TJParker...
I just finished going through the INTC numbers. Everyone seemed to be excited about two things - beating their own lowered earnings estimates and a better than expected gross margin.
Well. Shades of CSCO.
Forget the better than expected earnings and forget the better than expected margins. It does wonders for both your bottom line and your margins when you sell previously charged off inventory where a cost basis of ZERO is being used, and that is how INTC beat the estimates for both earnings and margins.
As for the guidance, I will be totally shocked if INTC does not give a juicy warning at its mid quarter update, probably blaming it on SARS. My understanding is that their customers are sitting on tons of inventory that is not being sold as consumer sales continue to lag.
What a crock.
mlsoft
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