LFMN, ABGX, AFCI, AMZN, AMAT, AWRE, CHIR, CCRT, ILUM, LMNE, MBRS, NETP, OPLK, PSIT, QSFT, RNWK, SPLN, VITR, CBIS, CLSR, LGTO, NETE, SMTF SAN FRANCISCO, Jan. 31 /PRNewswire/ -- The following is being issued by Robertson Stephens: Ratings Changes: Corio, Inc. (Nasdaq: CRIO) ($3.97) Downgrading to Long-Term Attractive from Buy 2001E EPS: ($1.55), up from ($2.03) Richard Juarez, eCommerce Infrastructure Services Corio reported mixed 4Q00 results yesterday, with revenue of $14.1 million slightly below our estimated $14.7 million and EPS of ($0.34) that beat our estimated ($0.47) by $0.13," said Juarez. "We are lowering our rating on Corio's shares to Long-Term Attractive from Buy to reflect: 1) execution risk in the company's shift to targeting larger enterprise customers; 2) continued economic weakness, causing sales cycles for large IT projects to continue to stretch out; and 3) the company's continued long path to profitability in an environment of increased uncertainty." iBeam Broadcasting Corporation (Nasdaq: IBEM) ($3.19) Downgrading to Long-Term Attractive from Buy 2001E EPS: ($0.56), up from ($0.90) Richard Juarez, eCommerce Infrastructure Services "IBeam's reported 4Q:FY00 revenue and EPS (excluding taxes, depreciation, amortization, and non-cash and one-time charges) of $9.1 million and ($0.22) were essentially inline with our estimates of $9.3 and ($0.23) respectively," said Juarez. "We are lowering our FY01 revenue estimate from $67 million to $55 million. We are lowering our rating on the stock from a Buy to a Long-Term Attractive to reflect (1) the company's lowered guidance for FY01 revenue and slowing sequential revenue growth in 1Q01, (2) the impact of an economic slowdown and reduction in IT spending on streaming media services, e.g. Financial Services and Entertainment companies, (3) increased competition and pricing pressure from other players in the space, and (4) the Company's market capitalization to 2001 sales of approximately 8x is rich given its reduced revenue visibility and continued exposure to dotcoms. Additionally, we believe the Company will need to begin to raise the necessary funds to ensure their long-term viability." Lifeminders, Inc. (Nasdaq: LFMN) ($3.75) Downgrading to Market Performer from Buy 2001E EPS: Under Review, from $0.04 Lowell Singer, Next-Generation Internet eNablers "LifeMinders reported Q4 revenues of $11.6 million, 33% below our estimate of $17.2 million, and an EPS of $(0.28) well below our estimate of $(0.13)," said Singer. "LifeMinders also reported 21.0 million members at the end of Q4, an increase of 19.5 million from the end of Q3. LifeMinders reported that the soft online advertising environment put pressure on the company's pricing structure. The company reported that founder and CEO Steve Chapin stepped down from his position as CEO and that board member Jonathon Bulkeley will become CEO and Chairman. Given that the new CEO has just assumed his role, the company was not comfortable providing revenue or EPS guidance. Thus, we are placing our estimates under review until the company re-examines the business, identifies its key objectives and issues new guidance. We believe that LifeMinders' stock could be down given the company's revenue and EPS shortfall and the current management changes. In addition, it is our view that the company could continue to be impacted by the softness in online marketing. Finally, we believe that it could take the new CEO some time to establish a new strategic vision for the company, creating further uncertainty. It is our view that the company's stock could continue to be under pressure for some time." Estimate Changes: Abgenix, Inc. (Nasdaq: ABGX) ($45.25) Strong Buy 2001E EPS: ($0.69), down from ($0.13) Jay Silverman, Biopharmaceuticals "During its fourth quarter conference call, Abgenix reiterated its commitment to developing proprietary antibody products," said Silverman. "Historically, biotechnology companies have created the most long-term value in this way. In order to retain product rights, Abgenix is funding a larger portion of development costs than previously expected to bring its own antibodies through clinical trials. With access to cutting-edge target discovery and antibody technologies, we believe Abgenix should generate a continuous series of new antibodies for its own pipeline going forward. Furthermore, Abgenix had the foresight to secure adequate