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

To: Charles Tutt who wrote (59721)	7/12/2001 1:01:59 PM
From: Dave	Read Replies (2) \| Respond to of 74651

As I recall, when I raised the issue of reliance on investment income to "make the numbers" in prior quarters, people here shouted me down with cries that it doesn't matter where the income comes from. Yeah, I have been saying the same thing for the last few quarters, as Microsoft has lumped its investment gains in with its operating earnings, thus fattening their EPS and keeping their P/E from looking too outlandish. Now that MSFT investors, starved for any type of good news from the Mothership, have decided that investment results should not be included with earnings, you have to take another look at MSFT's recent results and earnings growth patterns, and it hasn't looked good. We'll just have to wait to see how long it takes these born-again GAAP Kids to sell into this rally. Or are they all hoping to run up to 120 with johnd? Dave