CNBC -- critique. Message Board

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Pastimes : CNBC -- critique.

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To: Ted David who wrote (6327)	8/9/2000 8:45:48 AM
From: Haim R. Branisteanu	Read Replies (3) of 17683

Thanks for the response David. Please see CSCO balance sheet. Payable up $2.5 billion ---- slow payment to supplier (cancels increase in short term investments) "Other Assets" grew by $4.1 billion a preferred item to hide real expenses. Total Other assets are $5.360 not a small amount which is possible almost all goodwill or otherwise hot air. Investmetns grew by $5.5 billion another item who bears surprises. Just imagine a 10% haircut on Investments and 6 months profits evaporate. As to operating income $822 this year $853 last year. Operating and Gross margins are shrinking Y over Y from 23.6% to 17.1% this year. Out of $1,363 pretax profit $541 or 40% was investment income. Last year investment income was only 10% of pretax. Assuming same ratio as last year earnings are flat or slighly negative growth. Shrinking margins or flat earning growth? - PG was cut in half for it, HON was cut in half for same, NOK similar story. Therefore there it would be nice if CNBC would point out that CSCO released 2 sets of financial statements and the retail investor should pay attention to the second set and also to the balance sheet. The danger of CSCO underperforming is there at a tune of $20 billion not a small amount by any means.(including restricted investments). IMHO CSCO is in a dangerous situation at present prices and CNBC as a service to the public and un informed should mention those items. Aside even based on CSCO own addmision ACTUAL net earnings grew from 8 cents to 11 cents which sums up only 31% earnings growth and not 60% as reported by CNBC and other media. Thank you again, Haim As they say the devil is in the details.

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