antibody manufacturing capacity for future clinical trial needs. We believe the worldwide shortage of protein manufacturing capacity should only get worse as protein products advance through clinical development and into the market. Abgenix is constructing a new manufacturing facility and, earlier this week, obtained the use of existing antibody manufacturing facilities in a five-year agreement with Lonza Biologics. Abgenix conducted two follow-on offerings in 2000 to finance the above and other needs. We are adjusting our models to account for these offerings and to come in line with company guidance and consensus. We are dramatically raising our estimated expenses and subsequently, losses, for 2001 and beyond. However, we forecast Abgenix to achieve breakthrough earnings in 2005 and thereafter. In our opinion, such expenditures enable Abgenix to further fund clinical development, purchase needed resources and acquire the technologies needed to fulfill its goal of becoming the leader in antibody therapeutics. We reiterate our Strong Buy rating." Advanced Fibre Communications, Inc. (Nasdaq: AFCI) ($20.56) Buy F2001E EPS: $0.66, down from $0.76 F2002E EPS: $0.85, New Paul Silverstein, Communications/Networking "Advanced Fibre reported fourth quarter revenues of $116.1 million, slightly below our $118.0 million estimate, and earnings of $0.24 per share, significantly ahead of our forecast of $0.16," said Silverstein. "We are lowering our revenue and EPS estimates for 2001. Lower projected revenues offset higher forecasted gross margins resulting in the lowered forecasted EPS for the year. We are also initiating 2002 estimates. We believe our estimates are at the lower end. We are reiterating our Buy recommendation given our view that AFC continues to offer an attractive risk-reward profile of solid growth -- with potential upside -- improving gross margins and operating margins, and approximately half of the company's current stock price explained by cash on hand." Amazon.com, Inc. (Nasdaq: AMZN) ($18.94) Market Performer F2001E EPS: ($0.95), down from ($0.72) F2002E EPS: ($0.45), New Lauren Cooks Levitan, Branded Internet "Amazon.com reported Q4 revenues of $972.4 million, which were up 43.8% year over year, up 52.4% sequentially, and slight ahead of preannounced levels of $960 million," said Levitan. "Operating EPS loss of $(0.25) was slightly ahead of our estimate of $(0.28). Amazon announced it would cut 1300 jobs from its corporate staff. In addition, the company will close its McDonough, Georgia distribution center, close a customer service center in Seattle, Washington, and convert its Seattle, Washington distribution, to a seasonal facility. As expected, Amazon set its long- awaited inaugural date of operating profitability -- Q4:01. However, by our estimates, in order to achieve profitability in Q4:01, Amazon's total revenues would have to grow 40% year over year to approximately $1.375 billion, on flat to lower marketing expenses, which we view as a considerable challenge. As a result, our estimates are below management guidelines and our outlook for profitability is deferred one year to Q4:02. Following Amazon's pre-release of disappointing Q4 results, we lowered our forward-looking estimates. However, following what we would characterize as a grim 2001 outlook by Amazon management, we are once again lowering our estimates. We expect shares of Amazon to continue to remain under pressure, with potential for increased downside risk, given the substantially reduced guidance and uninspiring Q4 results." Applied Materials, Inc. (Nasdaq: AMAT) ($52.44) Strong Buy 2001E EPS: $2.54, down from $2.89 Sue Billat, Semiconductor Equipment/Foundries "After yesterday's market close, Applied Materials preannounced Q1:F01 (January) results negatively, lowering revenue expectations to 7-10% below previous guidance of $2.9-2.95 billion," said Billat. "Our prior EPS estimate was $0.78 on sales of $2.92 billion. We believe the slowdown in end market drivers, including the inventory buildup in telecommunications products and weakness in PC sales, contributed to cancellations and push- outs by customers. Although we cut estimates on 12/16/00, we are trimming estimates further based on the revised outlook. In our view, Applied is particularly well-positioned in 300mm, which may provide upside to our 2H:F01 estimates. We believe many investors are looking past the