To: patron_anejo_por_favor who wrote (156638 ) 3/21/2002 7:00:57 PM From: patron_anejo_por_favor Read Replies (2) | Respond to HO HO HO! Fleck's comments to Herb Greenberg on MU's CC (from RealMoney.com):Just off the phone with fellow columnist Fleckenstein on the Mighty Micron, as he calls it, and his read: "Stinks." (He has no position in this stock, by the way.) Revenues missed by around $20 million. To put that in perspective, he says, Dan Niles recently cut his numbers from $877 mil to $732 million; they came in at $646 million. Youch. "More importantly," Fleck says, "even though $646 million is up from $424 million last quarter, they still lost money. Get this: They said they are at minimal inventory levels; they had been telling people they had no inventory. So what number equates with 'minimal' and 'no?' That would be $547 million, or roughly one-quarter's worth of sales. And oh by the way, that's up from last quarter by nearly $100 million. But not to worry, average selling prices are up 70%, so units did decline slightly...BUT that's still a pathetic showing of where their true break even is. Lastly, they were crowing about the cash they have of $1.5 billion, but that's down a couple of hundred million from last quarter and receivables are up. Bottom line: At the end of every quarter they set the bar at one place; they race around with a week to go to get the analysts to lower the bar so they can step over, and they still always manage to screw it up. The only reason it's worth commenting on this is that it's the big-cap imagination stock; they don't sell DRAMS, they sell imagination." Oh, Bill, you're the dreamer. As if anybody will care! hg
