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Technology Stocks : Dell Technologies Inc.

DELL 127.92

+0.4%

Dec 30 3:59 PM EST

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To: B Hewson who wrote (17351)	9/30/1997 1:47:00 PM
From: Jack T. Pearson	of 176387

Don't know when it was "announced," but Dell Board of Directors approved it on 5/20/97, subject to stockholders approval. Stockholders approved it on 7/18/97. At that time, stockholders approved increasing the number of shares from 300 million to 1 billion. Enough shares have been authorized for the Board to support an additional split this year, but I don't know if shareholders would have to approve it. I have my doubts about the impact of a split on the price of the stock. A split won't change the P/E, since both are per share. P/E is currently at an all-time high of about 50. CPQ P/E is only 36. I think Dell earnings must increase before price can rise significantly. I also think the days of 200% - 500% stock price increase are over. Would you be happy with 50%?

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