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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 671.93

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Nov 14 4:00 PM EST

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To: pater tenebrarum who wrote (45151)	4/5/2000 6:18:00 PM
From: Benkea	Read Replies (3) of 99985

Don't ya just love those "pro-forma" (new era accounting) numbers posted by Yahoo tonight? Back out investment income (equal to over 2/3rds of income from operations) and add back in goodwill (we are being VERY generous to add back in that monster goodwill from such ludicrously priced acquisitions as Broadcast.com and GeoSchities) and you get about $49 mil divided by 613 mil shares for .08 "non pro-forma" from operations. But wait, there's more. I'd add in the 249 mil options outstanding at a $16.20 strike price to the basic share count of 594 mil (that's right - options = 50% of shares outstanding!!!!!!!!!!!!!) for a net income of just under .06 per share from operations! With projected income of even $1.2 bil by 2004 (just as likely a pipe dream), you are still talking about a company valued at 113X 2004 EPS (counting options in share count) IF THE STOCK DOESN'T MOVE UP by even .01 per share in the next FOUR YEARS!!!!

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