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Technology Stocks : Advanced Micro Devices - Moderated (AMD)
AMD 213.43+6.2%Dec 19 9:30 AM EST
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To: Mani1 who started this subject9/22/2000 11:58:20 AM
From: AK2004Read Replies (1) of 275872
 
<font color=red>Intel is more a trailing, rather than leading indicator of demand tone

11:37am EDT 22-Sep-00 Wit SoundView
......
Summary:
We believe high oil prices, higher interest rates, and dollar priced boxes have
caused Intel to come up short in Europe. Our most recent inputs suggest that
Intel is more a trailing, rather than leading indicator of demand tone,
particularly corporate. Our bias is to pick up Compaq (CPQ) at what are likely
to be bargain prices for its high exposure to server and corporate PC demand.
We continue to steer clear of Gateway (GTW) and Hewlett Packard (HWP) because of
their heavy consumer exposure.

Trading net:
* Recent inputs: Recent inputs from PC vendors are a bit mixed but overall more
positive than Intel's pre-announcement. Yesterday, DELL indicted at a
conference that 2H PC demand still looked strong and corporate demand and Europe
was recovering. DELL reiterated full-year guidance of 30 percent. Sources at
Compaq continue to indicate improving tone of demand in corporate purchasing.
Gateway (we recently cut numbers), Hewlett Packard, Compaq and many channel and
industry contacts have told us consumer demand has been somewhat weaker than
anticipated.

* Multiple reasons: We think there are multiple reasons for Intel's miss:
........................
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