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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 71.07

-1.4%

Nov 6 3:59 PM EST

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To: Kirk © who wrote (66603)	11/26/2004 10:28:31 PM
From: Dave	Read Replies (2) of 77397

Kirk, It tells me the company is just going higher because their financial engineering is convincing people it is more valuable, not because the value of the company per share is actually going up. Buybacks send a signal to the market, i.e. the the company believes that its stock is undervalued. I wouldn't call it "financial engineering". You want to look at top line growth and bottom line growth. Book value per share can be "a matter of perception"; however, I believe that BVPS may be extremely irrelevant except for a few certain cirumstances. For Cisco, I assert that BVPS is almost irrelevant. Dave

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