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To: whortso who wrote (66507)	12/28/2001 2:37:10 PM
From: pgerassi	Respond to of 275872

Whortso: Since they must buy back the shares, the costs should be included on the earnings report under employee compensation. Thus, $170 million minus $1 billion is a loss of $830 million which is very close to their net worth loss of $836 million. They lost $0.12 a share for Q3. Point made! Awwwwwwww! Too bad! Pete

To: whortso who wrote (66507)	12/28/2001 3:18:22 PM
From: Neil Booth	Respond to of 275872

They're the same shares bought today as the options granted today. Same price. It's a push. Hey dude, I do believe you've discovered a new way of hedging short option positions. Maybe you should inform all the investment banks that their models are wrong, that Black and Scholes really didn't have a clue, and that the value of options is really zero? Put another way, where have all the shares that INTC bought at $60 and upwards that they are sucking hurricanes with appeared in the P&L figures? Neil.