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Technology Stocks : Intel Corporation (INTC)

INTC 36.34

-0.1%

3:59 PM EST

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To: Road Walker who wrote (136940)	6/7/2001 6:06:20 PM
From: maui_dude	Read Replies (2) of 186894

Some notes from the CC : Rev, GM and Expenses below midpoint. For the year GM 50%, RnD $4.2B, CapEx $7.5B. IAG stabilized. Networking business slow. From Q/A : ---------- - ASP down. Seasonal 2Q. - Routine June in terms of demand for uP. Market share : lost some in Q1. Not loosing anymore (Andy sounded somewhat hesitant). - Inventory : down to the target normal level. Not much in the channel for uP. For Communication, inventory needs to be worked off. No bottom in the communication business yet. - Geographic demand issue : Not much surprise here. No big step down in any geography relatively (implied that N. America is not too bad). - P4 ramp and Brookdale : Andy wanted to stay away from products in the CC. - Flash memory business : Flash is down. Took flash factories off-line. Flash inventory under control. Flash seems better than communications. - H2 business for non uP : hard to predict. Can't call bottom in communication. Still inventory high. - Why Intel sees bottom in PC biz when others dont ? Answer : datapoint to support Intels view that PC biz has bottomed - historical trends etc. - Q from SSB : what is Q3 and Q4 relative to Q2. Answer : H1/H2 is 45%/55%. August is normally slow. Sept is normally good. So Q3 is back loaded. - Product mix : Not prepared to go there. ASP for Q2 down. - Clueless Joe from ML : Inventory stockpiling. Andy : we dont see any inventory stockpiling in the channel. Inventory will be up a little bit in Q2. Flash lower in inventory. - In terms of operation things look fine. .13 fine. 300 mm going good. Chipset could be better (?) - HP says things are slow. why ? Answer : Communication is still slow. Intel cant speak for HP! So, from Intels perspective uP will pick up in H2. You should ask them! - P4 ramp (same question again). - Pattern of orders : little early to predict back-to-school. Will know in next 5 weeks. My bottom line : Stock may linger between 26 and 36 over the next quarter and time to write slightly out of the money and one or two months out cover calls (: Good luck to you all. Maui.

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