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Technology Stocks : Apple Inc.

AAPL 266.38

-0.8%

Nov 20 3:59 PM EST

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To: JP Sullivan who wrote (25393)	7/10/1999 12:43:00 AM
From: Andrew Danielson	Read Replies (2) of 213173

"even at current prices, AAPL's PE is hardly 1/4 of DELL's and less than 1/2 of IBM's" Using PE in this context can be very misleading. AAPL will only be given a PE like Dell's when it can show growth of 40%+ year after year after year. When you view FY99 earnings on a tax-adjusted basis (assuming that they had been fully taxed this year like they will be in the future), their price-to-earnings-growth (using 5-year analyst growth rate consensus of 16.7%) is not too far off from other PC makers. On a side note, I still am in awe at how unbelievably news-driven this stock remains. These run-ups prior to earnings reports or Jobs speeches perform like clockwork. After being out of AAPL for a few months, I got back in a few days ago at 46 and change in anticipation of an active news-driven July. Whiz-bang, a few days later, we're sitting at a new 52-week high. I'm hoping for 60 just prior or just after the earnings report. Andrew Danielson

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