By standards of PC microprocessors, it's slow, but for appliances, it's fast. |
Demand appears to be tracking better than we had anticipated. |
Essentially all of the upside came from non-operating earnings that were better than Intel had indicated it would see. |
That may limit near-term downside to the name, although with doubts about the company's ability to fix its margin problems, we don't see much upside either. |
The impact on the bottom line is going to be minimal in the short term. It has large existing businesses in the analog and wireless markets already. |
We also think that the Street's fourth quarter 2002 expectation of 17 cents in earnings per share is unreasonably high, |
We also think that the Street's fourth quarter 2002 expectation of 17 cents in earnings per share is unreasonably high. |
We also think that the Street's fourth-quarter 2002 expectation of 17 cents in earnings per share is unreasonably high, |
We also think that the Street's fourth-quarter 2002 expectation of 17 cents in earnings per share is unreasonably high. |
We currently forecast what we believe is a 'reasonable' recovery, which includes assumptions for slightly below-average sequential growth in the third quarter of 3 percent, above average sequential growth in the fourth quarter of 4 percent, and a fairly typical first-year recovery in 2003, |
We expect commentary regarding the third quarter to be conservative - we could see revenue growth targeted for the low single digits (in percentage) and continued weakness in gross margin as the company works to bring inventory levels down. |
With a meaningful edge on manufacturing technology for most of 2006 and a revamped product lineup coming, we think that 2006 will be a solid year for Intel, especially in the rapidly growing notebook market. |