Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: tejek who wrote (123015)	8/23/2000 11:23:48 PM
From: Eric K.	Read Replies (1) of 1579777

Ted-- There is a general tendency on the part of certain threads and their denizens to tear apart the balance sheets of Cisco, IBM, and quite a few of the other Nasdaq 100 love spawn. The basic criticism is that the earnings number is manipulated by contortions of the income statement and balance sheet-- in terms of toying with intangibles, shifting revenue or expenses to places they do not belong, not including the Black-Scholes value of options grants against earnings, counting large non-sustainable, non-predictable, and non-recurring one-time items as earnings, exempting merger expenses from earnings, etc. In other words, although the actual items in the income statement are legitimate, the way things are broken down and accounted for to derive the final earnings number is deceitful, and since analysts are exceedingly lazy, they don't bother to analyze the way that the earnings number has been derived. -Eric

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