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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Earlie who wrote (73521)	1/13/2000 10:17:00 PM
From: valueminded	Respond to of 132070

Earlie/Mike/All: Will be interesting to see how the market reacts tomorrow. Heres my take: 1. Operating income for Intc was actually down for the year over year. 2.8bil b4 tax in 1998, 2.7bil b4 tax in 1999. Usually I would not call this a sign of robust demand...but you never know. Operational earnings are 52c/share. 2. Interest and other income was actually 508mil, they guided analysts to 280 million. They recognized gains of 327million on sales of securities. Or about 6c/share 3. Spent 4.6bil on buybacks this year. For all of 1990-2000, they spent about 18bil. Seems like the buyback pace is accelerating, unfortunately with all this buyback activity the diluted shares continue to increase. 4. They have much room to massage earnings with. Looking at their sheet, they have appreciation of 5.8billion on their marketable securities which could eventually find its way to the earnings sheet unless the market takes a swan dive. (they are also good investors as the initial investment of about 2.2bil is now worth about 8bil) Wish I was that good. 5. It disturbs me that good companies will make special efforts to point out the acquisition costs(and present a separate balance sheet excluding them) but will include 1 time appreciation events resulting from securities sales not necessarily related to their business. This is my read. It will be interesting if the analysts nudge,nudge wink wink to their big institutional holders whilst whooping it up in public. Finally, would appreciate your thoughts and some put targets that you feel may be profitable in the next couple of months. Doesnt look like intel will be one of them.