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Technology Stocks : Lucent Technologies (LU)

LU 2.520

-1.4%

Nov 26 3:59 PM EST

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To: Mr.Fun who wrote (8992)	8/4/1999 1:25:00 PM
From: Chuzzlewit	Read Replies (1) of 21876

Thanks Mr. Fun, I was especially fascinated by your discussion of the differences in payment habits between European customers and their US counterparts. However, it is not unreasonable to assume operating margin improvements in the vacinity of 100 -150bp per year can continue for a minimum of 5 years. What is the basis for this statement? Somewhere along the line, good old fashioned earnings growth seems to have gotten lost in the shuffle. I agree with the sentiment but perhaps we should be looking at merger-adjusted cash flow instead of earnings. Earnings are too much a function of accounting gimmickry. My favorite pieces of nonsense are IPR&D write-offs as one time events and the similar tendency to ignore merger and acquisition costs because they, too, are one-time events. When is the last quarter that CSCO did not incur a one time event <VBG>? Isn't it reasonable to adjust earnings by capitalizing these items? In a recent acquisition, FORE went so far as to try to write off the bulk of the acquisition cost as IPR&D despite the fact the technology they were writing off had actually found its way into product! TTFN, CTC

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