Your comment insinuating management has not been truthful is unwarranted. If you check back posts from a couple of weeks ago, Thornley was asked about Korea and said that the company was evaluating the situation. Some, criticized him for not being positive enough for failing to say that exports would take up the slack. As a result, Snyder came out negative, and Roberts lowered his forward earnings by a few pennies. Now, the company has come out and said, after our evaluation, chip sales will be "moderately down." Granted, that is vague, but I doubt that the company has a specific percentage, especially since it may not know the impact of the Telson deal, yet, and how much Nokia will be getting. I don't see how you can say that Roberts "was held out to dry." Noticeably, there is no prognostication as to earnings. Given the number of variables out there, it is simply too early to tell if lower chip sales will impact earnings with so many other things going on.
CNBC reports downgrades from First Union and ABN Amro, but Prudential lowers estimates but no change in targets as Korea opined to be already factored in price of stock. Paine, Webber says nothing has changed and maintains $250 price target. CSFB says it is waiting further guidance from management. July 19 CC will be very interesting. CNBC said something else interesting, Korean mfr said Qcom is only 2-3% of the Korean manufacturers' business. |
