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Technology Stocks : IBM -- Ignore unavailable to you. Want to Upgrade?

To: Jules B. Garfunkel who wrote (3555)	7/21/1998 12:42:00 PM
From: S. HYDER	Respond to of 8218

12:28 [IBM] IBM RAISED TO BUY FROM MARKET PERFORM - ROBERTSON STEPHENS.

To: Jules B. Garfunkel who wrote (3555)	7/21/1998 12:52:00 PM
From: J R KARY	Read Replies (1) \| Respond to of 8218

PMFJI Jules but wasn't it INTC that fell short on its EPS ? You bought IBM puts a while back so if your concerns about IBM ever come true you will be covered . The important fact is IBM exceeded its Street earnings expectations . Now we can look forward to a sizeable 3Q & 4Q earnings gain as IBM's G5 mainframe-servers are installed . You've got to admit Jules that all that money IBM spent on the Nagano Winter Olympics (your 1Q98 concern) sure is paying off in software products and server sales . Enjoy Bulgaria , but please let us know if you see any IBM Global services commercials being filmed there ! Regards, Jim K.

To: Jules B. Garfunkel who wrote (3555)	7/21/1998 4:37:00 PM
From: art slott	Read Replies (1) \| Respond to of 8218

And Jules' net worth ....down. Jules, how many puts did you buy yesterday? Just in....HWP disapoints, again.

To: Jules B. Garfunkel who wrote (3555)	7/21/1998 5:45:00 PM
From: Arrow Hd.	Respond to of 8218

Jules, perception is reality. Remember the discussion in post #3237. Timing is everything. It will be your turn in September when there is another wall of worry to climb.

To: Jules B. Garfunkel who wrote (3555)	7/22/1998 9:20:00 AM
From: j g cordes	Read Replies (2) \| Respond to of 8218

Hi Jules.. nice to see your post from Bulgaria. I agree with your analysis and have said much the same. I fear, however, we are missing one important understanding which poorly phrased goes something like this. IBM through its buyback program, has essentially assured Wall Street that it won't fail their estimates. One of the biggest problems in this market is liquidity for the largest traders. Its the same reason why better performing small caps aren't getting the attention they used to. Large caps offer liquidity and IBM has guaranteed Wall Street a billion a year or more in stock purchases. IBM would tumble if it announced it was going to discontinue its buyback program.. it would have a more profound effect than discontinuing its agressive R&D programs. Continue to have a good trip.. they'll be lots of room for discussion when you get back and you haven't missed much. Jim