current slowdown, which appears to be relatively mild. Accordingly, we are maintaining our Strong Buy rating." Aware, Inc. (Nasdaq: AWRE) ($20.88) Long-Term Attractive 2001E EPS: $0.34, down from $0.53 2002E EPS: $0.66, New Paul Johnson, Communications/Networking "Aware reported fourth quarter (December) results modestly above published expectations," said Johnson. "Growth in the quarter came from continued strength in royalty payments and contract engagements. We are lowering our estimates for fiscal 2001 to reflect management guidance for a weaker- than-expected first half of the year resulting from carrier "inventory" bleed down. We expect carriers to work off the implied inventory build during the first half of the year, and we expect to see revenue growth resume in the back half of 2001. Although we believe growth will trend up robustly towards the back half of the year, the increase will not make up for the earlier weakness. We are maintaining our Long-Term Attractive rating on the stock." Chiron Corporation (Nasdaq: CHIR) ($43.69) Long-Term Attractive 2001E EPS: $0.81, down from $0.91 Michael King, Biopharmaceutical "CHIR announced 4Q:00 EPS of $0.15, beating our estimate and Street consensus by a penny," said King. "Revenues were $259.6 million, up 17% QoQ, beating our estimate of $229 million. Spending was higher than we had expected, decreasing earnings. CHIR trades at one of the lowest multiples in biotech, but we believe the multiple is justified given our low revenue and earnings growth rate projections. The one wild card for 2001/2002 is TFPI, but we view this Phase III program as high risk. We reiterate our Long-Term Attractive rating." Compucredit Corporation (Nasdaq: CCRT) ($16.38) Market Performer 2001E EPS $0.85, down from $2.60 Jordan Hymowitz, eCredit & Lending/I-Auto Justin Hughes, Financial Services "CompuCredit reported Q4 EPS of $0.24, 52% below our Street-low $0.51 per share," said Hymowitz and Hughes. "Managed EPS (excluding non-cash gains) were several pennies lower. We are lowering our 2001 estimate to $0.85 per share (down $1.75), but have little confidence in this estimate. We believe the CompuCredit model is capable of sustaining no more than 2.0- 2.25% ROMA. If two-quarter lagged net charge-offs are substituted for the loss provision, the company's adjusted ROMA is a dismal 60 bps. Assuming a 2.25% ROMA, CCRT's current EPS would be $0.67 annualized. While CCRT's portfolio is expected to grow 30-35% in 2001, we believe earnings from incremental growth will be mostly offset by higher loss provisions. In short, we believe growth can no longer mask earnings quality deterioration. We continue to rate CCRT Market Perform." Illuminet Holdings, Inc. (Nasdaq: ILUM) ($25.00) Buy 2001E EPS: $1.14, up from $1.10 2002E EPS: $1.35, New Marianne Wolk, Wireless Data/eCommunications "Illuminet reported December quarter revenue and EPS of $40.8MM and $0.26, ahead of our $40.2MM and $0.23 estimate," said Wolk. "Upside in the quarter was driven by higher than expected network services revenues of $39.3MM vs. our $38.3MM estimate, but was offset by lower than expected clearinghouse and network usage software revenues of $1.1MM and $0.35MM relative to our estimates of $1.5MM and $0.4MM, respectively. We are raising our 2001 revenue and EPS estimates to $185.7MM and $1.14, up from $183.6MM and $1.10. We believe Illuminet will continue to benefit from positive trends in its Intelligent Networking and Wireless Roaming business, in addition to upside potential from new products scheduled to ramp in 2001 including wireless LNP and OSS mediation. We are introducing 2002 estimates of $221MM and $1.35, representing 19% growth forecast for both the top and bottom lines." Luminent, Inc. (Nasdaq: LMNE) ($7.63) Buy 2001E EPS: $0.12, up from $0.09 2002E EPS: $0.19, up from $0.13 Arun Veerappan, Communications Components/Semiconductor Devices "Luminent reported December quarter revenue of $45.2 million, up 25.8% sequentially," said Veerappan. "Gross margin of 34.0% was up 256 bps quarter-over-quarter and 296 bps better than our estimate. The company guided for sequential revenue growth of 5 percent to 6 percent for the March quarter. For F01, we are forecasting revenue of $211.9 million and EPS of $0.12, up from $0.09. We are also increasing our F02 EPS estimate for the company from $0.13 to $0.19 on revenues of $287.1 million. Given the company's strong