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Technology Stocks : Intel Corporation (INTC)

INTC 35.94

-5.1%

Nov 13 3:59 PM EST

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To: Paul Engel who wrote (91071)	10/27/1999 8:55:00 PM
From: Maverick	Read Replies (1) of 186894

Hitachi, Fujitsu, European reduce orders Intelligence on Intel not good Excerpts follow. By Susan Lerner, CBS MarketWatch Last Update: 4:20 PM ET Oct 27, 1999 Analysts Ratings Market Pulse NEW YORK (CBS.MW) -- Concerns over semiconductor supply issues following the recent Taiwan earthquakes resurfaced Wednesday as earnings estimates for Intel Corp. (INTC: news, msgs) were lowered to reflect tight processor supply. "We are getting multiple reports that Intel is having some manufacturing issues this quarter and is having trouble meeting all the commitments it made to customers," Salomon Smith Barney analyst Jonathan Joseph told clients. Reports are that U.S. original equipment manufacturers have begun to cut back orders for the fourth quarter due to Y2K wind-downs, Joseph said. Multiple reports out of Taiwan indicate that Japanese PC manufacturers Hitachi and Fujitsu have begun to cut back and at least one European PC maker also is trimming its plans, he added. "This all puts a short-term cloud over Intel's performance in the fourth and first quarters and as a result, we are reducing our Q4 estimate from $0.64 to $0.59 and 2000 from $2.85 to $2.65," Joseph said. Joseph's long-term outlook on the chipmaker remains positive, however. He reiterated his "buy" recommendation on the stock and left his $95 price target in place. Intel shares slid 2 to close at 69 7/16.

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