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To: Walt Corey who wrote (41564)	5/12/1998 1:31:00 PM
From: Jim Patterson	Respond to of 176388

RE:The stock would not be as high, but they would have some 3-5 billion or so in cash. >>>I am not so sure about that. I've always heard you compute earnings/share * multiple + cash/share to compute fair market price. Stock buybacks send a really strong message to the street. Cash on hand sends a really strong msg to would be purchasers.>>> I am only referencing the point that the number of shares outstanding would be higher, EPS would be lower, hence the Price would be lower. Total market cap may be the same or lower. With out the buyback, demand for the stock may have been weeker at times and hence the stock may not have run as hard and fast as it did. Jim