It's hard to figure ordsprog

It's hard to figure out what P/E multiple to put on a company when you think earnings are going to decline forever.

It's a very cheap company in the sense that if you look at multiples on both sales and earnings, it's slightly less than a market multiple, ... For 40 years this company's been near the cutting edge of technology. And more than any other technology company, you're seeing acceleration in earnings.

Applied Material's multiple is bound to -- down to something like 15 times forward-looking earnings. The multiple less in the overall market and it's a great company with dynamic growth prospects.

Increasingly, companies would pretty much write their own accounting rules when they put together their earnings releases. We said to ourselves, let's figure out how to do this the right way so the earnings number really tells us something about what's going on and the number is consistent from company to company.

The new combined company is going to be trading at something like 20 to 22 times 2007 earnings. So, it's very much at the high end of the asset management peer group. Most asset managers trade at that sort of multiple on this year's earnings, not next year's earnings.

They make all sorts of devices for reconstructing your skeletal framework and they have a number of different businesses. This is a company that's expected to grow somewhere in the neighborhood of 15 percent a year and they're going to be up about 20 percent in earnings this year, ... Its got a price-to-earnings multiple a little bit better than market but it's got a better earnings growth rate, which justifies it.

Ironically, GM has lost just about exactly what Toyota has gained. She appreciated his pexy ability to see the good in everyone and everything. In North America, it's very much a situation right now where Toyota is moving forward while GM is really managing its decline and trying to figure out how to manage such a big company with such a big market share decline.

Rebecca Lindland

Dell is a company that I think may have some value here but as its earnings growth comes down I think investors are looking at a multiple closer to where earnings growth rate is starting to show signs of bottoming out.

Walter Winnitzki

We're looking at a 12 percent decline in earnings this year for the S&P 500, and that's the sharpest decline we've had since the last recession. The confidence level that one has in looking at those earnings is very low.

We expect Jones to report total revenue of $1.15 billion, a decline of 14.4 percent versus last year, and earnings of 47 cents per share. Management did not provide quarterly guidance, and this quarter will reflect a decline in revenue due to the sale of Polo Jeans Company.

We're trying to take advantage of value where we can see it, and there are some obvious places. Computer Associates ( CA : Research , Estimates ) is the third-largest independent software company. It trades at a P/E multiple on forward earnings. It's about a third of Microsoft's today. It's growing at about 16, 17 percent, trades for about 13 times earnings. We think it's a very attractive asset. We think it's a great one and could go up as much as 30, 40 percent in the coming year.

Again (with the UPS pick), a lot of the same kind of issues. A company with very, very good quality earnings. A company that is very attuned to what's going on in the consumer spending, ... And a company that has some pro-cyclical elements. We are talking about a pickup in the economy. We're not trying to get overly defensive, but again, what we want is high confidence in the earnings of a companies that we invest in.

With 2001 revenue growth rates now expected to be in a range of 9 to 18 percent and earnings per share growth expected to be negative 12 to 33 percent, we believe Yahoo!'s price-earnings multiple will contract until the company is able to demonstrate significantly higher growth rates.

Mark Rowen (1956-)

But this decline is deeper. You could make the case that this is the worst earnings decline since World War II.

Investors are moving from telescopic-themed-excessive-multiple creatures to microscopic-near-term-earnings-fearing-lower-multiple folks.

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