Good morning Clint,
Didn't get the chance to watch the market yesterday. Had an appointment with my physician and spent sometime there in the hospital. Nothing serious but like the market, I need to take a breathe here.
What can I say about Kurlark? Told investors to accumulate amd around 27 last Dec. and then now to sell under 20. What an analyst! I was surprised to see intc slip so much yesterday. In this nosebleeding high market, the tech leaders are especially vulnerable. The late sell-off might come from the news leak regarding amd's quarter loss. If this a price war between intc and amd, doesn't amd's failure translate to intc's success? Lets review what intc said in this conference:
SAN FRANCISCO, Feb 2 (Reuters) - Intel Corp. (Nasdaq:INTC - news), the world's largest
maker of semiconductors, said that the current demand for PCs ''remains very strong,'' but that it
is not changing its previous forecast for the first quarter.
When Intel reported its fourth quarter in January, it also said that first quarter revenues would drop below the $7.6 billion it reported
in the fourth quarter.
''We have not changed our guidance,'' Gordon Casey, director of investor relations at Intel, told a NationsBanc Montgomery
Securities technology conference. ''Certainly consumer demand for PCs remains very strong. We are on track.''
Casey was responding to a question from NationsBanc Montgomery Securities analyst Jonathan Joseph, who asked him if Intel was
changing its guidance to Wall Street, after the month of January came in better than expected.
During his presentation, Casey reiterated that Intel's previous forecast that first quarter revenues would be lower than the fourth
quarter due to seasonal factors, and that gross profit margins would be down slightly from the fourth quarter.
He also said that expenses would be lower than fourth quarter levels of $1.6 billion.
Casey also said that Intel, which was to begin production of its chips using 0.18 micron technology in the second half of the year,
planned to have all its manufacturing use the 0.18 micron process by the end of the year 2000.
Nothing new here. But like you said, market might be in for some trading range here. They don't want the leaders breaking new highs here. By the way, the 300mm rumor might turn out to be true. I am surprised to see that some of my dogs were doing well yesterday, ie pria, brks, cymi... Other equipment stocks were holding up relatively well too.
Iris |
