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Technology Stocks : Intel Corporation (INTC) -- Ignore unavailable to you. Want to Upgrade?

To: Paul Engel who wrote (113248)	10/12/2000 4:19:45 AM
From: kapkan4u	Respond to of 186894

Congratulations Bush supporters. Our man kicked the serial exaggerator's butt last night. vote.com Kap

To: Paul Engel who wrote (113248)	10/12/2000 7:01:44 AM
From: puborectalis	Read Replies (3) \| Respond to of 186894

Pessimistic market leaves Intel CEO baffled BY THERESE POLETTI Mercury News Even as investors continued to dump technology stocks Wednesday, Intel Corp. Chief Executive Craig Barrett criticized fickle Wall Street analysts and panicky investors for overlooking the underlying strengths of New Economy companies like Intel and Yahoo Inc. Three weeks ago, chip maker Intel forecast that its third-quarter revenues would be lower than expected, due to sluggish sales in Europe. Since then, Intel's shares have lost almost half of their value, closing Wednesday at $35.38, down $2.19. ``It's not like we're shrinking,'' Barrett said in an interview at an Intel e-business conference in San Francisco. ``We are just not growing as much as we thought we would grow.'' Driven by the Internet's growth, demand for high-tech products remains robust, Barrett said. ``I see immense interest in the Internet everywhere we go.'' Yet investors seem to have little faith -- a far cry from the optimism of just a few months ago. Amid a broad sell-off that sent the Nasdaq composite index down 72 points Wednesday, near the low for the year, shares of leading Internet portal Yahoo fell 21 percent to $65.38 despite reporting 90 percent sales growth for the third quarter. Barrett was astonished by the market reaction. ``They are getting trashed, and they only grew 90 percent over a year ago. They didn't exceed the analysts' expectations by the amount that they were supposed to outperform expectations.'' While Barrett declined to comment specifically about Intel's third quarter, citing the company's quiet period before it reports earnings next Tuesday, he noted that personal computer sales are just beginning to ramp up in most countries, even if they're slowing in the United States. Intel's microprocessors are the ``brains'' of most PCs. ``People seem to forget that 60 percent of Intel's business is done outside the U.S.,'' Barrett said. ``And the fraction of our business outside the U.S. is continuing to increase. . . . So I roll my eyes when I hear the analyst who called up two retail stores in the U.S. and decided that's a trend. They ought to get an international dialing card so they can call some other countries.'' Barrett was in San Francisco for an event to showcase customer applications that will use Intel's new Itanium processor for high-performance workstations and computer servers. Barrett said the Itanium roll out will unfold in stages, with computer makers releasing the first products late this year and ``reasonable commercial volumes'' expected in the first half of next year. Barrett acknowledged that Intel is now taking a more cautious approach with its new product launches, in light of several product missteps, including two recalled chips this year. While Intel won't comment on a specific launch date for the much-anticipated Pentium 4, analysts said that Intel has delayed the product launch a few weeks so that it can solve a problem with the chip sets that will work with the new PC processors. ``We are probably a little bit sensitive about high-quality product introductions,'' said Barrett, mentioning the recalls. But he said Intel is on track to introduce the Pentium 4 this quarter. ``And we will introduce it with due regard to high quality and Intel brand image.'' Barrett said that the Pentium 4 will ``ramp like mad'' next year and will begin to significantly contribute to revenues, but he declined to be more specific. Intel has refocused its attention on its ``best-known methods, best-known practices and planning methodology,'' Barrett said, as it seeks to avoid a recurrence of its recent problems. Intel also recently realigned some of its executives to focus on getting the Pentium III and Pentium 4 chips out more quickly.