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

To: Earlie who wrote (2230)	1/28/1998 5:19:00 PM
From: Hsien W. Chang	Read Replies (2) \| Respond to of 8219

I believe you are correct that IBM shareholders' equities have been declining qtr by qtr. However, I believe you are badly mistaken by insisting that IBM is buying back stocks by borrowing. Like I mentioned to you previously, IBM's core debt is around 3.0+ billions. IBM Credit Corp's debt is high because it needs the money to lend out to help customers to finance leases. IBM has a yearly cash flow of 8.0+ billions. Why should they go out to borrow money to buy back stocks!! Do you have specifics on the borrowing to buy back stocks? Thanks