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Technology Stocks : INTC
INTC 42.52+6.2%11:51 AM EST
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To: Reginald Middleton who wrote (163)4/11/1997 3:04:00 AM
From: Frodo Baxter   of 990
 
I finally read most of the 10-K. Particularly interested in how the company invested in itself. Between Dec 28 and Mar 26, company bought back 7.7 million shares for $1.2 billion (avr cost=$156). This, in addition to selling 6 million put warrants for $88 million (avr cost=$15). They now have an obligation outstanding of 7.5 million warrants for $1.0 billion. 1.5 million will expire worthless in April, and I figured that that was an obligation of about $.1 billion. So, ballpark estimates of 6 million puts at an obligation of $.9 billion, or $150. Every put deal and share buyback previously are, in retrospect, terrific examples of foresight. Will this trend continue in light of the recent price action for INTC? Is this another example of conservative valuation of the company's prospects, or haughty hubris about expected stock price growth? (I'll have to revisit Dell with regards to the latter)
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