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Technology Stocks : IBM
IBM 303.98-0.1%10:14 AM EST

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To: Earlie who wrote (2276)1/25/1998 1:03:00 PM
From: Toby  Read Replies (1) of 8219
 
The fact that each share today represents less equity but more earnings in light of recent buybacks is not a terrible thing. I think you can call that in a sense an improved return on equity. Until the stock ceases to rise 30+% a year, I will not criticize management's buyback strategy. We simply have to beware of them running too far with the strategy, but their record to this point gives no indication of such irresponsibility, especially since two CFO's have moved on (maybe bad) yet none has criticized IBM's financial management once they left (very positive sign).
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