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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 75.26

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3:59 PM EST

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To: Lizzie Tudor who wrote (65657)	6/30/2004 1:59:53 AM
From: Elroy	Read Replies (1) of 77400

You are loopy about offshoring labor. How about this? In the past 4 quarters IBM, HPQ and Dell had $211 billion in sales, representing 38% of the S&P 500 Information Technology group's $624 billion in trailing sales. Those three companies combined are a reasonable sample of international sales for tech (in fact, probably more weighted toward domestic sales due to Dell's relatively high US %). Anyway.... Offshore sales represented ~59% of revenues for IBM, ~55% for HPQ and ~30% of sales for Dell, for a combined offshore sales percentage of 51%. So since 51% of their sales are non-US, it would seem fair that 51% of their employees should be non-US, right? Do you agree with that, at least? And I don't have the international headcount numbers, but I would bet that it is below 51%. Elroy

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