Doug and All,
Yesterday, I attended the Intel's analysts meeting in New York. While there I meet with many "Buy side" analysts. Unfortunately I still can not give you an absolute definitive answer to your question, but several of these analysts were of the opinion that Tom Kurlak's $.67 estimate for Intel's Q1 earnings, prior to release, did not include the $.09 one-time charge for the acquisition of Chips and Tech. In other words, Intel's earnings of $.81 were $.14 above, (more than 20% above), Tom's original earnings expectations.
Therefore, your statement below has great merit. There were absolutely no supported reasons for Kurlak to cut his recommendation to "long term hold" from "long term buy" based on Intel beating his Q1 number by more than 20%.
"Of course if he was 17% off that should be brought out and scrutinized because that would be an indication that this guy is way off base and he shouldn't have the power to move Intel's stock the way he does."
Unfortunately, for those of us who held April 80 Intel Calls, the damage has already been done. Kurlak, along with the unknowing help of CNBC, effectively killed Intel's rally, gave his customers who were short the time to cover and get out, and cost me thousands of dollars.
Jules
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