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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 76.93

+1.2%

12:59 PM EST

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To: Don Pueblo who wrote (27655)	8/16/1999 3:07:00 AM
From: JF Quinnelly	Read Replies (2) of 77400

Beware, Chicken: nytimes.com "This is an avalanche-in-waiting," said Baruch Lev, professor of accounting and finance at New York University's Stern School of Business. "And this avalanche may fall at the worst time of all." If the market slows or a recession hits, expectations for these shares will fall, Lev said. Employees who can exercise their options and sell shares will do so, thereby depressing an already declining market. An option grant is exercisable only if its so-called strike price is lower than the prevailing market price. But given the hefty gains registered by NASDAQ every year since 1994 -- the index is up almost sixfold -- most option grants are exercisable now. Cisco Systems said in its 1998 annual report that the average strike price of its option grants -- 1.562 billion shares -- was $25.23. Cisco stock closed Friday at $63.5625.

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