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Technology Stocks : Intel Corporation (INTC)
INTC 40.34-2.6%3:59 PM EST
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To: GVTucker who wrote (73533)2/12/1999 8:29:00 PM
From: Fred Fahmy  Read Replies (5) of 186894
 
GVTucker,

<Kurlak didn't get pushed out. It was a true resignation. He went to Tiger Management. Julian Robertson hired Kurlak away from Merrill.>

Is this naive speculation on your part or do you know something that no one else knows?? I'm sure Intel trading at more than twice the low that Kurlak called for just six or so months ago had nothing to do with his departure, right <g>? He was virtually the only analyst on WS to miss the Intel boat. He downgraded Intel when it was in the 80's then finally upgraded Intel AFTER it had run up from 70 to over 110. I'm sure Craig Barrett putting up a slide showing a dismayed Merrill Lynch customer at the technology conference last year and totally embarrassing Kurlak and Merrill also had no affect. The entire investment community laughed at the opening of that conference at the expense of Tommy T. My guess (and that's all we can do) is that Merrill began to see Kurlak as more of a liability than an asset. At best I would say it was a mutual decision, if not a forced exit. Clearly, his blown Intel call cost a lot of big Merrill customers a lot of easy money. It might have been good for commissions, but not for retaining long time customers. His continued arrogance in disregarding direct Intel guidance and actual results was getting a little embarrassing. His EPS estimates for Intel had been wildly inaccurate for the past several quarters. His participation/questions at the recent conference calls following the last several earnings reports made him come off rather clueless.

FF
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