To All, Intel stank the house out, as I expected. Earlier today, when discussing estimates from the braindead Wall Street analysts, I made the comment, "if this is a good quarter, what does a bad quarter look like." Intel must have caught that comment, because they provided an immediate illustration of what a truly sucky quarter looks like. In truth, the quarter would not look so bad if the stock was still in the 30s. But in the 60s, it is a toilet bowl at a Burrito Cookoff. <g>
1. Revenues off 5.7% from 1Q, which were down from 4Q. Uh, isn't this a "growth" business? <g>
2. They increased R&D spending, which is not in character for a touty scamster co. like Intel in a down quarter. Perhaps they were believing the analysts. <g>
3. Operating income down 13.8%. No wonder they are doing the share buyback scam. With taxes down just 12.8%, they have a bit more studying to do at IBM's Sharp Pencil Academy. OF course, unlike IBM, Intel really does have eps that aren't imaginary, so it's tougher for them.
4. EPS down 10.7% sequentially.
5. Still building inventories with lower sales. Huh!? Up 3.8% from the already mostrous levels of the previous quarter and at much lower ASPs. They will soon change the co. name to Warehouses Are Us.
6. Total assets are down reflecting the sales of investments to bolster faltering income from operations.
7. The put warrant flim flam looks to be on permanent hold.
8. Shares outstanding are down from 1Q but up from December. These are Buybacks, aren't they? When do buybacks become sellouts?
9. The story they were telling about a recovery in Asia is not reflected in the sales in Asia. Once again, story leads the truth.
All in all, a pathetic quarter that caught the Wall Street enablers by surprise. No preannouncement. Just a pukey announcement. <g> |
