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Technology Stocks : IBM -- Ignore unavailable to you. Want to Upgrade?

To: Robert Scott Diver who wrote (7494)	3/8/2002 2:23:39 PM
From: DavesM	Respond to of 8218

I don't know if it was posted before... but IBM takes the lead from SUN in Unix Servers. biz.yahoo.com

To: Robert Scott Diver who wrote (7494)	3/8/2002 2:37:29 PM
From: j g cordes	Read Replies (1) \| Respond to of 8218

RS.. I won't reply for Jacques, but I believe the rant on IBM is that its growth and earnings have been derived as much from financial re-engineering its assets and drawing on pension plans as it has from business. the upcoming 10k , on Monday I believe, is supposed to satisfy some of those concerns. Therefore its PE may be considerably higher and its growth rate lower than generally accepted. Are you satisfied there aren't any chipmunks under the hood?

To: Robert Scott Diver who wrote (7494)	3/10/2002 6:49:16 AM
From: Jacques Newey	Read Replies (1) \| Respond to of 8218

Robert, Don't know enough about IBM's business to speculate as to whether or not they are in a position to increase future value (other than though financial engineering). When I look at Big Blue's anemic revenue growth over the past several years, I find it hard to see how the value of the business has increased. Poor top line growth brings in to question the current price of IBM's stock in my opinion. "Earnings" for IBM are suspect given the loose accounting assumptions and activities used to generate them (as outlined in the links I provided). In short, IBM's business may be "OK", but I wouldn't touch the stock at these levels. Just my opinion. Jacques