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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: Dealer who wrote (7325)10/11/2000 3:22:45 PM
From: Dealer  Read Replies (2) of 65232
 
INTC's President Barrett says market overreacting to earnings news
October 11, 2000 11:18 AM PT
by Michelle Rushlo

SAN FRANCISCO -- The stock market is overreacting to third-quarter earnings news and feeding on itself, said Intel (INTC) president and CEO Craig Barrett today.

He declined, however, to comment on his own company's stock price ahead of next week's earnings report, citing Securities and Exchange Commission rules.

Intel's stock has taken a beating since the chip giant announced three weeks ago that it would miss revenue estimates. The stock price has been lopped roughly in half since that announcement was made.

Citing the decline that Internet portal Yahoo (YHOO) was suffering today -- the day after it beat analysts' consensus estimates by a penny, Barrett said, "I don't know what you call it but an overreaction and the market feeding on itself." Yahoo was down 15 percent in midafternoon trading.

Barrett spoke to reporters today following his keynote speech at Intel's eXCHANGE conference in San Francisco.

During his keynote address, Barrett reiterated similar themes he emphasized at last week's Oracle Open World, saying that he believes open systems that work with products from multiple vendors are the customer choice of the future.

"Solutions. That's what customers want. They're not so interested in the building blocks," he said.
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