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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Doug M. who wrote (65173)	7/14/1999 1:45:00 AM
From: Process Boy	Read Replies (1) \| Respond to of 1578906

Doug - <This year Intel specifically omitted the "flat" part of the guidance and chose to say slightly up. This is pretty significant because Intel is usually conservative as you know.> Thank you. I had not picked up on this yet. To tell you the truth I've been somewhat detained today, and have not read the statement yet. I agree that omitting "flat" from the statement could be indicative of how management perceives business going forward. PB

To: Doug M. who wrote (65173)	7/14/1999 9:09:00 AM
From: A. A. LaFountain III	Read Replies (2) \| Respond to of 1578906

Doug: re "This year Intel specifically omitted the "flat" part of the guidance and chose to say slightly up. This is pretty significant because Intel is usually conservative as you know." This comment sounds just like the research note coming out of Merrill Lynch this morning. Only one problem - it's wrong. Intel has had two negative preannouncements over the past 12 quarters and just reported a quarter with revenues within its guidance only if you use the term loosely (flat to slightly down ends up -5% with a $400 million reserve reversal). I'd be extremely interested in any documentation that shows there is any statistical significance to Intel's guidance. Additionally, how does one reconcile "slightly up" for the third quarter and "strong" for the second half. Does the fourth quarter have any idea of what it's being asked to do in the face of increased competition at the high end? - Tad LaFountain