Advanced Micro Devices - Moderated (AMD) Message Board

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Technology Stocks : Advanced Micro Devices - Moderated (AMD)

AMD 215.18

-2.1%

Dec 2 3:59 PM EST

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To: Mani1 who started this subject	7/18/2000 11:17:54 AM
From: AK2004	Read Replies (2) of 275872

Here is a bit from Merrill about Intel - finally someone is revolting against Intel :-)) o We're looking for June quarter revenues of $8.06 billion, up 20% YoY and up less than 1% sequentially. Our net profit estimate of $2.14 billion or $0.72 per share is up 23% YoY, and up slightly from last quarter's $0.71 after excluding the impact of various one-time gains and losses. This number does not include the impact of the recently announced one-time charge of $200 million and non-operating income of $2.3 billion. Adding both of those numbers in would take our estimate for the quarter up by $0.27, to $0.99 - that is the number that is being reported on First Call. o This quarter, Intel's microprocessor business should represent 81% of total revenues or $6.49 billion, up 16% YoY. Demand has not been an issue for most of the quarter, although we believe that corporate business did in fact soften seasonally late in the second quarter. We have definitely seen availability for PIII products aimed at the corporate sector improve during the latter part of the quarter. The real area of tightness now has shifted to the lower end of Intel's business with the recent launch of higher-speed Celerons lined up against AMD's Duron. Leaving that aside, however, every indication is that Intel should see more standard seasonal patterns reassert themselves in the third quarter following the second quarter's unusually strong sequential performance.[that is less than 1%?] o To the extent that upside emerges in either the quarter or the outlook, it will be driven less by top line surprises than by gross margin. With pricing reasonably firm and depreciation at low levels, we could see the company beat our 63% range fairly easily in Q3 and Q4. Looking further out, though, we continue to believe that easing capacity restrictions will eventually drive another pricing fight with AMD. We also note that the long period of easing depreciation costs is coming to an end, as Intel has nearly doubled capital investment this year. Our intermediate-term Accumulate rating stands. (J. Osha)

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