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To: orkrious who wrote (181042)	7/18/2002 8:12:18 AM
From: Petrol	Respond to of 436258

7:41AM IBM: details on Bear Stearns downgrade (IBM) 70.69: -- Update -- Bear Stearns downgrades to NEUTRAL from Attractive (7:10) due to concerns about the shortfall in services signings and the implication of a challenging 2H02 for the biz, a weak 2H02 EPS outlook pushing positive YoY earnings comparisons out in to 2003, and due to the lack of a compelling valuation case; cuts Q3 est to $0.96 from $1.02 and Q4 to $1.41 from $1.46.

To: orkrious who wrote (181042)	7/18/2002 12:08:44 PM
From: Earlie	Read Replies (6) \| Respond to of 436258

Ork: This IBM scam really has me hot. I fully intend to get the behind-the-scenes B.S. into the press. I have no doubt that their buy-back programme is working full tilt this morning. To give them their due, it takes some kind of chutzpah or maybe one would better label it arrogance (we're IBM,..... nobody would dare question our accounting) to pull this kind of stunt. By the way, note the after-the-earnings-release expansion of the write-down...... unbelievable! I can just see old Louis leaning over his desk with a small smile as he tells Sam, "See,.... I told you they wouldn't question it". Best, Earlie