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To: Rich Young who wrote (71812)	10/13/1998 5:40:00 PM
From: D.J.Smyth	Read Replies (1) \| Respond to of 176387

cnnfn.com <<The September quarter is a seasonally improving quarter because of back-to-school and holiday sales," said Greg Mischou, an analyst at Warburg Dillon Read. "Now people are starting to think, 'Does the momentum continue in the PC business? What is Intel's guidance going to be for sequential growth?' ">> what a crock. The Sept. qtr. is generally among the weakest given a general slowdown in Europe for summer holiday. Intel's earnings is stronger than anyone could have expected. what is he talking about - school season preparation? that's a new one. let's see the 1st qt. is also considered a strong qtr. because, businesses new spending budgets are approved for the coming twelve months and purchases are made in the first qtr to redeem the value. The 2nd qtr. is much of the same in the first given approved budgets. The 3rd qtr. is the slowest. But now he's says, because of "back to school and preparation for the 4th" it's one of the strongest. Preparation for the 4th starts in the 4th. the decrease of $300 mil in cap ex spending is positive for Intc, but bad for chipsters. wrong. the chipsters had already factored in a decrease in Intel cap ex spending budget. $300 million relative to $150 billion chip sales overall is not much. besides, Japan Inc. is coming back on line, cap ex. has actually begun to show a slight uptick there as has Taiwan Inc.