Phoenix Technologies (PTEC) Message Board

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Technology Stocks : Phoenix Technologies (PTEC)

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To: Mark Brophy who wrote (2863)	10/25/1998 6:36:00 PM
From: Jules B. Garfunkel	Read Replies (1) of 3624

Mark, Thanks for taking the time to put together that informative post. However, I would like to clarify the remarks you attributed to me relative to IBM's increase in their Service Division's revenues. As you know, I am very critical of IBM's strategy of substituting Services revenues for Hardware and Software Divisions revenues. IBM's Hardware and Software Division's sales have not been growing over the last several years. IBM gets Gross Profit Margins (GPM) of less than 23 % from the Services Division, but at the same time they get over 70% GPM from Hardware and Software Divisions. Meanwhile, IBM has been asking for, and getting, higher P/E ratios assigned to their stock price. Obviously I am missing something, or the other analysts are missing something..... But What??? Jules

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