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To: micny who wrote (7544)	6/30/1999 5:44:00 PM
From: Big Al	Read Replies (2) \| Respond to of 20297

If the EBAY announcement comes , it will give Merrill the needed ammunition for coverage. I assume this has been planned all along, only with a secondary in place.

To: micny who wrote (7544)	6/30/1999 6:41:00 PM
From: Benny Baga	Respond to of 20297

>>>OT msft con call....just a small accting error....actually made $2.2BB more than they thought they did! Yeah, they were hiding revenue on purpose. They were trying to show stable revenues, plus it was a way of beating the numbers each quarter. At least this is what one analyst was saying on CNBC.

To: micny who wrote (7544)	7/1/1999 4:24:00 AM
From: Dwight E. Karlsen	Read Replies (2) \| Respond to of 20297

OT re: MSFT con call: There are no "errors". If you have ever paid any attention to MSFT earnings reports, you would know that deferred revenue recognition on a portion of software sales has been an accounting practice at MSFT starting with Windows 95. Reason being there are expenses in future quarters associated with the sales of past quarters, which are then matched with revenue recognition from the deferred revenue account. Such future expenses include, but are not limited to, an incremental upgrade given free to current version users. For example, there are currently five (5) "Service Packs" available for free download to owners of WinNT 4.0. Then there are all those driver upgrades, security patches, etc., which are put on the MSFT web-site for free download for probably all software products that MSFT sells. Any and all of the analysts that cover MSFT have long been familiar with this practice, therefore this conf call is a yawner. Has really nothing to do with anything, except the SEC apparently has too many employees, and so must assign some people to "investigate" MSFT. More wasting of taxpayer dollars.