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Technology Stocks : Dell Technologies Inc.
DELL 119.41-2.7%3:59 PM EST
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To: Eggolas Moria who wrote (111720)3/24/1999 4:21:00 PM
From: Boplicity  Read Replies (1) of 176387
 
Subj: Re: Bad reporting on your part
Date: 3/24/99 2:44:50 PM Central Standard Time
From: Jaffebw
To: GMullineau

I disagree that Dell is having others buy back stock that they feel is undervalued. All they are doing is buying options. Derivatives, including options, are designed to reduce risk. Often, companies get carried away and start using them for speculation. Is Dell a trading house or a computer manufacturer? If they are a trading house, then maybe they should be given a valuation of a speculative financial enterprise. If you are a Dell shareholder and you aren't worried about their CFO gambling with the company's revenue stream, then you should read about what happened to Metalgesselschaft about five years ago.

Dell is a great company that is being managed by some of the best executives around. The market has recognized this and has given them a multiple that is much higher than their peers. When I see that management is spending the money earned by selling PC's at the racetracks (or the equivalent thereof), I start thinking of the decline and fall phase.

But again, that's not what this morning's article was about. It was only meant to explain why Dell's stock has been dropping.

--Sam Jaffe
Staff Writer
Business Week Online

Pretty nive guy to engage me on this, but we are not going to get anywhere.

Greg
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