Dear Dave - 1st things 1st. Definitely, in this environment, protecting profits is a good prime directive <g>.
Not sure what you mean by "Bay doctored the numbers a bit?" Quite on the contrary, my impression is that BAY was intentionally conservative - not sure reasons, maybe wanting to project an above board image before marriage <vbg>. I mean, numbers like DSO don't lie. Of course, I am more than happy to hear your explanations [and that should benefit everyone here also.]
Now, this is the interesting part. NT and BAY are in locked steps. While the conventional wisdom is that NT is pulling up, my view is that BAY and NT are pushing and pulling in turns. We should remember, while LU is perceived as the alpha dog, NT and ALA are no weakling. NT lost a bit of altitude because the perceived liability of BAY when the deal was announced. However, now the table has turned. She can be seen as an asset - for a good price. Another psychological change is BAY relative to CSCO. It used to be CSCO uber alles <G>, now, BAY has a deeper pocket to be more aggressive. Of course, perception, perception, who knows what I'd write tomorrow <VBG>
best, Bosco |
