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Technology Stocks : Intel Corporation (INTC)

INTC 45.51

+10.7%

Jan 9 9:30 AM EST

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To: Paul Engel who wrote (3426)	9/18/1996 7:50:00 PM
From: Harry Landsiedel	of 186894

Regarding capital spending, Intel mentioned in their 2nd quarter earnings announcement that they would underspend their capital budget in 1996 by $400 million due to slower construction on the Israel fab and importantly, they are using more of the old equipment in the new fabs than they originally thought. In the May analysts meeting one presentation showed that they had set a goal of reusing 70% of the equipment from the old fabs in the new ones. My take in the announcement was that they were beating those estimates. More efficiency here increases the cash flow for stockholders or other investments. HL

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