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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Cactus Jack who wrote (165462)5/13/2002 2:25:58 PM
From: Earlie  Read Replies (2) of 436258
 
JPG:

I always knew they monitored our thread. (g)

I came close to writing an open letter to that twit at Cowen this a.m., but thought it would just be a waste of my time. Aside from the sheer stupidity of his arguments and assumptions, it might have helped his credibility if he had at least provided a sentence or two on how he thought IBM would deal with:
- servicing it's obscene debt load.
- past service contracts from which far too much of the multi-year revenues have already been booked (front-end-loaded revenue recognition).
- the disappearance of its $2.0 billion per quarter share buy-back program.
- pension plan assumption problems and the impact of this rabbit's disappearance.
- Problems at IBM's financial arm (equipment lease contract residuals among others).
- falling revenues across virtually all divisions.

"Target price.... $112." Of course.

Best, Earlie
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