position in metro and access optical markets, a book- to-bill above 1.0, and expected ramp of higher margin products, we continue to rate the stock of Luminent as a Buy." Memberworks Incorporated (Nasdaq: MBRS) ($24.63) Buy F2001E EPS: ($1.58), up from ($2.80) F2002E EPS: $0.57, up from $0.51 Andrew Jeffrey, eProcessing/ePayment "MemberWorks reported 2Q01 EPS yesterday of $(0.48) on revenues of $117.6 million," said Jeffrey. "This compared favorably with our $(1.05) estimate on revenues of $117.6 million. In light of these results, we are flowing through the quarter's upside and raising our fiscal 2001 and 2002 EPS estimates to $(1.58) and $0.57, from $(2.80) and $0.51, respectively. We continue to recommend purchase of MBRS shares and believe the stock should trade at roughly 10.0x our new calendar 2001 normalized operating cash flow estimate of $55 million. This translates into a 12-month target price of $36, but we argue that increased investor conviction in the company's execution ability could propel the stock higher over the next year." Net Perceptions, Inc. (Nasdaq: NETP) ($3.56) Market Performer 2001E EPS: ($0.88), up from ($0.97) Lowell Singer, Next Generation Internet eNablers "Net Perception reported Q4:00 revenues of $7.0 million, versus the company's pre-announced range of $6.3-7.3 million, and below our original estimate of $7.9 million," said Singer. "The company reported EPS for the quarter of $(0.39), versus the pre-announced range of $(0.36)-(0.39), also well below our original estimate of $(0.29). We are maintaining our FY:01 revenue estimate of $40.0 million, but are raising our EPS estimate from $(0.97) to $(0.88) to reflect increased cost controls. We note our estimates are lower than the company's 2001 guidance of $43.0 million/$(0.60), reflecting our conservative stance given a lack of visibility into 2001 and beyond. Given that this is Net Perceptions' second consecutive quarter with revenue and earnings, we maintain our Market Performer rating. Though we continue to believe that Net Perceptions has developed an impressive suite of software and ASP solutions, we recommend that investors now take a "wait and see" approach to the company's future success." Oplink Communications, Inc. (Nasdaq: OPLK) ($19.88) Buy F2001E EPS: $0.05, up from $0.03 F2002E EPS: $0.15, up from $0.12 Arun Veerappan, Communications Components/Semiconductor Devices "Oplink reported Q2:F01 (December) revenue of $43.2 million, 15.3% ahead of our estimate for the quarter, on strong demand for its amplifier products," said Veerappan. "Gross margin of 28.5% was 247 bps higher than forecast, while operating expenses at 27.4% of revenue were 207 bps better than our expectation of 29.5%. Strength in gross margin was driven by improved manufacturing throughput, higher yields and cost benefits associated with increased manufacturing in China. As a result, Oplink achieved positive operating income of $0.4 million, and operating margin was 1.0%, up 411 bps sequentially. Pro forma net income (excluding one- time charges) was $3.1 million, and EPS was $0.02 versus $0.00 consensus and our $0.01 estimate. Despite the concerns of a slowing economy and limited near-term visibility that surrounds the optical components industry, we believe that Oplink continues to successfully execute on its business plan. Going forward, we expect Oplink to continue to see strong demand in its amplifier products and expect its switching and routing products to start ramping as well. As such, we believe that the company's technology positioning and execution capabilities can enable the company to grow at rates above that of the end-markets and therefore we continue to rate Oplink stock a Buy." PSI Technologies Holdings, Inc. (Nasdaq: PSIT) ($10.06) Buy Sue Billat, Semiconductor Equipment/Foundries "PSi reported Q4:00 EPS of $0.12, below our expectation for $0.13 and the Street's $0.14," said Billat. "Revenues came in line with our expectations at $18.5 million. Although the company outgrew the overall power semiconductor industry over the last year, we believe weakened end market segments such as wireless and PCs have impacted its revenues in Q4. Given the near term uncertainty in the outlook due to weakened end market drivers, we are lowering our estimates on PSi for 2001. However, we are pleased to see PSi taking strategic initiatives to cut cost, and are thus projecting the company to