All,
As mentioned earlier, Jim Barlage, Smith Barney's Semiconductor Analyst demonstrated for the world today how one puts his foot deep into his mouth. Downgrading Intel to a Neutral Rating, from his reiteration of his Buy Rating just last week, he stated this morning,
"Our downgrade is based on a stock market call and not a change
in the fundamentals as we perceive them."
Jim, if you read this, calling the direction of the overall market is not your job.
Showing his unique creative analysis approach to Intel, Mr Barlage was very quick to "pile on". Unfortunately for Jim, too many others had already piled on to the tech stock sector, and Intel, before him.
As a past financial analyst with a major brokerage firm, myself, I find it incredable that there is a lack of forward analysis beyond 3 months, now prevailant from today's sell side analysts. Week after week we see analsts making recommendations based on yesterday's earnings. However, today Jim Barlage's brought the art of semiconductor industry analysis to a new low with his recommendation based on yesterday's call from Elaine Garzelli. Don't semiconductor analysts do analysis on their industry anymore? Or is Barlage in training for a job with Andy Chen? Both seem to believe that stating "off the wall" opinions, for which they have no qualifications, is the way to be a good analyst.
Paul,
I think Burt was referring to Tom Kurlak of Merrill Lynch, not Eugene Glazer. Gene is the semi analyst with Dean Whitter Inc.
Jules
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