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Technology Stocks : Alliance Semiconductor

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Jul 10 5:00 PM EST

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To: Ram Seetharaman who wrote (8533)	9/23/2000 2:12:50 PM
From: Czechsinthemail	Read Replies (1) of 9582

Re: Intel There are several mitigating factors in the Intel situation including their ability to use investment gains to cover disappointing results from operations. But there are also significant problems. They are facing much more serious competition from AMD, they are no longer so seriously capacity constrained, and a weak euro doesn't help. I think trying to pin it on Europe is a bit of a smoke screen for more systemic problems. But the main problem with INTC was an inflated stock price. For years, funds and individuals alike were using it as a one-decision stock, assuming that the stock price would appreciation continue inexorably. As long as the buy and hold consensus held, this game plan worked. Everyone knew and trusted Intel as a sure-fire winner. The result was a stock price that kept going up with an increasingly large PE even as its rate of growth slowed. Though it is certainly possible that many investors will return to Intel simply as an act of faith, others will require more proof of performance before coming back. IMHO, it is not difficult to find much better values elsewhere.

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