remain quite profitable through the downturn. At 1.2 times its book value, PSi is trading at a valuation we find attractive for investors interested in participating in the growing market of power semiconductor packaging. Accordingly, we are maintaining our Buy rating on PSIT." Quest Software, Inc. (Nasdaq: QSFT) ($39.00) Buy 2001E EPS: $0.29, up from $0.28 2002E EPS: $0.49, New Dane Lewis, Infrastructure: Systems and Software "Quest Software reported strong Q4:00 results, exceeding our estimates," said Lewis. "The number of large deals continues to increase and Quest's product positions continue to strengthen. The company repurchased 1.6 million shares of its stock for approximately $57 million. Most of these shares were purchased in December. While we maintain a cautious outlook for our Enterprise Infrastructure companies due to our view that IT spending will be reduced in the first half of 2001, Quest products provide attractive ROI at a low cost and they have very good visibility. For Q4:00, we are raising our revenue and EPS estimates from $51.9 million to $60.0 million and EPS from $0.05 to $0.06. For F01, we are raising our revenue estimate from $243.8 million to $260.4 million and EPS from $0.28 to $0.29. We are also introducing F2002 revenue and EPS numbers of $395.5 million and $0.49. We maintain our Buy rating on the shares." RealNetworks, Inc. (Nasdaq: RNWK) ($10.75) Long-Term Attractive 2001E EPS: $0.09, down from $0.15 2002E EPS: $0.19, New Lowell Singer, Next-Generation Internet eNablers Sasa Zorovic, Online Media Infrastructure "RealNetworks announced its Q4:00 in line with pre-announced results on December 20, 2000," said Singer and Zorovic. "We are lowering our revenue/EPS estimates for 2001 from $300.0 million/$0.19 to $245.2 milion/$0.09. We believe that the company will be reporting negative year- over-year growth for the first three quarters of the year. Reasons for the slowdown only deepened, visibility decreased from the company's December 20, 2000 quarterly update, in our view. We reiterate our LTA rating. The company is currently trading at a forward P/E ratio of 56.6x; we find the company's stock fully valued." SportsLine.com, Inc. (Nasdaq: SPLN) ($8.94) Buy 2001E EPS: ($3.30), down from ($2.85) Michael Cibula, Branded Internet "SportsLine reported Q4 revenues of $22.2 million, 3% above our $21.5 million estimate," said Cibula. "As a result of the combination of revenues upside an tighter expense controls, SportsLine's EPS loss of $(0.63) was narrower than our estimated loss of $(0.86). Management provided new 2001 guidance which we believe takes into consideration the continued softness in online ad spending and the recent termination of its business relationship with Internet Sports Network (ISN), which ceased operations on December 29th, 2000. We had estimated ISN would contribute $7-8 million in mostly non-cash revenues in 2001. We are lowering our 2001 revenue/EPS estimates to $100M/$(3.30) from $107M/$(2.85). While we are encouraged that SportsLine's stock has started to work better over the past several weeks, we continue to expect near-term volatility in the shares given the cloud hanging over online media companies. In our view, SportsLine's stock could trade sideways until the company's domestic business turns the corner to profitability and its international business overcomes its self-funding issues. As a result, we continue to recommend shares of SportsLine to investors with longer-term investment horizons who are willing to ride out any near-term volatility in the stock." Vitria Technology, Inc. (Nasdaq: VITR) ($8.00) Long-Term Attractive 2001E EPS: ($0.15), down from ($0.08) 2002E EPS: $0.12, New Alex Baluta, Internet & eCommerce Applications "Revenue for the quarter came in at $40.8 million, up 234% compared to the prior year and at the high end of the company's pre released expectations, but below our initial expectation of $46.7 million," said Baluta. "EPS for the quarter came in at $0.00/share, above the pre-released range of $(0.01)/share to $(0.03)/share but below our initial expectation of $0.01/share. For FY01, we are maintaining our revenue estimate to $170.6 million but increasing the services revenue component. We are further lowering our EPS estimate to $(0.15)/share from $(0.07)/share as the company will continue to aggressively invest in R&D and Sales. For FY02 we are introducing our preliminary