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Technology Stocks : IDTI - an IC Play on Growth Markets -- Ignore unavailable to you. Want to Upgrade?

To: Lockhart who wrote (9836)	11/7/1998 6:17:00 PM
From: Stu E.	Read Replies (1) \| Respond to of 11555

The reaction to the termination announcement and the token repurchase should be negative. Idti should open down but if it doesn't close down something must be happening that the we on SI are not yet aware of.

To: Lockhart who wrote (9836)	11/8/1998 8:35:00 PM
From: neverenough	Read Replies (1) \| Respond to of 11555

Integrated Device ends stock buyback plan Reuters Story - November 08, 1998 14:55 SANTA CLARA, Calif., Nov 8 (Reuters) - Integrated Device Technology Inc. said its board had terminated its 10 million share stock buyback program because accounting rules indicated it could interfere with potential acquisitions. The program, launched Sept. 21, was about 9 percent complete, with about 900,000 shares repurchased, the semiconductor maker said in a news release late Friday. "The decision to terminate this program was a result of the Securities and Exchange Commission's position on share repurchase programs in Staff Accounting Bulletin 96," IDT chief financial officer Alan Krock said. "Specifically, under SAB 96 there are circumstances where companies that have ongoing stock repurchase programs do not have the flexibility to employ the pooling-of-interest accounting method when making acquisitions," Krock said. IDT announced Monday it planned to buy Quality Semiconductor Inc. in a stock swap valued at about $35 million. "We believe continuing the program could restrict or ability to pursue the full range of strategic business development opportunities in which the company may engage to further enhance our market position," Krock said.