Last week we introduced the Mock Portfolio and started our investment discussions with pharmaceutical giant Warner Lambert.

WLA (NYSE) has had a rocky week with the announcement that the US Food and Drug Agency is pulling Rezulin (a drug for diabetes) off the market after a reported 61 deaths from liver problems that may be attributed to the drug's usage.

NOK (NYSE) ADR Nokia's stock climbed in last week's volatile market conditions.

This week, we have added two new stocks, Rambus and Home Depot. Next week, we will pick up two Bermuda Stock Exchange listings. Who should it be? In the words of Monty Python, "and now for something different''! Introducing Puma Technology, one of the leaders in a new class of stocks for the Wireless Internet. Wireless access to the Internet means having the ability to log on to the Net from anywhere, anytime, using any number of devices, from cell phones to Handheld computers to watches to devices not yet invented. Picture us all walking around ten (maybe even five) years from now wearing permanent mini-headsets (complete with mini-TV cameras) so we can tap in, as a totally mobile Internet society.

The learning curve just increased again for those who just now feel really comfortable with accessing the Internet with a computer. Time for another continuing education course! Using the PUMA: NASDAQ symbol, tap into any number of Internet sites or Bloomberg, we see that the last trade on March 22, 2000 closed at 146, way down from the price we `mock' purchased it! At the Puma Website, using the fundamental analyst approach (discussed in a prior article) you can review the balance sheet, income statement and cash flows, along with latest news, quotes, charts etc. We see that the 52 week share price range, high of $204.875 and low of $3.75 per share.

Ways to look at the balance sheet (dated July 31,1999): Are the current assets more than current liabilities, Yes? This means they do have the ability to pay off current debt if they have to, but after four years of operation, they still show an accumulated deficit of $9,216 million) increasing rather than decreasing each year. Not too impressive.

Ways to look at the income statement (dated July 31, 1999): The one big question is, did they make a profit (see Loss After Taxes of $1.6 million) in any year since start-up? Only one (1997).

How much is their revenue? Increasing, but not exactly by leaps and bounds.

This is a small company with gross revenue (and no profit) of $20 million in 1999.

Ways to look at the Cash Flow Statement (dated July 31, 1999) : Net increase change -- $6 million. Net cash increase from operations, $98,000 (down from $2 million in 1998); Cash from investing 4.9 million mostly from short-term investment gains; cash from financing, $1 million, mostly from selling stock and stock options. So if investing and stock selling is almost all of the cash increase, what business is this company really in? I know this is a simplistic overview, but these are some of the fundamental tools that financial analysts use to research a company. The full process of assessing a company's fundamentals is extremely comprehensive and beyond the scope of this article.

Financial analysts help investment managers to make decisions about buying or selling a company's stock.

So what makes Puma Tech special? Perception! This stock had the biggest gain of 1999 at a reported 3,774 percent. It has also just crossed the $1 billion capitalisation mark, which means that many investors and venture capitalists also think it has a great future. And with only some 13 million shares outstanding, any increase in attention will drive up the value. It this stock a keeper? Is this a vaporware company? What do you think? Under no circumstances does the information in this column represent a recommendation to buy or sell stocks or any other investments. Readers needing specific assistance should seek professional advice from their financial advisor.

Martha Myron CPA CA is a Bermudian, a Senior Financial Advisor (Series 7 NASD) with First Bermuda Securities Ltd. and a United States federally authorised tax practitioner. Questions regarding this article may be sent to her at 295-1330 ext. 241 or e-mail: mmyron yfbs.bm Wireless web: Puma Technologies is exploring ways of putting the Internet on cellular phones. Above, Tokyo resident Yuya Kato uses his Internet-capable phone to check surfing conditions.