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Technology Stocks : Intel Corporation (INTC)

INTC 36.78

+2.7%

Nov 26 3:59 PM EST

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To: Patsy Collins who wrote (45452)	1/14/1998 12:21:00 PM
From: Paul Engel	Read Replies (2) of 186894

Patsy - Re: Edelstone & " get a broker at Morgan Stanley." I actually called Mark Edelstone on Sept. 4, 1997 to discuss his (Morgan Stanley's) bullish forecast on AMD - which was apparently written up a few days before AMD announced yield problems. Superior timing, I might add! At the time, I spoke to John Cross, Edelstone's assistant (Edlestone was "unavailable"). Cross said that he and Mark were comfortable with AMD's guidance - that the K6 was going to take major market share from Intel. He reiterated that MS was confident that AMD would earn $4.00 for 1998. Subsequently, I listened in on a Morgan Stanley Analyst call - given by Mark Edlestone - on October 1, 1997. Here are my notes from that call: {=====================} Edlestone is uncomfortable situation with yield problems Uphill battle with Intel - best manufacturer in the world AMD is losing ground each quarter New rating = OUTPERFORM with a $50 Price Target (His former target was $90 - issued when he was at Prudential about 3 months prior to this call). Edelstone recommended: Use weakness in the stock to buy AT $34 - STRONG BUY recommendation was given by MS. Outperfrom rating reflects increasing RISC due to exxagerated manufacturing problems Now they predict $3.00 for 1998 (Downgraded from $4.00) Edelstone said that yield has gotten worse in some cases. Question - $2.50 was street estimate, Edelstone's was at $4.00 Now $2.25 = street estimate but Edelstone is at $3.00 Predicts better ASP when 0.25 micron process is in production. Q - Confidence level in AMD's perfromance A - lower today than yesterday {=====================================} If Edlestone has made any good calls - please advise me - he certainly has proved that he doesn't know JACK about AMD. Paul

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