Joe Osha
Joe Osha
consumer discrete graphics holidays processing push sales selling suffer unit
Without the consumer Vista push for the 2006 holidays selling season, we think that discrete graphics processing unit sales could suffer slightly.
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.
effect
It's not going to effect the company's position.
absence argument bad consensus constitute fourth likely news outlook rally relief stock struggle support understand upbeat
We think it's likely that the stock will see a short-term rally on relief that the outlook has not deteriorated further, but the absence of bad news does not constitute an argument in support of the stock...we struggle to understand the upbeat consensus outlook for the fourth quarter.
driven fact growth intel market positive pushing reason stock
The reason I am positive on the stock right now is the fact they are pushing into servers, workstations -- the things that are being driven by growth in the Internet. That is a big market that Intel can dominate, I think, pretty quickly.
believe build corrects december estimates high inventory next quarter sometime
While we believe that our December 2000 quarter estimates are intact, we believe that there is a high probability that the inventory build corrects sometime over the next two quarters.
earnings estimate expensive growth intel prospects relative
At 27 times our 2003 earnings estimate Intel is still expensive relative to its growth prospects and its own history.
company increase lies national per potential revenue wireless
We think that the most interesting potential for National lies in the wireless market, where the company has the potential to substantially increase its revenue per phone.
bought community investment
We think that the investment community has bought into the idea of a second-half recovery, and that's probably going to happen.
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.
analog building buy deal decision despite fits objective presence ratings rich somewhat specialist stated texas
Texas Instruments' decision to buy analog specialist Burr-Brown fits well with the company's stated objective of building its presence in the analog business. Despite the somewhat rich valuation for the deal, we think that the deal makes sense for TI. We reiterate our intermediate-term and long-term buy ratings for the stock.
capacity chip general good industry intel invested sector treated
The semiconductor sector in general is in very good shape; the industry hasn't invested enough in capacity and that is actually very good for chip makers. Intel is often treated as a proxy for the chip sector, so the chip sector is doing well and so is Intel.
appears building data dominant inventory less points question result stocks whether worries
One of the dominant worries here is the question of whether we're going to see any building of inventory that will result in 1Q weakening. But as the data points have rolled in, that appears to be less and less the case. That's pretty important, and you can see it, in particular, in some of the communications stocks that are moving.
added although capacity change companies fourth happening less negative past rate terms themselves worst
What we see happening is a bottoming to the rate of change in the semiconductor business, which has been negative and less capacity being added by the fourth quarter, which is also good. So, although companies themselves are still very conservative we think that the worst is past in terms of the downturn here.