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To: Don Hurst who wrote (3316)	6/18/1998 1:09:00 PM
From: Arrow Hd.	Respond to of 8218

Don, I dont know that Goldman adjusted their numbers. They may have only taken it off the global list and kept it on the U.S. list as was commented on in another post. CNBC this morning commented on this and said they did not know what it meant and shrugged it off as not too important though this kind of noise always puts an issue under pressure so if you own the stock I guess it is important. I also dont know the exact reporting date in July but would expect that it may be available at the Zacks or First Call site. In any case, it doesnt vary much from past history though that doesnt help much in figuring pre or post options expiration. On SGA, that should be SG&A (sales, general and administrative) which is a cost/expense line and the 30 plus number is the percent used in the financial calculations. My point here is that there are divisions where this number was in the low 20s even a few years ago so this is an inflated expense line when it is in the 30s and I dont believe it is that high so when the quarter ends and you actually use the real numbers the SG&A is lower and has a positive effect on the bottom line over what was being used to drive the internal measurements systems. So it is very difficult to quantify what is precisely going on and when an analyst pokes around they can get misleading information. That is why guidance from IR is so important. I dont know if IR is "talking them down". I am beginning to think Milunovich may have acted on his own. If IR was talking the street down I think we would have seen more major downgrades in earnings and ratings. Maybe that will still happen. If it does I think it is an embarrassment to Gerstner based upon what he told the analysts only a few weeks ago.