IBM Message Board - Msg: 5274053

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Technology Stocks : IBM

IBM 303.23

-0.4%

Nov 26 3:59 PM EST

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To: Jules B. Garfunkel who wrote (3555)	7/22/1998 9:20:00 AM
From: j g cordes	Read Replies (2) of 8218

Hi Jules.. nice to see your post from Bulgaria. I agree with your analysis and have said much the same. I fear, however, we are missing one important understanding which poorly phrased goes something like this. IBM through its buyback program, has essentially assured Wall Street that it won't fail their estimates. One of the biggest problems in this market is liquidity for the largest traders. Its the same reason why better performing small caps aren't getting the attention they used to. Large caps offer liquidity and IBM has guaranteed Wall Street a billion a year or more in stock purchases. IBM would tumble if it announced it was going to discontinue its buyback program.. it would have a more profound effect than discontinuing its agressive R&D programs. Continue to have a good trip.. they'll be lots of room for discussion when you get back and you haven't missed much. Jim

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