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Politics : Ask Michael Burke

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To: valueminded who wrote (30417)	7/31/1998 6:27:00 PM
From: Knighty Tin	Read Replies (2) of 132070

Chris, I like the Oct and Jan 130s when the stock was over $135, but since it settled down a bit, I am more partial to the Jan 125s. The catalyst could be one or a combination of many things: 1. The analysts could actually read the income statement and the balance sheet (very low probability). 2. IBM's accounting could get more attention, especially the highly suspicious booking of service sector revenues and profits and its lower tax rate. 3. Somebody with a bully pulpit could ask where the cash has disappeared to? 4. The dividend could be cut. This is probably a year or two down the road. 5. Lloyds of London could mention which companies have the highest legal liabilities due to selling mainframe software that didn't know that the dates would change in 2000. 6. Somebody could wonder why this growth stock doesn't grow, even with its funky accounting. 7. A downgrading of the credit rating as debt piles up and cash is thrown out the window. 8. A technical comparison of IBM's new mainframes with Hitachi's. 9. Being forced to restate eps. 10. Investors start using some rational valuation system on what they will pay for stocks. MB

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