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To: BigDaddyMac who wrote (1480)	7/22/1998 6:42:00 PM
From: jmt	Read Replies (1) \| Respond to of 4814

>>>Most companies try to keep their butts covered by purchasing copper futures as a way to hedge against any price increases.<<< So if most companies do it genius, where is the competitive advantage?? And what happens to the companies who don't hedge and the price drops? They are buying cheaper copper, as the other companies are taking losses being long on copper futures. They then can force the competition into selling below cost to remain competitive. Gross Margin is meaningless. Operating margins and Net income after ALL expenses, regardless of the allocations are what pays the bills. and what does a 40% Corporate tax rate do to the profits?? Glad you understand the DD your doing. jmt