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To: NOW who wrote (51598)	8/28/2002 4:20:46 PM
From: reaper	Read Replies (1) \| Respond to of 209892

no, that's exactly what i said -- it is a decaying business. there's nothing to diversify into that is obviously adjacent to their core biz, so management is actually doing the right thing by paying a large dividend ($1.50 a share; 3.25% yield) and using the rest of free cash to buy back shares. no obvious reason to go long (business is slowly dying) but also no obvious reason to go short (business is dying but SLOWLY; high yield; can buy back 6% of the float each year). Cheers