/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.     Robertson Stephens maintains a market in the shares of CheckFree Corp.,  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.     Robertson Stephens, Inc. and its international affiliates ("Robertson  Stephens") is the leading full-service investment bank focused exclusively on  growth companies. 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(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.  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Copyright (C) 2001 Robertson Stephens        (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  
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