Sterling Commerce (SE) Message Board

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Technology Stocks : Sterling Commerce (SE)

SE 155.13

+3.4%

Nov 10 3:59 PM EST

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To: sawgrass who wrote (183)	2/26/1999 9:30:00 AM
From: Bob Howarth	Read Replies (1) of 341

I picked up 10 Hail Mary 30 strike price calls due March at less than a point when stock broke 28. Hope we get a bounce next week. Fed is acting obtuse again though which could cause a market correction. It was from AR that I got the yearly numbers for software capitalization. The point is that if you compare these earnings with those of a company that does not do this, then at least in the first few years, the earnings are overstated by SE. That finally explains to me why the market does not assign SE the same relative PE as the other guys that expense immediately. The stock is still cheap at these levels and is worth at least 35 anyway even with all this accounting stuff. I am going to cancel my Value Line subscription because I rely on their reports to point out financial stuff about which I am too ignorant and they missed the boat on SE as far as I am concerned. They should in their software company analysis distinguish expensing from other since market treats it differently. SE should also detail this item so that investors can understand what SE thinks can be identified as an asset vs what SE thinks is an expense. I have not found any such break down.

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