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To: Lucretius who wrote (163451)	5/2/2002 3:22:21 PM
From: yard_man	Read Replies (2) \| Respond to of 436258

time to buy them calls .. you got 'em??

To: Lucretius who wrote (163451)	5/2/2002 4:36:24 PM
From: yard_man	Read Replies (2) \| Respond to of 436258

Yep -- shareholder value >>Now that the stock market stinks, Dell disclosed that in fiscal 2002 that it bought 68 million shares for $3 billion, for an average price of $44.11. That's expensive, given that Dell's shares traded in the $20s during the year. The computer maker's critics argued years ago that Dell's buyback program was too risky and could have such a result. But Dell spokesman Mike Maher defended the technique, saying it "has been an exceptional value for shareholders." Maher added that if Dell had to pay for all its obligations right now, it would've bought almost 1 billion of its shares back for $12 billion, "which is less than half our stock price today. It's been an extremely good use of cash." The company noted that it now is obligated to eventually buy 51 million shares with a repurchase price around $45 -- well above Dell's current trading range in the mid-$20s -- to be bought in stages through 2004. Then again, Dell has only 60 million shares left in its buyback program, with 940 million of the 1 billion goal already bought. <<