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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: High-Tech East who wrote (50402)	3/26/2001 4:06:51 PM
From: GVTucker	Respond to of 77400

HTE, RE: the point I was trying to make, (and perhaps not articulated very clearly) is that CSCO's 'pooling' in the past has a chance to bite the company and its shareholders in the ass big-time, because it created largely inflated earnings that the company will not be able to replicate I'd agree with the spirit of the post, but not the literal post. If you look at Cisco's ACTUAL GAAP earnings, then the earnings aren't really inflated. Of course, until this year, no one but the bears looked at Cisco's actual GAAP earnings. The one thing that Cisco is guilty of is telling both its own shareholders and the analysts that GAAP earnings should be ignored, and that Cisco's pro forma earnings are the ones that should really be important. Those pro forma earnings, IMO, are indeed inflated, because they totally ignore the cost of acquisitions while they include the benefit.