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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.92

+0.1%

Nov 7 4:00 PM EST

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To: Benkea who wrote (47226)	4/18/2000 7:19:00 PM
From: Benkea	Read Replies (2) of 99985

INTC reported $1.986 bil in after tax OPERATING income using the same tax rate as the same quarter last year. Yes, I added back in the goodwill which is HIGHLY suspect owing to the price they are paying for their acquisitions owing to the funny money they use for currency - their stock. This comes out to .57 per share (vs. the .88 reported of course) which is a 10% increase YOY on after-tax operating. So we have 13% rev growth and 10% normalized (tax and goodwill wise) operating income growth. Tell me again, what's the multiple to after-tax OPERATING income (adding back in severely inflated goodwill as a favor to INTC)? UNBELIEVABLE! The kicker: As of last years annaul (and we know they haven't issued anymore options since that 3/26/99 filling - hehehaha), INTC had 625 mil options outstanding at a $9 1/16 strike. Heck, there's 208 mil in EXERCISABLE options @ $3 1/16 strike. Over the quarter ended 3/31/2000, INTC's stock price went up $49.63 per share. The gain in off balance sheet compensation on the 625 mil in outstanding options was $31 BILLION while it was a "mere" $10 BILLION on the exercisable ones only! This is some kind of ponzi scheme for sure! Only in America!

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