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Technology Stocks : IBM -- Ignore unavailable to you. Want to Upgrade?

To: Toby who wrote (2067)	1/3/1998 1:33:00 PM
From: Robert Scott Diver	Respond to of 8218

Toby, IBM also does a lot of manufacturing in Asia, which will be a plus for earnings. Also, when you are really high tech, there are no equivalent cheap imports to drive your price down. I am sure these facts aren't new to you, but they tend to be forgotten in the "Asian Exposure" panic. IMHO the 4Q earnings will surprise on the high side. Scott

To: Toby who wrote (2067)	1/3/1998 5:54:00 PM
From: Hsien W. Chang	Read Replies (1) \| Respond to of 8218

Toby: A far as I understand it IBM has a yearly cash flow of some 5B+. Where do you get the input that IBM has been borrowing money to buy back stocks? I am interested to learn about the source of your info. Thanks in advance for your info.

To: Toby who wrote (2067)	1/3/1998 7:31:00 PM
From: Jim Patterson	Respond to of 8218

re: As I posted before, the employee bonus can be trimmed, and they can accelerate share buybacks, albeit by borrowing yet more cash. Why don't they just do a 3.5 billion debt offering then if the Eps suck they can buy the stock until the sellers are done. I think that Lou is going the wrong way issuing debt to buy very expensive stock, IMHO. Jim