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Technology Stocks : IBM
IBM 304.38+0.2%Dec 24 12:59 PM EST
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To: Jacques Newey who wrote (2177)1/20/1998 5:36:00 PM
From: Jules B. Garfunkel  Read Replies (2) of 8219
 
Jacques,
Try an increase in revenues of 2.501 %. It was even worse than your 3 %. How come no one else, but IBM, uses the excuse of "if in constant dollars" for explaining their disapointing earnings? Once again it appears that IBM's earnings came on the back of their stock buy back program. How much longer can IBM rely on their stock buy backs, now that a billion dollars buys less stock than it did a year ago, and the tax rate per centage is no longer decreasing?
Regards,
Jules
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