How high will Microsoft fly? Message Board

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Technology Stocks : How high will Microsoft fly?

MSFT 489.92

+0.6%

3:10 PM EST

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To: Qtrlytrades who wrote (3323)	9/26/1997 4:06:00 PM
From: Joan Osland Graffius	of 74651

David, >>I expect Earnings to beat estimates of .70 by 3 or 4 cents... maybe more. This is going to be one of the most interesting quarterly numbers out of microsoft since 1987. The reason I am thinking this way is the CFO would like to keep the historical growth on track but not perceived to be accelerating. He has some options and has said he would defer more revenues this quarter, but he has a upper limit for this play based on his accounting policy. Another rinkle is the number of options that employees will contract for this year as well as options exercised. Also Bill and Paul have to start exercising their options from 1987 this year, as we saw in the sale of shares from these two folks, which gives the CFO $.0155 of revenue for each one of the shares valued this year between $137 and $147 which become a cost to the company. All kinds of things come into play this quarter. I have no idea how he will play this game, but will set a precedence for the comming years. I am sure there will be some meetings at Microsoft to deal with the future of financial management. Joan

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