Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

They increased borrowing by $300 MM and paid about $250 MM in dividends in the quarter ending Sep 30/02, but you got to look into the details of the cash flow, they have a strange 770 MM change in operating activities (showing in the B-Sheet as an increase in "other assets" but without knowing what these are it is tough to know. The reality, of course is that they borrowed all the money paid out in dividend, a first sign of problem for a great company (but if you look at the Dow Hit list, you may note that I think they may be in danger of breaking 108 and if that happens, $85 could be in the cards...)

Zeev