DAILY GROWTH STOCK UPDATE/ 
      Alza Corp. 
    (NYSE: AZA) $38.69 
      Robert Hazlett, Large Capitalization/Specialty Pharmaceuticals 

"After yesterday's close, Alza reported 4Q00 EPS of $0.25 (normalized, 
ex-charges) vs. $0.13, an 88% increase, a penny ahead of our estimates and 
consensus," said Hazlett. "Our 2001 and 2002 EPS estimates remain unchanged at 
$1.02 and $1.25, respectively. With exceptional growth prospects that we see 
for Concerta in the near term and its strong technology platform over the long 
term, we expect significant and sustainable strong sales and above 20% EPS 
growth for Alza.  A near-term catalyst for AZA shares may be the company's 
upcoming analyst meeting on February 27.  We reiterate our Buy rating on AZA 

      Biomet, Inc. 
    (Nasdaq: BMET) $33.25 
      Wade King, Medical Technologies 

"We believe that the shares of Biomet offer an excellent opportunity this 
year for investors seeking superior returns with controlled risk," said King. 
"We believe the company's fundamentals remain solid, with good, consistent 
growth prospects going forward. Based on a 30x multiple on our estimated C2002 
EPS of $1.48, our year-end price target is $45. We believe this offers 
investors in Biomet at current levels the opportunity for over 35% ROI in a 
mid-cap, premier medical technology company. Our rating on Biomet is Buy."  

      Cash America International, Inc. 
    (NYSE: PWN) $6.00 
    Long-Term Attractive 
      Jordan Hymowitz, eCredit & Lending/I-Auto 
    Justin Hughes, Financial Services 

"Cash America reported 4Q00 EPS from lending operations of $0.21, $0.01 
better than our estimate," said Hymowitz and Hughes. "Including losses at 
subsidiaries, PWN reported 4Q00 EPS of $0.13, $0.01 below our estimate. We 
believe Cash America is one of a few companies that would benefit in a 
recession. Higher unemployment rates and lower disposable income could 
revitalize demand for pawn loans and the company, through its low loan 
balances and merchandise, is well positioned should demand recover, in our 
view. We continue to rate PWN shares Long-Term Attractive."  

      CSG Systems International, Inc 
    (Nasdaq: CSGS) $45.75 
    Long-Term Attractive 
      Marianne Wolk, Wireless Data/eCommunications 

"CSG reports revenues and EPS slightly ahead of our forecasts, but a $13mm 
boon in software revenues ($50mm for the full year) resulting from its 
arbitration agreement with AT&T (October 11th) contributed $0.08-$0.14 to EPS 
this quarter, offsetting weak processing fees," said Wolk. "Putting its 
balance sheet to work, the company extended payment terms to long-standing 
customers like AT&T Broadband. We remain cautiously optimistic as CSG pursues 
greater growth through diversification.  CSG continues to invest heavily in 
its international business targeting cable and DBS customers in Europe, Latin 
America, and the Asia Pacific region.  After responding to at least 8 RFPs 
last quarter (making 5 short lists), CSG should report some international wins 

      Eli Lilly and Company 
    (Nasdaq: LLY) $82.38 
      Robert Hazlett, Large Capitalization/Specialty Pharmaceuticals 

"Lilly reported 4Q00 EPS of $0.70 vs. $0.61, a 15% increase, in line with 
consensus but a penny below our estimates," said Hazlett. "Our 2001 and 2002 
EPS estimates remain unchanged at $2.88 and $3.20, respectively. LLY shares 
will likely continue to be driven by the emergence of its pipeline that 
currently has 10 compounds in late-stage clinicals or currently awaiting 
registration, in our view.  Zovant's (sepsis) Prowess trial data will be 
presented on February 11, and the compound should be filed and approved in 
3Q01.  We believe other significant events upcoming in 2001 include filings 
for tomoxetine for attention deficit/hyperactivity disorder (ADHD), Cialis for 
erectile dysfunction and possibly duloxetine for depression.  We continue to 
rate LLY shares Buy."  

      Regeneron Pharmaceuticals, Inc. 
    (Nasdaq: REGN) $36.69 
      Michael King, Biopharmaceuticals 

"Last night, REGN reported 4Q:00 results," said King. "EPS was ($0.23) 
versus our ($0.29) estimate. For FY2000, EPS was ($0.61) versus our ($0.66). 
After adjustments for SAB-101, loss for the year will be restated as ($0.65). 
REGN plans to start a Phase III trial for Axokine in the treatment of obesity 
and bring three additional compounds into the clinic in 2001 (VEGF trap, IL- 
4/IL-13 trap, and pegylated Axokine). We believe the trap program will gain 
more visibility in the coming year and investors will recognize the potential 
of this approach to treating disease. REGN remains one of our favorite stocks 
for 2001 and we reiterate our Buy rating."  

      Schering-Plough Corporation 
    (NYSE: SGP) $53.63 
    Market Performer 
      Robert Hazlett, Large Capitalization/Specialty Pharmaceuticals 

"Yesterday Schering-Plough reported 4Q00 EPS of $0.39 vs $0.34, a 15% 
increase, in line with both our expectations and consensus," said Hazlett. "We 
are maintaining our full-year 2001 estimates of $1.91 for the company.  We 
continue to rate shares of SGP Market Performer. With slower prescription 
growth for its two key franchises (allergy and hepatitis C) and competition on 
the horizon for its pipeline products (DCL and PEG Intron A) that will replace 
those existing franchises, we believe additional market share gains will 
likely be achieved through substantial marketing expense for the company, 
especially if desloratadine is approved without a meaningful marketing 
advantage in its label."  

