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Report date: May 8, 2001
Canadian Focus (Go to US Focus)

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May Upgrades / Downgrades

Insiders Report

TSE Shorts

Earnings

Move

Name
Previous

Recommendation

Target

Who

Exfo Electro Optical Engineering (EXF:TSE) (initiated) Neutral n/a CE Unterberg Towbin

Nortel Networks (NT:TSE) (maintained) Hold C $30 Scotia Capital

| - Upgraded | - Downgraded | - No change | - Info not available | - Initiated |
| C - Canadian Dollar | U - U.S. Dollar |

US Focus (Go to Canadian Focus)

Move	Name	Previous	Recommendation	Target	Who
	Amazon.com (AMZN)	(reiterated)	Sell	U $9	Prudential
	Cisco Systems (CSCO)	Neutral	Outperform	U $25	Morgan Stanley Dean Witter
	---------------	Long term outperformer	Long term market performer	n/a	Gruntal & Co.
	---------------	(reiterated)	Hold	n/a	CIBC World Markets
	Dell Computer (DELL)	(reiterated)	Buy	U $38	Dresdner Kleinwort Wass.
	FedEx Corp. (FDX)	(initiated)	Market perform	n/a	JP Morgan
	IBM (IBM)	(reiterated)	Buy	U $136	Dresdner Kleinwort Wass.
	J.D. Edwards (JDEC)	(initiated)	Market perform	n/a	First Union Securities
	LM Ericsson (ERICY)	(initiated)	Buy	U $10	USB Piper Jaffray
	Motorola (MOT)	Neutral	Buy	n/a	USB Piper Jaffray
	Nokia (NOK)	(initiated)	Buy	U $40	USB Piper Jaffray
	Priceline.com (PCLN)	(reiterated)	Buy	n/a	Legg Mason
	--------------	(reiterated)	Long term attractive	n/a	Robertson Stephens
	Qualcomm (QCOM)	(initiated)	Buy	U $75	USB Piper Jaffray
	United Parcel Service (UPS)	(initiated)	Long term buy	U $70	JP Morgan
	---------------------	(reiterated)	Accumulate	n/a	Buckingham Research