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To: orkrious who wrote (198082)	10/17/2002 8:10:01 AM
From: shoreco	Respond to of 436258

>> Merrill Lynch upgrades to BUY from Neutral, saying IBM is clearly outperforming its competition with superior strategy and execution << " with superior strategy and execution" They mean, "keen and lean reporting technics". EOM Shoreco

To: orkrious who wrote (198082)	10/17/2002 8:21:21 AM
From: stan_hughes	Read Replies (1) \| Respond to of 436258

That's why I love the market -- nobody sane could ever make this kind of stuff up. The other day IBM was a piece of canine excrement, but with a little abracadabra accounting on but a single quarterly report, suddenly half the street thinks IBM has found the equivalent of a cure for cancer by trying to avoid their unprofitable hardware ops in lieu of concentrating on the service side of IT life. Only a recent biz grad could interpret slowing down the rate of decline of a company as a growth strategy. And overlooking the raid on the treasury to buy back stock using money more properly allocated to unfunded pension liabilities is, well, I can't explain that. As the competition eats away at IBM's service contract lunch with lower rates over the coming months and quarters and years, the faithful will get to once again experience that awful feeling in the pits of their stomachs, whereupon near the end of the carnage we will see Wall Street publicly jump to the other side of the boat and downgrade it again. Meanwhile, the short term shorts are opting to cover the squeeze in the here and now because there are better fish to fry at the moment. Simple logic -- why waste time, energy and capital fighting the tape while IBM is being defended -- just come back after the guard dogs have gone back to sleep