      Sepracor Inc. 
    (Nasdaq: SEPR) $73.44 
      Robert Hazlett, Large Capitalization/Specialty Pharmaceuticals 

"Last night, Schering-Plough announced that on January 19, 2001, it 
received an approvable letter from FDA for desloratadine (DCL) for allergies," 
said Hazlett. "DCL is the heir-apparent to Schering's blockbuster allergy 
therapy Claritin.  Sepracor will receive low-single-digit royalties on 
revenues for DCL, increasing to mid-single digits upon reaching certain 
milestones. This announcement has been long awaited, as desloratadine's 
original tentative PDUFA date was thought to be Oct. 26, 2000.  We believe 
this announcement serves as a validation of Sepracor's drug discovery 
technology, and will likely assuage investor concern that has been in 
existence since the development of one of its out-licensed products was halted 
(r-fluoxetine). We believe this is one of several significant near-term 
significant positive events for Sepracor, including an announcement of final 
DCL approval in the US, and a potential February filing for norastemizole, 
Sepracor's own allergy drug.  We reiterate our Buy rating on SEPR shares."  

      SpeechWorks International Inc. 
    (Nasdaq: SPWX) $41.94 
      Marianne Wolk, Wireless Data/eCommunications 

"SpeechWorks reported 4Q results of $10.6MM and ($0.17), both above our 
$9.6MM and ($0.20) estimates," said Wolk. "License sales of $6.1MM well 
exceeded our $5MM estimate, resulting in better than expected gross margins of 
71% (vs. our 68% estimate).  The cash balance remained healthy at $113.6MM, 
while DSOs increased 10 days to 75, but stayed below the expected range of 80- 
85 days. We believe SpeechWorks' rocketing valuation and the pending increase 
of its float could leave it vulnerable near-term.  We size the supply coming 
to market at perhaps 1-3MM of the 18MM shares to be released, assuming the 
stock due next week is mainly held by officers (approx. 5MM shares) that are 
subject to Rule 144 volume restrictions and VCs (approx. 11MM).  In light of 
SpeechWorks' strong Q4 results, solid momentum and visibility, we continue to 
support the long-term fundamentals of the company and the voice industry. In 
our view, SpeechWorks is a solid long-term investment for those wishing to own 
a pure player in the rapidly evolving voice industry and any weakness related 
to the increase in its float should represent a good entry point for 

      Station Casinos, Inc. 
    (NYSE: STN) $13.25 
    Long-Term Attractive 
      Harry Curtis, Gaming & Lodging 
    Smedes Rose, Gaming & Lodging 

"We are maintaining our 2001 EPS estimate of $0.88 for Station Casinos, 
but we are adjusting our quarterly estimates for the year," said Curtis and 
Rose. "We expect EPS will be lower in the first half of the year, accelerating 
into the second half. In 1Q:01 our estimate declines to $0.20 from $0.28, and 
in 2Q our estimate declines to $0.22 from $0.24. For the second half of the 
year our estimates increase, and 3Q:01 goes to $0.22 from $0.17, with 4Q 
increasing to $0.24 from $0.22."  

      Industry Updates: 
      Q4:00 Real Estate Equities Earnings Preview & Investment Outlook 
      Jay Leupp, REITs/REOCs/Real Estate Services 
    Paul Penney, REITs/REOCs/Real Estate Services 

"For the Q4:00 earnings season, we expect most REITs and REOCs to post 
modestly positive results, with annual (Q4:00 over Q4:99) FFO/share growth of 
8.9%,  driven by average same store NOI growth of 4.5%, external growth of 
1.5-2.0%, and the effect of financial leverage adding 2.0%-3.0%," said Leupp 
and Penney. "We are expecting above-average same store NOI growth in the 
apartments, office and lodging sectors, average same store NOI growth in the 
self-storage sector, and below-average NOI growth in the manufactured home 
community, industrial and retail sectors."  
  The Web Report - Volume 4, Issue #4  
Robertson Stephens Internet analysts highlight certain industry trends and 
company news. http://www.internetstocks.com  
  Unless otherwise noted, prices are as of Thursday, January 25, 2001.  
  Robertson Stephens maintains a market in the shares of Broadcom, PMC- 
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Engines, Packeteer, Biomet, CSG Systems, Regeneron, Sepracor, and SpeechWorks 
and has been managing or comanaging underwriter for or has privately placed 
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SOURCE  Robertson Stephens  

    -0-                             01/26/2001 AA DCF014 
    /PRNewswire -- Jan. 26/ 
    /Web site:  http://www.rsco.com 

CO:  Robertson Stephens; Broadcom Corporation; PMC-Sierra, Inc.; Ceragon  

     Networks; Corvis Corporation; E.piphany, Inc.; Excite@Home; Gilead 
     Sciences Inc.; HomeStore.com; Kulicke and Soffa Industries, Inc.; 
     LookSmart, Ltd.; Micrel, Incorporated; Multex.com Inc.; Network Engines, 
     Inc.; Packeteer, Inc.; STMicroelectronics N.V.; Alza Corp.; Biomet, Inc.; 
     Cash America International, Inc.; CSG Systems International, Inc.; Eli 
     Lilly and Company; Regeneron Pharmaceuticals, Inc.; Schering-Plough 
     Corporation; Sepracor Inc.; SpeechWorks International Inc.; Station 

 Casinos, Inc.; Fleet Meehan Specialist, Inc. 
ST:  California 
-0- Jan/26/2001 16:34 GMT
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