Intel Corporation (INTC) Message Board

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Technology Stocks : Intel Corporation (INTC)

INTC 45.51

+10.7%

Jan 9 3:59 PM EST

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To: robert b furman who wrote (178608)	7/14/2004 9:06:14 AM
From: GVTucker	Read Replies (4) of 186894

The good news: Demand appears to be fine right now and will probably be fine into '05. ICG is doing very well and flash is still taking share. Th bad news: If you listened to the 1Q conference call, inventory was an issue that a lot of analysts focused on. Inventory had been building for a while, and it was starting to flash warning signals. And yet, on this 2Q call, Barrett claims that the inventory problem only arose very late in the 2Q. It almost sounds like the analysts have a better grip on the business than Barrett does. Also, for most all of '03 the big story on Intel was the gross margin expansion. 04 performance was predicated on gross margin. A lot of that excellent gross margin is imbedded in that inventory. If Intel had been a little better in managing their inventory, they wouldn't have made the quarter. It appears as though Intel was late to the inventory issue because they were way too focused on making the earnings number, which is not a good way to run a business.

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