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To: micny who wrote (3719)	3/15/1999 8:33:00 AM
From: micny	Respond to of 20297

fyi...note last para Bank One's results to reveal positives - Barron's NEW YORK, March 14 (Reuters) - Bank One Corp. (NYSE:ONE - news) annual results, to be filed with the Securities and Exchange Commission later this month, are expected to reveal that the bank's credit-card and investment management divisions are undervalued, news that is likely to boost Bank One's stock price, Barron's reported Sunday. Also, some analysts who follow Bank One are expected the company to announce a sizable stock buyback in the near future. Barron's quoted a Salomon Smith Barney analyst who described Bank One's investment management and credit-card operations as undervalued. Bank One's credit-card division contributes 31 percent of its earnings, while the investment business adds about seven percent, the article said. Bank One, a Midwest banking powerhouse, trades at about 14 times the $3.95 the company is expected to earn this year and 12 times the $4.56 foreseen for 2000, the company said. Most credit-card and investment-management sport price-earnings ratios in the low 20s, the article reported. The article said Bank One was tight-lipped about a possible buyback but noted companies are allowed to start repurchasing shares about six months after executing pooling of interests mergers. Its merger with First Chicago NBD, which was accounted for as a pooling of interests, will be six months old as of April. The article also noted that Bank One's online presence is expected to expand and, subsequently, strengthen. It said the company has clinched marketing arrangements with Internet heavyweights as America Online and Excite. But Bank One may also announce online banking outside of its its current Midwestern marketing area and a business that would sell mutual funds and other investments via the Internet. The article said Bank One also declined to comment on speculation that it might like to buy the St.Louis-based Mercantile Bancorp (NYSE:MTL - news). The bank's chief executive, John McCoy, says the Internet will likely replace the bricks-and-mortar retail banking networks sooner than expected, the article reported