To: Petz who wrote (56804 ) 4/29/1999 9:07:00 PM From: Mani1 Respond to of 1574377
John Re <<an AMD spokesman, Bob Silvano, said there would never be a 500 MHz K7. Company info has always used "above," "greater than," or "+" to indicate this. In this chat session, there was a strong intimation that the initial speed would be 600 MHz. Actually, when you examine his comments, 700 MHz cannot be ruled out.>> I think 500, 550, and 600 makes a lot of sense at the realease date. I stole this from Intel's board. It looks legit, ********************************** By Christopher Grimes NEW YORK (Dow Jones)--The mood ranged from guarded optimism to near-despondency at the annual shareholders meeting held by struggling chipmaker Advanced Micro Devices Inc. (AMD) here Thursday. Executives at the Intel Corp. (INTC) rival, which issued three profit warnings in the first quarter before finally posting a $128.4 million loss, told investors to have patience. "What we are trying to accomplish is a very difficult thing to do," said W.J. "Jerry" anders, chairman and chief executive at AMD. "I'm counseling patience." While AMD has made inroads against Intel in the market for low-cost PCs, the company has failed at key moments to produce enough high-speed chips to meet demand. And Intel is pursuing an aggressive campaign to regain lost market share by slashing prices on its low-end Celeron chip. In his remarks, Sanders said the company corrected the production problems that were largely responsible for the big first quarter loss. And he said the company is on track to introduce its next-generation chip, the K-7, in June, running at speeds of 500, 550 and 600 megahertz. But for at least one shareholder, the company isn't moving quickly enough. Describing himself only as an octogenarian, the shareholder asked Sanders if a turnaround at AMD was near, or if he should simply go out and buy Intel stock. AMD "represents my worst investment," said the shareholder, who left the meeting quickly. "Mine too," said Sanders. "I've invested my life in it." But other investors seemed to agree with Sanders that AMD could one day share the giant computer chip market with Intel. "This should be a good company in three or four years," said Robert Vangor, an AMD shareholder since the 1970s. William Milton, a Wall Street analyst at Brown Brothers Harriman, said he thinks AMD should post a profit by the fourth quarter of 1999. "I think the firm has a good shot at profitability and being a bigger factor in the microprocessor business," said Milton, who rates AMD shares a neutral. "But there's a lot of uncertainty." In the meeting, AMD shareholders named Atiq Raza president and chief operating officer of the company and voted to elect Robert Palmer, the former chief executive of Digital Equipment Corp., to the AMD board of directors. At Digital, Palmer also fought a holy war against Intel, publicly charging the company with patent infringement and abusing monopoly power. In an interview, Palmer said he was "optimistic about (AMD's) chances." "I think AMD has excellent technology, and I think the marketplace would like to have alternatives" to Intel's chips, Palmer said. "I admire the company and the tenacity of the management." Sanders and the AMD board have frequently come under fire from shareholder groups and the press. In its April 26 issue, Fortune Magazine listed AMD as having one of the worst boards of directors, its second straight time on the list. AMD shares recently rose 3/16, or 1.1%, to 16 9/16. The stock is down from a 52-week high of 33, reached Jan. 12. - Christopher Grimes; (201) 938-5253 (END) Dow Jones Newswires 29-04-99 1905GMT (AP-DJ-04-29-99 1905GMT)