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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 77.76

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To: Lizzie Tudor who wrote (64764)	9/21/2003 5:28:09 PM
From: rkral	Read Replies (1) of 77400

OT ... Lizzie, re "Does ebay depend on financing activity? No." Since fiscal 1997, EBAY common stock outstanding has grown from 245MM shares to 623MM shares. Of that 378MM share difference, 111MM is from conversion of preferred stock and 65MM is from initial and secondary public offerings. That leaves an additional 202MM EBAY shares that have been floated in the last 22 quarters. And you think eBay doesn't depend on financing activities? If FASB SFAS 123 fair-value expensing of options had been mandatory, eBay would have reported *$106MM net loss, instead of a $594MM net income*, over the last 18 quarters. That's $700MM in after-tax wage expense financed by existing shareholders -- and you think eBay doesn't depend on financing activities? Sigh, Ron

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