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

To: Road Walker who wrote (161221)	3/6/2002 9:39:20 AM
From: John F. Dowd	Read Replies (1) \| Respond to of 186894

JF and All: From Sharkey:http://www.sharkyextreme.com/guides/WMPG/article.php/10706_985811__2 RDRAM Those looking for RIMMs, this week, are still getting good news: Overall, PC800 prices are down again this week. PC800 512mb is down $9 to $220.00, while other RIMMs are down from $2 to $6 in price. I think INTC will be going back to the RDRAM. JFD

To: Road Walker who wrote (161221)	3/6/2002 10:14:26 AM
From: Robert Douglas	Respond to of 186894

Bear Stearns notes today: Key Points Intel is scheduled to update its March quarter guidance after market on Thursday. We expect Intel to tighten its guidance into the upper end of the previous range, with revenue guidance probably in the $6.7 - $6.9 B range. We do not expect to significantly change our existing revenue estimate of $6.8 B and our EPS estimate of $0.15. Our 2002 EPS estimate is $0.70, and our 2003 estimate is $1.00. We believe Intel saw strong bookings for its Pentium 4 processor during the first half of the March quarter, but we have seen evidence that bookings are settling into a normal seasonal pattern during the second half of Q1. We believe bookings of PC components earlier in Q1 were favorably affected by stronger than expected PC demand in Q4, but that PC component supply has recently caught up with demand. We expect Intel to experience a normal seasonal decline in revenue in Q2, with a strong recovery possible in the second half of 2002. Although a sequential decline in Q2 is typical, having occurred in 5 out of the last 6 years, we think street expectations may be too optimistic, and an actual decline could be a short term disappointment. We have seen several anecdotal data points in recent weeks pointing to a seasonal decline in PC demand in Q2. We are optimistic about Intel’s prospects in the second half of 2002. Recent positive data points on the U.S. economy, particularly the business sector, have positive implications for a corporate PC upgrade cycle later in 2002. If the U.S. economy continues to recover at a healthy rate, we would expect corporations to revive IT spending in the second half of the year, fueling a PC upgrade cycle. Furthermore, we expect Intel to strengthen its competitive position versus AMD during 2002 as it widens its Pentium 4 clock speed lead over the range bound Athlon XP architecture. Intel has enjoyed a strong rally along with the rest of the semiconductor stocks in the last few days, as investors have poured money into the group. Semiconductor stocks are indeed a strong leveraged play on an economic recovery, which we think was the catalyst for the semiconductor stock rally. The group has broken through the resistance level of 600 on the SOX index and could move higher on a technical breakout. Fundamentals are improving only gradually, but the stocks are anticipating a strong fundamental recovery later in the year driven by an economic upturn. This is consistent with our thesis, and we continue to recommend that investors overweight semiconductor stocks, although we are not inclined to chase rallies – we think fundamentals are still inconsistent and would look for a pull back to be more aggressive buyers. We reaffirm our Buy rating on Intel shares and our $42 12-month price target, and would be aggressive buyers under $30.

To: Road Walker who wrote (161221)	3/6/2002 1:24:43 PM
From: Paul Engel	Read Replies (1) \| Respond to of 186894

John - Re: "Intel seen raising outlook tomorrow (INTC) 32.70: Merrill Lynch expects co to revise its earlier target of $6.4-$7.0 bln to the upper-half of the range when Intel issues its mid-qtr update tomorrow. Specifically, sees co guiding to between $6.7 and $7.0 bln (consensus $6.77 bln). All indicators pt towards performance from co's microprocessor biz during Jan/Feb that has been seasonally normal. " Looks like Dan Niles has a different opinion than Merrill and Morgan Stanley. Looks like we'll find out who is right in about 30 hours. Paul