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

To: KENNETH R SANDERS who wrote (72836)	2/4/1999 9:06:00 AM
From: KM	Read Replies (1) \| Respond to of 186894

You guys will find this amusing: The K-6 Gets 86-ed by Kurlak By James J. Cramer 2/4/99 8:37 AM ET Ouch, this AMD (AMD:NYSE) is a tough stock, isn't it? What a heartbreaker! This one has speared me so many times for so many years that I am glad I got this year's gaffing over with already, when my pain ended with the January 25 calls. Some stocks are like that. They lure you in with their low price-to-earnings multiples and then they break your heart. Who could resist owning AMD selling at 15 times earnings with the rest of tech selling at 30 times? Who could resist the underdog? I am sure this morning's downgrade by Thomas Kurlak, the recent convert to the stock over at Merrill Lynch, will be the last straw for many with this stock. It was tough enough weathering the earnings disappointment and then the Montgomery cancellation, but now this downgrade! Holy smokes! What a way to start the day! Reminds me, once again, don't bite on the low-multiple guys. (A report yesterday hit my desk showing that Bethlehem Steel (BS:NYSE) is selling at 3 times next year's earnings. Fugghedaboudit -- they ain't ever going to make $3 next year.) Why doesn't AMD ever work? Four letters: NTCI. (Think ANKSY! OK, two weeks to spring training -- you can't blame me!) Yep, Intel (INTC:Nasdaq) doesn't ever let AMD work. In fact, I have felt at times that Intel lets AMD into the game as a way of keeping Joel Klein & Co. off its back. Pretty cheap insurance considering what a headache Justice has become to Mister Softee (MSFT:Nasdaq). This time, it looks like Intel sent the word out by cutting the price of its low-end Celeron chip that it is none too happy with the Gateway (GTW:NYSE) business AMD just bought. Now Celeron is priced through AMD's chip. Unless America starts thinking "AMD Inside," score one for the Yanks.