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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: NOW who wrote (27125)10/11/2000 10:56:50 PM
From: Earlie  Read Replies (2) of 436258
 
Davidd:

FWIW, IBM puts are currently the largest remaining position at this end (and there have been some nice profits taken on some acquired about five weeks ago).

I think IBM's accounting nonsense finally catches up with Louis this Q. It should have done just that last Q and I still don't know why it didn't but the environment is much more hostile now and I smell a PE shrink here.

That poop they put out about all the new chip plants they intend to build over the next few years is a total joke. Their debt rating is in peril already and they need to use all the debt money they can raise to hold the stock price up (as has been the case for the last few years). The cash is gone, including the receipts from that nutty sale of their global data network. Besides which, there is a huge chip surplus building (and saturation in the chip consumers). Even IBM wouldn't be that dumb.
I suspect that even the cheerleaders in N.Y. might have cringed over that announcement.

The "miss" on the Navy contract has to have cut into the analysts' revenue projections and the new mainframes have been met with a yawn. They have dumped crummy numbers on the street for several quarters now, but this quarter should see a nice "rejection" of Louis' tap dancing.

Best, Earlie
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