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

To: L. Adam Latham who wrote (170646)	9/5/2002 9:58:50 PM
From: BelowTheCrowd	Read Replies (1) \| Respond to of 186894

Since GAAP rules changed, comparing this year's GAAP results to last years is an apples-to-oranges comparison. The market will continue to ignore "gains" that have to do with how things get accounted for and written off on paper, but have little real bearing on how much cash is coming in or going out. Last year they brought in $6.5b revenues in the third quarter. This year they're expecting $6.3b - $6.7b. Even if they make the very top of the range, that's only a 3% increase compared to last year. If you add in some belt tightening and other efficiency, maybe the overall improvement comes out to as much as 5% after adjusting for changes in the accounting rules. Maybe. Unfortunately, the company is not priced as a 5% grower, which leads me to believe that until the end markets come back, the stock price will continue in a downtrend. Not happy to say it, but this isn't religion to me, it's money, and I'm not going to lose any of it by convincing myself that this company should be priced for 100% growth. No positions, might short a small position on a pop. mg