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To: Joseph G. who wrote (3047)	7/14/1998 9:41:00 PM
From: Cynic 2005	Read Replies (1) \| Respond to of 86076

Somebody at DBC has been drinking and typing. -g- 18:15 [INTC] INTEL SAYS WANTS TO GET HEAD COUNT DOWN TO 3,000. 18:15 [INTC] INTEL SAYS LAYOFF PLAN UNCHANGED. 18:14 [INTC] INTEL SAYS MEDIA SPENDS MAY BE UP IN Q3. 18:14 [INTC] INTEL SAYS WON'T REDUCE LARGE MEDIA SPENDS. 18:14 [INTC] INTEL EXPECTS SECOND-HALF REVENUE UP OVER SECOND HALF. 18:08 [INTC] INTEL: SEES MENDECINO SHIPMENTS SHIPMENTS "EARLY SECOND-HALF". 18:03 [INTC] INTEL SAYS COMPETITIVE PROCESSORS AT LOWER-END OF RANGE. 18:02 [INTC] INTEL: $145 MILLION INCOME FOR NEXT QUARTER INCLUDES CNET SELLOUT. 18:01 [INTC] INTEL SEES MID-TEEN PERCENT FOR PC MARKET GROWTH; IN LINE WITH EXPECTATIONS. 18:00 [INTC] INTEL: ASIAN MARKETS LOOK "INCREASINGLY INDEPENDENT". 17:54 [INTC] INTEL SEES PROCESSOR PERFORMANCE GOING UP/WORKSTATIONS GOING INTO THOSE MARKETS. 17:54 [INTC] INTEL SEES NEAR-TERM DISPLACEMENT OF PENTUIM II SHIPMENTS. 17:52 [INTC] INTEL: OVERALL VOLUME "RELATIVELY SMALL", WILL SEE GROWTH OVER NEXT FEW QUARTERS. 17:50 [INTC] CIBC OPPENHEIMER ANALYST QUESTIONS INTEL INVENTORY CORRECTION LENGTH. 17:47 [INTC] INTEL: FLAT TO SLIGHTLY INCREASING REVENUE IN Q3 SUPPORTED BY BACKLOG. 17:45 [INTC] INTEL SEES Q3 REVENUE "FLAT TO SLIGHTLY UP".

To: Joseph G. who wrote (3047)	7/15/1998 9:13:00 PM
From: Cynic 2005	Read Replies (2) \| Respond to of 86076

This is what Fleck has to say about my accounting Q. <<In the quarter, they burned $3 billion of cash. (Now some of that was due to DEC acquisition, but nevertheless, they burned $3 billion in cash.) To keep the stock share count even, they bought back $1.7 billion in stock. They spent more on stock-buybacks than they earned. Now they are down to $7-1/2 billion in cash, which sounds like a lot, except that when you burn $2 or 3 billion a quarter, it doesn't get you very far. One of two things will happen. They will either run out of cash in couple of quarters (I don't think they will be that crazy), or they are going to have to slow the share buy-back. If they do the latter, obviously that will reduce the bid in the market and will help to dilute earnings. Not only are they in a difficult position as businessmen, they also are in a difficult position as stock market operators. They've built in a requirement to buy back huge amounts of stock, but the business is not really generating the cash to support that, which is why more lay-offs are on the way. >> Does this mean I have Fleck eyes? -g- -MMV