Restructuring -- I think this has already happened, with Intel's renewed focus on covering the entire CPU spectrum, from the ARM chips (from DEC and ARM) to Merced, with Covington and Mendocino included for the segment 0 pc's. But the results won't be apparent for six months.
By the way, if a distribution channel shift is ALL that this is, it will be a short term phenomenon, over by 3rd quarter, and maybe 2nd quarter. The channel is just a pipeline between the mfgrs. (both chip and box) and the end consumer (businesses and individuals), it can shift any number of ways, but in the end, what goes in one end comes out the other. The bigger issue is whether this is due to an ADDITIONAL fundamental change in the entire PC market, it's difficult to tell right now, too many things happening at once to easily isolate the discrete causes and effects.
Stock repurchase -- this is an ongoing program, but I would expect it to accelerate as the price drops. I think Intel will see $60, could see high $40's (although my guess is it won't go THAT low). |
