Advanced Micro Devices - Moderated (AMD) Message Board

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Technology Stocks : Advanced Micro Devices - Moderated (AMD)

AMD 203.76

-1.1%

3:59 PM EST

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To: AK2004 who wrote (1577)	7/20/2000 11:47:35 AM
From: AK2004	Read Replies (1) of 275872

and here is Needham (no comments needed) 09:34am EDT 20-Jul-00 Needham & Co. NEEDHAM AMD ASML ASYT ATMI AUGT CLTK CLS .............................. Advanced Micro Devices (AMD/NYSE) $92.75 FY Revenues (mil) EPS* Dan Scovel (212) 705-0322 ........... * AMD reported untaxed 2Q earnings of $1.51 per share, well in excess of our $1.20 estimate and the consensus estimate of $1.14. The upside was primarily due to better than expected gross margin. * The company announced a 2:1 stock split effective August 21. * Athlon microprocessor unit growth and ASP enhancements are tracking to expectations. * A 20% tax rate is expected for 2000, up from zero, due to expected exhaustion of tax loss carry forwards this year. The expected tax rate for 2001 remains 31%. * We estimate the loss of communications products will adversely impact expected revenues by $100 million this year and $300 million next year. * We are raising our earnings estimate for 2000, on a normalized tax basis of 31%, to $4.28 per share from $3.96 and maintaining our 2001 estimate of $5.79. * We reiterate our Buy recommendation and reaffirm our $115 target price. ........................

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