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Strategies & Market Trends : Guidance and Visibility

AAPL 273.47

-0.7%

Nov 12 3:59 PM EST

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To: westpacific who wrote (79658)	10/24/2002 9:20:14 PM
From: westpacific	Read Replies (1) of 208838

FYI - new S&P data puts the PE at 48.8 On a net-income basis, S&P states that the companies in the S &P 500 earned $26.74 a share for the 12 months ending on June 30. But factoring in expensing for options and expensing for pension funds, S&P drops the figure to (good God) $18.48. S&P calls that $18.48 "core earnings" for the S&P. On the basis of S&Ps core earnings, taking the S&P at today's price of 9021, the price/earnings ratio for the S&P is a sky-high, almost ridiculous 48.8. If we accept S&P's calculations of their own index. stocks are at nose-bleed valuations.

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