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Technology Stocks : Intel Corporation (INTC)
INTC 34.50+2.6%3:59 PM EST
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To: Lee Penick who wrote (42080)12/12/1997 8:31:00 PM
From: Paul Fiondella  Read Replies (1) of 186894
 
No I'm not anti-Intel

I bought Intel in the past when it was in my opinion severely undervalued. I believe it was about 40 pre-Pentium. I sold it in the 70's. I repeated again when it corrected. So I have been long on the stock in the past and have made money going long.

We have different opinions, I believe as to the valuation of the stock in relation to projected earnings. I think it is almost a certainty that earnings will decline and growth rates will decline in the next two quarters. I see Intel's stockholders as victims of poor judgement with regard to the asset inflation of this bull market. Real value in relation to perceived value remains to be figured out.

Trading: To answer your question, I short without using options strategies to hedge. I rely upon my cash position which I like to keep deep enough to handle the upside. It also forces me not to overinvest. I know I have to keep a certain amount of cash around just in case.

Is 60 justified: Well where was the stock a year ago! Same company and slightly worse position with less forward prospects this year. Stock price is a function of earnings. In absolute terms is this or any great company worth the stock price times the outstanding shares? These prices have been way too high.

Of course I'm not going to short the stock below 70 or Paul Engel might claim vindication!
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