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To: Jules B. Garfunkel who wrote (902)	10/14/1998 1:00:00 PM
From: Richard Forsythe	Read Replies (1) \| Respond to of 990

Here's something from Briefing.com: Update-- In a CNBC interview, SG Cowen semiconductor analyst Drew Peck notes that Intel's qtr benefitted from inventory restocking, which suggests that end-user demand not as strong as its numbers suggest. Says while Intel doing a great job, Peck is concerned that poor economy could nullify efforts. INTC currently indicated 7/8 lower. It's baloney, but there you go. CPQ is up on less than stellar results too... Richard

To: Jules B. Garfunkel who wrote (902)	10/14/1998 6:02:00 PM
From: Fred Fahmy	Read Replies (1) \| Respond to of 990

Jules, While Intel's record revenue and record Q3 EPS were truly amazing, WS's reaction today didn't really surprise me at all. As you pointed out, today's market is irrational. Looks like things have gone from one extreme to another. When the bull market was peaking, WS ignored bad earnings reports and seldom penalized stocks for weak earnings. Not, even the best of reports is being ignored as if WS has already made up its mind and financials really don't matter right now. The key, and I believe we share this perspective, is the long term prospects....which are excellent for Intel. Intel has once again proven that it is an extremely well managed company which can produce solid results even in the face of extremely difficult world wide conditions. Intel results exceeded even the most optimistic expectations. I don't believe even the biggest Intel bulls expected such a strong quarter. The current product line and future pipeline remain solid, the segmentation strategy is a huge success, and all other key ingredients remain in place; i.e. superior management, tremendous resources, outstanding marketing/brand awareness, unmatched manufacturing capacity/capability. I haven't felt this upbeat regarding Intel for a while. I could care less what happened today or what happens tomorrow or next month. Intel's performance speaks for itself and in the long run the stock price will reflect the performance. Good luck to all, FF