Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: TimF who wrote (138596)	8/6/2001 12:33:02 PM
From: tejek	of 1581605

An Intel Bull Backpedals By James J. Cramer 8/6/01 9:43 AM ET Beware of bulls cutting numbers! This morning Jon Joseph, the big semiconductor bull at Salomon Smith Barney, cut numbers for Intel (INTC:Nasdaq - news - commentary). Why does that matter so much? Because Joseph has been the single biggest cheerleader and bottom prospector for this group. He has been calling the bottom now for months and this number cut is quite unexpected. Worse, the depth of the number cut is totally surprising. Joseph goes from high to low on the Street, meaning that he has now sliced his estimates for Intel below where the bears are. Of course, Joseph maintained his buy. He has to; that's the way the game is played. But his bullishness will now be used against him. I thought last week's rally was incredibly important because the market came up from lows, and would not stay down. The crucial stock in that rally was Intel, which looked like it would, at last, almost a year after its critical shortfall, rally out of the range. Now it looks like it won't because of these cuts. And the focus for gains will have to be elsewhere.

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