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Strategies & Market Trends : Electronic Contract Manufacture (ECM) Sector -- Ignore unavailable to you. Want to Upgrade?

To: jeffbas who wrote (1386)	3/24/1998 1:39:00 PM
From: IRWIN JAMES FRANKEL	Respond to of 2542

Your question point to a quantitative answer. I was speaking more to the quality of the action than pure quantitative solution. If immediate earnings accretion was the only issue mgmt would be better off to buy in it's own stock under $40 per share than to buy CCIR at $23.90. The nice thing, however, is that HDCO stock can still be bought in. The PE paid for CCIR -- about 18, suggests that HDCO is worth much more than its current price (or, its earnings will be lower than I expect). Thank you for pulling my thoughts back to the quant side. HDCO is doing better today with a strong market.