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Technology Stocks : Siebel Systems (SEBL) - strong buy?
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To: Stock Farmer who wrote (5980)6/10/2002 4:06:41 PM
From: rkral  Read Replies (1) of 6974
 
We don't know very much, but one thing we know for sure is that companies are misrepresenting profitability to someone. Who do you think it is? Shareholders or the IRS?

"Misrepresenting profitability" relative to what reference?

Huey was talking about the intrinsic value at option exercise.

Therefore, using as the reference the probable consequence of Levin/McCain, were it to pass, .. IMHO profitability is currently misrepresented to both the IRS and the shareholders. First to the IRS, because the so called "employee compensation expense" is a phantom expense. Then, as a consequence of the loss of the tax benefit, the representation of profit to the shareholders.

Ron
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