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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Nancy who wrote (17904)	8/10/2004 7:19:07 PM
From: BWAC	Read Replies (1) \| Respond to of 95641

Amazing? Did bank of India drop this logic on you? Company buys back 7% of stock with ONE years cash flow. Unimpressive. POS. Will you be impressed when they've done it for 10 years running? Its clear what they are doing. The, oh say, $20 Billion cash they have will more than fully fund operations and any expansion they desire. All the rest, including cash paid in upon option exercise is and has been going to share buybacks. They did the same thing last year. They are managing the buybacks to incoming excess cash. And thats such a darn problem to have. Maybe they should do a dividend instead. That could be debated. How's $1+ per share sound? $8 Billion excess cash/6.8 billion shares O/S. About 5%ish. Would you and Bank of India like that instead? Pay a little tax on it. Of course then Bank of India will be telling you that too many shares exist for capital appreciation. One thing for sure. These companies have excessive cash hoards for operations and are increasing them quarter by quarter. Either they buyback stock, dividend it, or waste it on pipe dreams. They've most all done the pipe dream in the past and apparently learned as they are now funneling the full force back to the stockholder in one way or another. Bank of India might even tell you they have entered a new phase of maturity, when they decide to sell at $30 what they've spint out of investors at $20.