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Technology Stocks : Intel Corporation (INTC)

INTC 34.72

-2.3%

Nov 17 3:59 PM EST

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To: Mike Morley who wrote (90320)	10/14/1999 2:09:00 PM
From: Maverick	Read Replies (1) of 186894

ML reduces Q499 EPS to 0.63,99 EPS to 2.26, 2k EPS to 2.69 Excerpts of the 10/13/99 ML report follows: Intel reported net earnings of $0.55 per share after excluding the impact of one-time acquisition charges and goodwill amortization ? that result was significantly weaker than our estimate of $0.60 per share. ú We are reducing our December quarter earnings estimate to $0.63 from $0.69, and our full-year 1999 estimate now stands at $$2.26, down from our previous number of $2.37. Our 2000 estimate has been reduced as well, from $2.91 to $2.69. Weaker than expected gross margin was the main reason behind the disappointing earnings ? the result was 58.7% as compared to our estimate of 61.4%. ú Delays in the ramp of the more cost-competitive Coppermine product appear to have been the major factor behind the margin pressure.

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