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To: pater tenebrarum who wrote (34265)	11/6/2000 10:51:12 PM
From: Spekulatius	Read Replies (1) \| Respond to of 436258

Well,if you adjust the receivables and the inventories for the larger revenue base its looks OK. However, the operating earnings only increased from 654M$ to 902M$ - a growth of 37% - the balance of the earnings growth comes from interest and investment gains. Growth margin has shrank from 64.5% to 63.4%. This indicates a tougher pricing environment as well. Please also note that investments shrank from 13B$ to 11B$. It looks like they are depleating their cookie jar. Overall, Its still a good earnings report, just not good enough for a company with a P/E of 90. But regardless, who cares about such beancounting ? Cisco beats earnings by one penny and the world is saved <G>.