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Technology Stocks : How high will Microsoft fly? -- Ignore unavailable to you. Want to Upgrade?

To: Sir Francis Drake who wrote (26960)	7/20/1999 11:33:00 PM
From: t2	Respond to of 74651

Morgan, Did anyone look into the amount of share repurchases this quarter? I had read 18 million. That seems larger than normal. If they accelarate this process, the stock becomes cheaper on a PE basis and a slower growth rate would be no cause for alarm. Analysts of course are aware of this but retail investors may just be focussing (or putting too much importance)on the PE number in investment decisions. If a company has a lot of debt, PE is also misleading. I realize that i might be getting into something that is very obvious. It is sometimes easy to lose sight of the no debt and large cash positions and how it should also be considered. I have decided that I am going to ride out my MSFT position for the most part--slight hedging. I am going to leave trading for other mostly the indices and companies like AOL, SUNW that are to report earnings still. I don't know if you position trade but a bounce on either one tomorrow AM would setup a good short--i think (Aol reports tomorrow) and Sunw (on Thursday). There could be other candidates---ex..Gateway. Of course, you can pick net stocks as well.