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To: Chuzzlewit who wrote (33009)	3/8/1998 1:11:00 AM
From: john dodson	Respond to of 176387

Paul, Part of my (unstated) point also, was that splitting the stock was sort of diversionary. Merely authorizing more shares could have been too naked. Just a conspiracy theory, though. Not sure if I even believe it myself. =-} Additionally, when CPQ authorized all the additional shares, many of us strongly believed that the primary reason was for acquisitions. In fact, on the Ascend thread (ASND), lots of us actually thought that CPQ was actively interested in acquiring ASND, which they were not. W.R.T. splits not adding value, yeah, yeah, I know the mathematics of it. But the fact is that splits DO help drive a stock up. It has to do with momentum, demand and leverage. Where did CPQ split? Somewhere in the upper 20's, and it ran up 8-10 points. Splits do add to the attractiveness of buying a stock. Therefore they do add value -- maybe not quantitative, but definitely qualitative. -John Dodson