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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 78.34

-0.1%

Jan 30 3:59 PM EST

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To: Eric who wrote (55552)	9/21/2001 1:44:23 PM
From: GVTucker	Read Replies (1) of 77400

While it is possible that IBM might be a decent buy here, it is scarcely a no brainer. The most IBM has earned per share in one year in its history is $4.44. They most likely won't reach that level this year. That means that the stock is trading a little in excess of 20x earnings. Over the decade of the 90's, for about half the decade IBM traded lower than 20x current earnings, never mind peak earnings. And that was in a bull market. What makes IBM at current levels in a bear market a no brainer?

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