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

To: Eric Yang who wrote (24082)	4/16/1999 12:21:00 PM
From: J R KARY	Respond to of 213177

They (insiders) view it as "income"... but how do investors view it ? Income ? OK Mr J but lets (re)view Tim (inventory) Cook's "income" sales (and others in 1999) : Date Name Action Shares Type Price Value 28-Feb-99 COOK TIMOTHY Planned Sale (144) 175,000 Common - $5,300,000 11-Feb-99 COOK TIMOTHY Sold (S) 13,100 Common 39.00 $510,900 11-Feb-99 COOK TIMOTHY Exercised (M) 13,100 Common 17.69 - 9-Feb-99 COOK TIMOTHY Sold (S) 5,700 Common 39.00 $222,300 9-Feb-99 COOK TIMOTHY Exercised (M) 5,700 Common 17.69 - 8-Feb-99 COOK TIMOTHY Sold (S) 23,200 Common 36.88 - 37.75 $857,530 8-Feb-99 COOK TIMOTHY Exercised (M) 23,200 Common 17.69 - 4-Feb-99 COOK TIMOTHY Sold (S) 48,200 Common 40.06 - 40.19 $1,934,306 4-Feb-99 COOK TIMOTHY Exercised (M) 48,200 Common 17.69 - 3-Feb-99 COOK TIMOTHY Sold (S) 84,800 Common 40.13 - 40.19 $3,403,324 3-Feb-99 COOK TIMOTHY Exercised (M) 84,800 Common 17.69 - 1-Feb-99 COOK TIMOTHY Planned Sale (144) 175,000 Common - $5,300,000 15-Jan-99 HEINEN NANCY Planned Sale (144) 62,500 Common - $2,562,500 15-Jan-99 TAMADDON SINA Planned Sale (144) 82,500 Common - $2,562,500 15-Jan-99 RUBINSTEIN JONATHAN Planned Sale (144) 75,000 Common - $3,075,000 15-Jan-99 TEVANIAN AVADIS Planned Sale (144) 68,960 Common - $2,827,360 15-Jan-99 MANDICH MITCHELL Planned Sale (144) 179,473 Common - $7,358,393 15-Jan-99 ANDERSON FRED D Planned Sale (144) ---------------------------------- Supplemental income right ? biz.yahoo.com Now if you read about AAPL's 2Q inventory problems , unexplained plant fires and Tim's sales would you rush to buy AAPL shares ? Incidently info on the last insider listed who intends to sell was left off on purpose. Maybe he will have a change of heart as he is EARLY calling the Notes. Man I hope they settle the iCEO options pricing deal soon and start to support the stock . Jim K.

To: Eric Yang who wrote (24082)	4/16/1999 1:19:00 PM
From: Marc Newman	Read Replies (2) \| Respond to of 213177

Eric is right--one thing the MF has always made sure to mention with Apple in the last 18 months is the tax situation. While the MF is correct to point that out, it seems to me that either the MF formula or the writer that covers Apple rarely includes the value of the remaining NOL in estimating AAPL value (or am I wrong on this?) and of course the growth rate never includes buying back stock and thus increasing shareholder value. But they are correct--it is a cheap stock! Marc

To: Eric Yang who wrote (24082)	4/16/1999 1:38:00 PM
From: MeDroogies	Respond to of 213177

Great explanation! Easy to understand, simple to follow....like everything else you do..

To: Eric Yang who wrote (24082)	4/16/1999 3:17:00 PM
From: HerbVic	Respond to of 213177

Eric, I couldn't of said it better myself. No really! In fact I couldn't of said it at all, because I understood none of it until you said it. Thanks for the exceptionally well written clarification! So, using post June 1st [MF] Price and an unadjusted [MF] Earnings of $2, we have the 35.5 AAPL trading at less than 10 times that FY99 estimate with an even lower number expected as revised forecasts take into account the effect of lowered debt servicing expense? This sounds great! What am I missing? Are we to expect a forward slash to form in the chart with the end of expirations as desktop calculators pare away the long term misconceptions about this company? HerbVic

To: Eric Yang who wrote (24082)	4/16/1999 4:23:00 PM
From: Don Troppmann	Respond to of 213177

Eric: Assuming the accuracy of your analysis would that not then make Apples FY99 PE (net of cash) less than 10? How would that compare to GTW or CPQ or even Dell using the same analysis of FY99 PE, net of cash? A FY99 PE (net of cash) less than 10 based upon earnings of $2.00 per share, and earnings growth of 16%, would seem to make APPL appear grossly undervalued. Am I missing something? Other than the courage to pump up our equity position. Don T.