Replies to post #486085 on Zeev's Turnips Patch-No Politics (ZEEV)

[madrose1]

08:02 BRCM Broadcom provides preliminary report on equity award review (27.89 ) -Update- *****

Co says its Audit Committee has preliminarily concluded that, for certain option grants awarded during the years 2000-02, the allocations to individual recipients and/or formal corporate approvals had not been completed as of the original accounting measurement dates. Consequently, the co expects to record additional non-cash stock-based compensation expense estimated to likely be in excess of $750 mln. No issues have been identified that affect equity awards issued to BRCM's co-founders or CEOs or any member of the Board of Directors. No equity award has been identified that was not authorized, or where any officer or director approved an individual equity award from which he or she personally benefited. The additional non-cash stock-based compensation expense will not affect the co's current cash position or financial condition. The Audit Committee has determined that BRCM should restate its financial statements for 2000-05 as well as 1Q06, and that the co's financial statements and the related auditors' reports for the affected periods should not be relied upon pending completion of the restatements.

[madrose1]

INTC Intel: Not a value play, Yet; trimming estimates - Needham (17.72 ) -Update-

Needham says that while INTC's recent headcount reductions and divestures should improve its short-term financial results, they believe these actions may adversely impact its long-term roadmap, as Intel is retreating back to a more PC-centric model -- despite overcapacity and slower (mature) growth. With INTC still trading above historical valuations, the firm would prefer other large-cap names such as BRCM and TXN. They say Intel is not backing off its capex plans for 2006-07, based on what they heard at the SemiCon show. Further, they believe the Intel/AMD market share war would result in overcapacity based on current expansion plans, putting a bigger drag on business for both companies. Firm slightly lowers their 2006 & 2007 ests based on persistent pricing pressure and over-capacity concerns.