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Technology Stocks : Cymer (CYMI)
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To: Elroy Jetson who wrote (13493)1/29/1998 9:55:00 PM
From: Mark Adams  Read Replies (2) of 25960
 
Buying back the convertables would decrease leverage and hurt EPS. Buying back stock increases EPS, which might increase share price and increase the value of the convertables.

Borrowing money at 10% to run operations yielding 20% is an example of financial leverage. As long as it's not excessive, its smart management. But I have to wonder if their cash flow is sufficient to support buybacks.
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