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To: Paul Engel who wrote (90077)	10/13/1999 12:10:00 AM
From: puborectalis	Read Replies (1) \| Respond to of 186894

Intel Corp. Reiterated 'Strong Buy' at Deutsche Banc Alex. Brown 10/12/99 6:36:00 PM Source: Bloomberg News Princeton, New Jersey, Oct. 12 (Bloomberg Data) -- Intel Corp. (INTC US) was reiterated ''strong buy'' by analyst Erika Klauer at Deutsche Banc Alex. Brown. The 12-month target price is $111.00 per share.

To: Paul Engel who wrote (90077)	10/13/1999 12:21:00 AM
From: Jim McMannis	Read Replies (1) \| Respond to of 186894

RE:"Andy probably said it his way to keep the stock from dropping $20 tomorrow instead of just $10"... Go back into the garage and run the router. You're too negative... <G> If you count todays close you might get -9.9375... then stabilization

To: Paul Engel who wrote (90077)	10/13/1999 1:16:00 AM
From: Amy J	Read Replies (4) \| Respond to of 186894

Paul, Tony and Thread, about the Conference Call: I just listened to the conference call. Andy did not say "significantly" higher revenue - he said "up." He did not sound defensive to me - just a little serious. Here's the summary: About revenue: - There are 3 ranges: "slightly up/lower", "up/lower", and "significantly up/lower" - "Slightly lower" for example was Q1 to Q2 where we did 5% - "Slightly higher" was Q2 to Q3 where we did 7% - For Q4, we'll be "up" [Side note: I noticed he didn't say "significantly up" which occurred awhile ago when at ~15%. To me, this means Q4 revenues will be higher than 7% but less than ~15%. "Up" is better than "slightly higher" but not as good as "significantly up"] Other comments made: - The ASP decline has slowed down significantly - We are pleased with Itanium. Running on Win-64, Linux, HP OS, IBM OS - We see strong seasonal demand across all product lines for Q4 across all geographies. - Costs are less than our target [this is good] for Q4. - I think they said Celeron was fixed as a % of overall unit shipment - ASP decrease in Q3 due to two things (I believe he said): 1. gain in market share in value PC market and 2. underestimating the impact of higher performance product pushed from Q3 to Q4. - about Q4 revenue... Andy said "stronger statement than what we began with Q3" - Q4 GM will be a couple of points higher (GM 58.7 for Q3, so that's 60.7 for Q4!) because of improvement from .18 lower unit costs, inventory costs, and something else which I missed - cost/unit better than we expected (good for Q4, but impacts Q3) - Operating expenses... short-term aberrations...but should go back to traditional model - 50% Europe P3 (retail ?) in Q3 - Both stories of Y2K are alive and well from our customers [i.e. those who buy now vs. those who buy later], therefore we're seeing normal growth - Question: if no .18 problem, would you have had no GM problems? He said "Yes" - IMPORTANT: INVENTORY LESS THAN EXPECTED... WE DIDN'T ANTICIPATE THIS MUCH DEMAND SO WE ARE PUSHING OUR FABS AS MUCH AS POSSIBLE. Right now, with fabs, we are trying to, I would like to build up inventory in Q4, don't know if we will be able to or not !!! [Note: This translates to me: a very healthy demand for Q4] - integrated graphics can alleviate the demand problem which exists for graphics - Tad asked if the flawed introductions were random or systemic problems which could be fixed. Paul O's answer was: "I hope they are random... our road map is moving faster than before due to competition and market. I think people don't give us enough credit for some of the complexities of... - Not impacted by Quake - Price of DRAM and Graphics up - Question: Will ASP bottom out? Answer: we don't give guidance on ASP, but I can tell you: GM will be up a couple of points and we will ship more high-end products and the rate of decline on ASP was less in Q3 than in the previous quarter. That should give you a good idea. Cheers ! Amy J