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Technology Stocks : Intel Corporation (INTC)

INTC 48.32

-0.8%

Jan 15 3:59 PM EST

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To: Elmer Phud who wrote (178665)	7/16/2004 11:03:29 AM
From: The Duke of URL©	Read Replies (1) of 186894

More on Osha: Intel was forced to lower its sights in part because chip inventory surged by 15%, or $427 million higher than the company had anticipated at its last earnings call in April. The buildup in microprocessor inventories reflected bumper yields on Intel's Prescott chip, which is produced using leading-edge manufacturing techniques. In a candid exchange underscoring analysts' surprise at the leap in inventory, Merrill Lynch analyst Joseph Osha said to Intel officers on the conference call, "I've never seen you misjudge your output this massively. Are you saying all this run-up in inventory simply comes from more stuff coming out the end of the pipe than you thought?" Bryant answered in the affirmative, pointed out that plenty of sell-side analysts (and even Intel managers) were concerned as recently as February that the company would encounter problems as its chip plants shifted to producing chips with 90-nanometer linewidths on 300-mm wafers. He called the unexpectedly good yields "one of the good surprises you have to figure out how to deal with."

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