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   Biotech / MedicalWebMD Health Corp


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To: Michael Olds who wrote (306)10/13/2001 11:05:13 AM
From: David Kelly
   of 326
 
Why do you think Monday is the bottom?

david

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To: Michael Olds who wrote (306)10/13/2001 11:27:17 AM
From: Sr K
   of 326
 
They paid $5.285 per share and gave 100% protection (and later 80%) above $4.00 per share to 2003. And in doing so used $185 m of cash.

"this great poker player has pulled off a stunning hand"

What does that mean? It looks like there is no resistance on the downside, and at every temporary level, there is resistance 20 to 60 cents higher. WebMD has given up a card (cash) and seems weaker after this deal.

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To: Sr K who wrote (308)10/13/2001 12:42:55 PM
From: Michael Olds
   of 326
 
David and Sr:

On the 10th in a matter of less than 30 minutes 120,000 shares moved the market from 3.41 to 3.94.

Last night, after hours, about 1000 shares moved the market from 3.45 to 4.00.

I suggest that a buy of 35,000,000 shares at $5.28 was a coup.

I am thinking that the factors keeping down the price at this point are:

1. The overhang. Estimated at the last CC to be something like 70,000,000 shares including the Quintiles shares.

2. The lawsuit between Quintiles and WebMd.
A. Partily for purely psychological reasons..."I'm bigger than you are."
B. Partly for the control of the data
C. Partly for the expense

3. The fact that this is tax selling season in a bad year.

Otherwise the positives are very compelling:

A. First and Formost MW and team with a very strong track record
B. Cash and no debt
C. A good product and a new product which is by all reports going to be well received
D. The turn around to profitability is still on schedule for Q4

And should have been reflected in a higher price than the current one except for the very negative market which is almost as pessimistic here as it was optimistic a couple of years ago.

So I believe the ...what is the term Soros uses? Inflection Point...occured Friday with the announcement of the settlement which removes what looked to me like the worst dark cloud.

And, oh yes, I believe I answered the argument about the guarantees in my previous. I seriously doubt selling this company before it was highly profitable, with the stock price very much higher than this, after at least one split, and at a huge premium would have occured before a few more years in any case. Just my impression of the way MW handled MEDCO, and was handling SNTC before the sale of MEDCO changed the nature of what SNTC was going to be.

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To: Michael Olds who wrote (309)10/13/2001 3:25:32 PM
From: Sr K
   of 326
 
B. Cash and no debt
C. A good product and a new product which is by all reports going to be well received

How much cash do you estimate they have after paying the $185 m?
Is the wireless product still on track, or which new product are you referring to?

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To: Sr K who wrote (310)10/13/2001 5:47:28 PM
From: Michael Olds
   of 326
 
Not an exact amount but some where around 500 million (@$2.00/share) if you count what they will likely get for Porex.

Yes, I was speaking about the wireless which has a name now ?Utilia or something like that and is due out any day now. Has been out in beta for a while now and apparently is getting good feedback.

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To: Michael Olds who wrote (311)10/13/2001 6:05:00 PM
From: Michael Olds
   of 326
 
The name of the thing is ULTIA here is a link

medicalmanager.com

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To: Michael Olds who wrote (306)10/15/2001 1:54:07 AM
From: tech101
   of 326
 
WebMD Corp.

Improving Prospect Ahead -- Part 1
Ranking -- Accumulate, Long Term Buy

10 August 2001
David R. Risinger, CFA
First Vice President
Brandon R. Fazio
Industry Analyst

HIGHLIGHT

...

We continue to view WebMD as an interesting small to mid cap value situation. We think there is an opportunity for patient investors since the stock is only trading at an enterprise value multiple of 2x current revenue and its assets have the potential to deliver 20%+ operating margins over the longterm. Other leading healthcare IT companies are trading at 4x revenue.

...

From Marrill Lynch Research Report

The Research Reports are free for 30 days trial at

research.askmerrill.ml.com

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To: Michael Olds who wrote (311)10/15/2001 2:10:07 PM
From: tech101
   of 326
 
The settlement with Quintiles is certainly mutual beneficial.

However, the agreement probably means hundred million dollars, even billions of dollars (just look at MEDCO)for WebMD.

The result of this battle and how it was handled also shows that Wygod is indeed the strongman in the tough healthcare business and he knows how to play with it, which gives a lot of confidence to the stock.

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To: Keith Fauci who started this subject11/2/2001 2:28:00 PM
From: Michael Olds
   of 326
 
WebMD Announces Increase in Stock Repurchase Program
PR NEWSWIRE - November 02, 2001 13:49
ELMWOOD PARK, N.J., Nov 2, 2001 /PRNewswire via COMTEX/ -- WebMD Corporation (Nasdaq: HLTH) today announced that it has utilized all of the $50 million previously authorized for its stock repurchase program and that an additional $50 million has been authorized. Under its stock repurchase program, WebMD may purchase shares of its common stock from time to time in the open market, through block trades or in private transactions, depending on market conditions and other factors. The previously announced repurchase of shares from Quintiles Transnational Corp. was not part of this stock repurchase program.

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To: Michael Olds who wrote (315)11/12/2001 2:22:52 PM
From: tech101
   of 326
 
Electronic Billing

Anthrax Scare Spikes Interest in Already Surging E-Billing

5 November 2001
Avivah Litan

Recent anthrax cases further heightened the trend toward consumers viewing and paying bills electronically. However, high costs and inconvenience still keep some from adopting this technology.

Recent anthrax cases further heightened the trend toward consumers viewing and paying bills electronically. However, high costs and inconvenience still keep some from adopting this technology.

Event

On 5 November 2001, Gartner reported a large increase in the number of consumers signed up for e-billing applications in 2001:

By the end of 2001, Gartner forecasts that 32 million Americans will view credit card and other statements online, a 60 percent increase over the 20 million who did so at the end of 2000.
Nearly 27 million of these consumers will view their credit card accounts online. Gartner expects the number of consumers viewing bills and accounts electronically to reach 64 million by year-end 2003.
Although the spike largely stems from the increasing popularity of online e-billing, some Gartner clients report a 20-percent increase in consumer enrollment since the anthrax scare began in September 2001.
First Take
Mail safety concerns raised by recent anthrax scares encourage consumers and billers to pursue e-billing and payment channels more aggressively. Even without these concerns, Gartner has found that e-billing has finally started to take off in 2001. One major factor unrelated to recent events is that credit card issuers have succeeded in attracting consumers to online account management by giving them value-added services such as daily balances and responsive self-service.

According to a recent Gartner survey, consumer preferences differ when choosing how to receive and access bills online. Options for service range from e-bill aggregation services offered by banks, brokerage firms, and popular portals such as America Online, Yahoo and Quicken.com. More than 48 percent of consumers prefer going to their billers' Web sites directly to access and pay bills while 24 percent prefer to receive a consolidated set of bills at their banks' Web sites.

The billers have done the best job in providing easy-to-use services, while banks and other service providers that aggregate consumer bills still have a long way to go in providing comparably easy services. Although recent events provide customers with more reasons to start accessing their bills online, the barriers to getting started, especially with aggregated e-billing services, remain too high for most consumers.

The anthrax scare has heightened interest in a market already poised to take off. The e-billing market has a long way to go before it replaces all consumer billing paper, but consumers recently have shown their enthusiasm for signing up for biller-direct systems. Banks and other second-party billers need to make their bill aggregation and payment services just as easy to use as the biller-direct systems before they can enjoy similar success with consumers.

Analytical Source: Avivah Litan, Financial Services Payment Systems

Written by Dean Lombardo, gartner.com

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