estimates of $233.7 million in revenue and $0.12/share in EPS. We continue to believe there is a substantial opportunity for Vitria in process automation and integration. The company is well managed and has respected products, in our view. If not for a significant exposure to a single sector, results would be stronger. However, while the company has some significant initiatives underway to broaden its revenue contribution to more sectors, results from these initiatives will take time, and will only partially make up for an expected continued shortfall in Telco revenue. We believe the bad news of the telco-related deceleration is priced into the stock. However, we expect the stock will tread water near current levels as investors wait for proof that efforts to diversify the revenue base are taking hold. We are maintaining our Long-Term Attractive rating." Comments: C-Bridge Internet Solutions, Inc. (Nasdaq: CBIS) ($7.00) Buy Steven Birer, eServices "Yesterday, C-bridge announced the appointment of Richard Putz to the post of Chief Financial Officer (CFO)," said Birer. "Outgoing CFO Rick Wester will resign from the company effective March 30 to pursue unspecified early stage interests. In the meantime, he will assist Mr. Putz and the rest of the management team with the transition. While Rick Wester's resignation is unfortunate for C-bridge, we believe that Mr. Putz has the expertise and experience to assume the role successfully. Mr. Putz is by no means an outsider to the day-to-day operations of the company. In fact, he has been integral in creating and pursuing C-bridge's business strategy and pursuing a high level of operational efficiency. We also believe that the two-month window for transitioning the role of CFO is ample time for Mr. Putz and the rest of the company to adjust without any significant disruption to operations. Accordingly, we maintain our Buy rating." Closure Medical Corporation (Nasdaq: CLSR) ($20.75) Long-Term Attractive Wade King, Medical Technologies "We believe Closure will announce FDA clearance for its liquid bandage product, LIQUIDERM, later this morning," said King. "We anticipate that the launch of LIQUIDERM will not take place until the first quarter of 2002. Additionally, the company has not confirmed ASPs for the product, as of yet. We do not foresee any enhancement to the company's top line or bottom line expectations for 2001 in response to this news. Additionally, we are not adjusting our 2002 estimates at this point, rather waiting until further management guidance. Recall that we believe Closure will be breakeven in Q1'01. Clearly, we believe this is a positive move for the company, and is the first step for the company to return to profitability. Although we believe that Closure is well on its way to becoming a standard of care in external wound management, DERMABOND sell-through has been lower than our expectations due to ongoing inventory questions. Furthermore, estimates for Colgate sales of Soothe-N-Seal have not been released. Our rating on shares of CLSR is LTA." Legato Systems, Inc. (Nasdaq: LGTO) ($18.06) Long-Term Attractive Dane Lewis, Infrastructure: Systems and Software "Legato reported 4Q00 earnings results, exceeding our top line and meeting our EPS estimate," said Lewis. "For Q101, we are raising our revenue estimate from $54.2 million to $61.2 million while maintaining our EPS estimate from $(0.03). For F2001, we are raising our revenue estimate from $248.2 million to $277.5 million and maintaining and EPS estimate of $0.06. We continue to monitor Legato's progress in rebuilding its brand, improving its customer service and rolling out its new products which could prove difficult in the lean IT spending environment in 1H01. We maintain our LTA rating." Netegrity, Inc. (Nasdaq: NETE) ($64.13) Buy Dane Lewis, Infrastructure: Systems & Software "Netegrity announced yesterday that it will bundle its SiteMinder authorization product with i2 Technologies' TradeMatrix Platform," said Lewis. The bundled solution creates a secure portal management infrastructure on which to build eMarketplaces. We believe relationships with vendors like i2 are key to continued revenue momentum and could provide upside to our model over time. Netegrity is trading at 18.6x our estimated FY2001 revenues and at a PE of 130.9x while growing earnings at 513%. We believe that the trend of slowing IT spending presents less risk