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

To: tejek who wrote (139009)	8/31/2001 3:13:00 PM
From: tejek	Respond to of 1578997

Delayed Reaction for Intel? By James J. Cramer 08/31/2001 02:47 PM EDT Bristol-Myers Friday for Intel (INTC:Nasdaq - news - commentary)? That's shorthand I used to use at Cramer Berkowitz for "take advantage of the news now and buy, it will be rocked on Tuesday." I think that when people come back on Tuesday, they are going to react positively to Jon Joseph's midday call that Intel's Pentium 4 demand may be running ahead of expectations. The Salomon Smith Barney analyst says the P4 manufacturing ramp could be ahead of expectations, too, meaning the yields might be higher than expected. That's great for profit margins. I call it "Bristol-Myers Friday" because about seven years ago when an analyst cut numbers for Bristol Myers on a sleepy Friday in August, the stock didn't react until the following week. After the analyst made the midday Friday call that Bristol might miss the quarter, I had Jeff call Bristol to see if it was an official guide down. It was and we started shorting it. But the stock didn't go down. In fact, it started to go up! I told Jeff that I couldn't imagine the news wasn't already "in" the stock and that's why it wasn't going down harder. And then when the stock started climbing on some mindless program, I was furious. He stood his ground and said let's buy more puts. On Monday Bristol opened down three as everyone took the estimates down. We had a huge home run. I don't think enough people are around right now to react to this very positive Jon Joseph call. If they were, I think people would be buying it more aggressively. I bet it goes up next week. Two caveats: one, it is Joseph. He has been way too bullish of late. Two, it is Intel, they could announce that everything else is bad except the P4 and the stock gets hammered. Your call. But it feels awful Bristol-Myers-y to me. -------------------------------------------------------------------------------- James J. Cramer is a director and co-founder of TheStreet.com.