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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 76.94

+1.1%

Nov 28 9:30 AM EST

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To: Glenn D. Rudolph who wrote (14374)	6/5/1998 11:28:00 AM
From: Reginald Middleton	Read Replies (1) of 77400

<CSCO: FIRST ALBANY CR decreased estimate for quarter ending 07/98 from $0.49 to $0.48 on 06/02/98 CSCO: GRUNTAL decreased estimate for long term EPS growth from 30.00% to 25.00% per year on 06/03/98> First Albany and Gruntal's recommendations mean very little in terms of shareholder value to the investor. Earnings mean close to nothing in regards to CSCO's market value. For instance, for the 12 quarters ending 6/3/98, The correlation of CSCO's EPS to its market value was 0.39%. This makes for an abysmal proxy of shareholder value and market performance. The numbers don't lie, eventhough the brokerages may:-) Book value, cash flow and sales make much more accurate proxies, at least in terms of the Cisco Corporation. For more information on this analysis, see rcmfinancial.com and remember, earnings don't count.

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