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RW Baird Downgrades Commerce One


RW Baird downgraded Commerce One (CMRC) to market outperform from strong buy.

Analyst Patrick Snell is concerned the B2B company will

not meet his Q1 revenue and EPS estimates. He cites indications that SAP AG and Commerce One may restructure the revenue share component of their joint

sales partnership. He notes a more conservative outlook amid murky

IT spending environment. Snell says recent management comments indicate that

more than 50% of Q1 software revenues remain unbooked, which is not

atypical for a software company. However, Commerce One's ability to execute

is challenged by the corporation's recent propensity to delay IT

expenditures until visibility improves.


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