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Technology Stocks : Dell Technologies Inc.

DELL 111.10

-7.8%

3:59 PM EST

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To: Ali Chen who wrote (174852)	5/15/2005 10:28:03 PM
From: rkral	Read Replies (1) of 176387

Ali, re "However, given an average price of $30 last quarter and $2B paid, [ed: Dell] bought back about 60,000 shares." Dell said it "repurchased more than 50 million shares of its common stock during the quarter for $2 billion ..." www1.us.dell.com Most likely "more than 50 million" means between 50 and 51 million shares. No need to estimate an average price below the lowest price of the quarter ... or slip a decimal point 3 places. re "Yet the number of actual float got smaller by only about 30,000 shares. Therefore it is reasonable to assume that about 30,000 shares were re-issued and exercised." I don't think [ed: 30 million] options exercised is at all reasonable. Dell did not disclose shares outstanding at the end of the quarter ... and does not use the term "float". re "but the total expense and labor cost misrepresentation is still significant, would you agree?" Were we talking expensing options, I would agree ... since Dell uses the intrinsic value method for options, which yields $0 expense. Ron

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