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Technology Stocks : Apple Inc.

AAPL 273.40

-0.1%

Dec 26 9:30 AM EST

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To: Alomex who wrote (18352)	9/22/1998 1:12:00 PM
From: J R KARY	Read Replies (1) of 213177

$150 mln of MSFT's payment was to buy preferred - convert stock May have been done to stabilize AAPL's stock based on MSFT becoming a "investor" suggesting AAPL was not folding (8/97) . Didn't work as it spiked it only to later (12/97) fall to $12.75 MSFT's promise to provide its Office (98) upgrade was symbolic as AAPL does not appear to receive revenue aside from incidental hardware sales . MSFT's remaining $100 mln may account for some of AAPL's cash related accumulation which has been rising each quarter this year . These events happened around AAPL's Power Corp acquisition , which was generally acretive , but the MSFT "dilution cost" will arise with MSFT's $150 mln preferred conversion in 2 years at $16.50/shr . Hopefully the outcome from the DOJ's MSFT action will provide a basis for AAPL to review its 8/97 $250 mln "deal" with MSFT .

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