to Netegrity than other Internet infrastructure software companies because Netegrity solutions are (1) critical for securing Web initiatives and (2) save IT departments money in comparison to alternative solutions. We believe that Web-enabling commerce applications will continue to be a top priority for the Global 2000 in 2001 and this will drive the need for the infrastructure to secure and manage complex eCommerce Web sites. We believe Netegrity provides a "must-own" technology for eCommerce infrastructure making it a priority in IT budgets as it is central to a company's business strategy. With its dominant market share (approximately 75%), we believe that NETE is very well positioned in the centralized Web- access management market. As a result, we continue to recommend purchase of the stock." Smartforce Public Limited Company (Nasdaq: SMTF) ($43.00) Buy Cynthia Hope Hatstadt, Knowledge Technologies "Yesterday, Smartforce announced, in our view, a meaningful deal with Ariba, the leading provider of B2B applications and infrastructure, where Ariba becomes both a customer and a partner," said Hatstadt. "As partners, the two companies plan to develop and market eBusiness courses around the Ariba B2B Commerce Platform and network to educate members of the Ariba ecosystem. We believe that this deal underscores Smarforce's leadership position as a best-of-breed provider of complete eLearning solutions. We believe this contract is valued at over $1 million and see the possibility of an expanded deal over time." Unless otherwise noted, prices are as of Tuesday, January 30, 2001. Robertson Stephens maintains a market in the shares of Corio, iBeam, LifeMinders, Abgenix, Advanced Fibre Communications, Amazon.com, Applied Materials, Aware, Chiron, CompuCredit, Illuminet, Luminet, Memberworks, Net Perceptions, Oplink, PSI Technologies, Quest, ReatlNetworks, SportsLine.com, Vitria, C-Bridge, Closure Medical, Legato Systems, Netegrity, SmartForce Public Limited, Ariba, and I2 Technologies and has been managing or comanaging underwriter for or has privately placed securities of Corio, iBeam, LifeMinders, Abgenix, Illuminet, Luminet, Net Perceptions, Oplink, PSI Technologies, Quest, ReatlNetworks, SportsLine.com, Vitria, C-Bridge, and Netegrity 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. The firm provides a comprehensive set of investment banking products and services, including equity underwriting, sales & trading, research, M&A advisory, convertible securities, private capital, equity derivatives, and corporate and executive services. Robertson Stephens, Inc. is a member of the NASD and all major exchanges. Robertson Stephens has more than 1,400 employees worldwide with offices in San Francisco, Boston, New York, Palo Alto, Chicago, Atlanta, London, Munich and Tel Aviv. Robertson Stephens, Inc. ("Robertson Stephens") is an NASD member and a member of all major exchanges and SIPC. The information contained herein is not a complete analysis of every material fact respecting any company, industry or security. 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As a result of Fleet Meehan Specialist's function as a market maker, such specialist may be on the opposite side of orders executed on the floor of the Exchange in this security. Copyright (C) 2001 Robertson Stephens Robertson Stephens is a member of the National Association of Securities Dealers, CRD number 41271. SOURCE Robertson Stephens -0- 01/31/2001 /CONTACT: Elizabeth Denton of Robertson Stephens, 212-407-0470/ /Web site: http://www.rsco.com/ (FBF CRIO IBEM LFMN ABGX AFCI AMZN AMAT AWRE CHIR CCRT ILUM LMNE MBRS) CO: Robertson Stephens; Corio, Inc.; iBeam Broadcasting Corporation; Lifeminders, Inc.; Abgenix, Inc.; Advanced Fibre Communications, Inc.; Amazon.com, Inc.; Applied Materials, Inc.; Aware, Inc.; Chiron Corporation; Compucredit Corporation; Illuminet Holdings, Inc.; Luminent, Inc.; Memberworks Incorporated; Net Perceptions, Inc.; Oplink Communications, Inc.; PSI Technologies Holdings, Inc.; Quest Software, Inc.; RealNetworks, Inc.; SportsLine.com, Inc.; Vitria Technology, Inc.; C-Bridge Internet Solutions, Inc.; Closure Medical Corporation; Legato Systems, Inc.; Netegrity, Inc.; Smartforce Public Limited Company ST: California IN: FIN SU: RTG -0- Jan/31/2001 15:35 GMT
Robertson Stephens Daily Growth Stock Update on CRIO, IBEM,
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