Joe Osha
Joe Osha
investors love
We'd love to tell investors that we anticipated Intel's problems, but we did not.
although company continue cost executing gross level margin quarter second terms
Although the company is executing in terms of cost control, we think margin contractions at the gross margin level will continue through the second quarter as well, which we had not factored in.
although analog argue current devices feeding frenzy growth merits number outlook prefer products raising shapes upbeat wait year
Although one could argue that Analog Devices' upbeat outlook merits raising the number even further, we would prefer to wait and see how growth shapes up over the year as Analog Devices catches up with its backlog and the current feeding frenzy for Analog Devices products dissipates.
good point
They have a pretty good idea at this point what they're going to ship.
accumulate believe continue despite forecast intel margin meet neutral pricing remarks revenue
Despite our conservative remarks on margin compression and pricing intensity, we continue to believe Intel will meet our revenue forecast and reiterate our intermediate-term neutral and long-term accumulate rating.
checks generally line loaded market normal pc suggesting supports third tracking update
Intel's mid-quarter update was generally in line with our expectations, which supports our checks suggesting that the PC market is tracking normal seasonality in the back-end loaded third quarter.
buyers company deeply hands intel loss neutral past rating staying stock strong suffers until
For now, we're staying with the neutral intermediate-term rating on AMD's stock until we see how the company weathers the Northwood launch. We are still long-term strong buyers of the stock -- even if AMD suffers at the hands of Northwood it will not plunge as deeply into loss as it has during past Intel offensives.
bursting clear company exceeded extent ground intel losses lost outlook posting result revenue since weakest
In posting the weakest Q4 revenue result and Q1 outlook since the bursting of the bubble, Intel has made it clear how much competitive ground the company has lost to AMD. The extent of the losses has exceeded our expectations.
buy certainly clear customer four gotten improved past point reasonable stuff wants wars weeks
The clock-speed wars have gotten to the point where it's not clear who benefits. It's certainly not the customer who wants to buy 700 MHz stuff at reasonable prices. It has been a problem, but availability has improved over the past four weeks or so.
advise beginning below buying concerns correction globally investors march stocks thesis
The concerns that underpinned our mid-cycle correction thesis are beginning to dissipate, and semiconductor stocks globally are well below their March highs. We would advise investors to begin buying semiconductors more aggressively.
bigger companies delay holiday impact likely might season selling simple
The disappearance of Vista from the holiday 2006 selling season is likely to have a bigger impact on semiconductor companies than a simple few-week delay might imply.