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To: JIN CHUN who wrote (6500)	3/15/1998 8:13:00 PM
From: CO	Read Replies (2) \| Respond to of 27968

Jin, NASDAQ stocks typically trade on future projected earnings. Low end 25 x .95 (estimated EPS 1998) = $22.75 High end 35 x .95 (estimated EPS 1998) = $33.25 The estimated eps for 1998 is MY guess, taking into consideration that there will be substantially fewer outstanding shares after the merger. Ira's estimate for 1998 was .25 to .30, with the current outstanding shares at apx 40 million. Ira gave the .25 to .30 estimate prior to any possible merger annoucement. So it would not be adjusted for the outstanding shares being lowered to approximately 12 million. Cheryl