 
line: while we anticipate a significant buying opportunity in this stock, we 
do not believe we are there yet. We maintain our Market Performer rating on 
shares of Park Place Entertainment."  


      Retek Inc. 
    (Nasdaq: RETK) $34.13 
    Buy 
      Eric Upin, Business-to-Business eCommerce 


"Retek reported solid Q4:00 results on Tuesday - exceeding our topline 
estimate by $3.3 million and operating EPS by 5 cents," said Upin. "Building 
upon Q3's momentum, the December quarter was characterized by significant 
customer wins and expanding product footprint. As a result of Retek's 
increasing visibility, we are raising our estimates slightly. As the company 
has evolved from a merchandise management solution provider to a supply chain 
suite vendor, we are increasingly positive on Retek's near- and longer-term 
outlook."  


      Industry Update: 
      Semiconductor Capital Equipment Update 
      Sue Billat, Semiconductor Equipment/Foundries 


"The December preliminary book-to-bill ratio was 1.03, down from 
November's (revised) 1.12. Overall bookings declined 10% to $2.03 billion from 
$2.26 billion reported in November," said Billat. "In our view, the decline is 
consistent with our outlook for flat to slight decline of growth in 2001, and 
the bookings drop in December as reported by capital equipment companies. 
Orders for front end equipment declined 10% sequentially to end up at $2,03 
billion in December. Book-to-bill for the front end still showed relative 
strength at 1.12 but below the 1.23 level achieved in November primarily due 
to shipments declining by only 1%. Given the flat to slightly down outlook we 
are projecting, and the 30% to 35% decline in bookings for Q1 guided by front 
end equipment companies, we anticipate January bookings to continue to 
decline. However, we believe the frontend industry growth will be increasingly 
driven by adoption of advanced technologies, such as the copper module and 
low-k dielectrics, as well as the transition to 300mm wafers."  
  *NR--Robertson Stephens is acting as an adviser in Fairchild's acquisition 
of Intersil's Discrete Power Business; therefore, in keeping with Firm policy, 
our rating on Fairchild goes to "No Rating".  
  **NR--Robertson Stephens is acting as an adviser in this transaction; 
therefore, in keeping with Firm policy, Intersil goes to "No Rating".  
  ***NR--Robertson Stephens is acting as an adviser to Netopia in the 
acquisition of the company by Proxim, Inc.; therefore, in accordance with Firm 
policy, our rating on Netopia goes to "No Rating".  
  Unless otherwise noted, prices are as of Tuesday, January 23, 2001.  
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PRI Automation, Q-Logic, American Superconductor Corp., AudioCodes, Broadcom, 
C-Bridge, Centillium, CoorsTek, Digital River, DuPont Photomasks, Intersil, 
Interwoven, Power Integrations, Siebel Systems, Tellabs, Virage, American 
Eagle, Artesyn Technologies, Delano, HearMe, Intuit, marchFIRST, Netopia and 
Retek  and has been managing or comanaging underwriter for or has privately 
placed securities of American Superconductor Corp., AudioCodes, C-Bridge, 
Centillium, Coorstek, Cypress Semiconductor, Digital River, Fairchild 
Semiconductor Corp., LSI Logic, Intersil, Interwoven, LSI Logic, Power 
Integrations, Virage, Delano, HearMe, Intuit, marchFIRST, Netopia and Retek 
within the past three years.  
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      Copyright (C) 2001 Robertson Stephens 
      -0-                             01/24/2001 AA DCW023 
    /PRNewswire -- Jan. 24/ 
    /END FIRST AND FINAL ADD/ 


(FBF)  
CO:  Robertson Stephens; CheckFree Corp.; PRI Automation, Inc.; QLogic  


     Corporation; American Superconductor Corporation; AudiCodes Ltd.; 
     Broadcom Corporation; C-bridge Internet Solutions, Inc.; Centillium 
     Communications, Inc.; Compaq Computer Corporation; CoorsTek, Inc.; 
     Cypress Semiconductor Corporation; Digital River, Inc.; Dupont 
     Photomasks, Inc.; Fairchild Semiconductor Corporation; Gateway 2000, 
     Inc.; Intersil Holding Corporation; Interwoven, Inc.; LSI Logic 
     Corporation; Power Integrations, Inc.; SCI Systems, Inc.; Siebel Systems, 
     Inc.; Station Casinos, Inc.; Tellabs, Inc.; Virage, Inc.; American Eagle 
     Outfitters, Inc.; AMB Property Corporation; APW Ltd.; Artesyn 
     Technologies, Inc.; Delano Technology Corporation; Gap, Inc.; HearMe; 
     Intuit Inc.; Jones Apparel Group Inc.; marchFIRST, Inc.; Merck & Co., 
     Inc.; Netopia, Inc.; Park Place Entertainment Corporation; Retek Inc.; 


 Fleet Meehan Specialist, Inc. 
ST:  California 
IN:  FIN 
SU:  RTG  
-0- Jan/24/2001 16:50 GMT
 
 
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