Daniel Niles
Daniel Niles
contract grow growth increase inventory past percent revenue seen six versus
Contract manufacturers have seen their inventory grow 104 percent year-to-date, versus revenue growth of 52 percent, while distributors have seen a 24 percent increase in inventory in the past six months, versus a revenue increase of 15 percent.
consensus earnings intel line occurred per revenue share since slightly
Intel revenue and earnings per share were in line with our expectations, but consensus for 2001 will be slightly down revenue, which has not occurred since 1986,
calendar chip cycle given looking pc somewhat start upgrade
Given that many PC vendors and chip suppliers are looking for a PC upgrade cycle to start in the (second half) of this calendar year, this is somewhat sobering,
believed facing further increased inventory materials percent previous problems raw results revenue total
We believed that Cisco's results would further magnify the inventory problems facing their semiconductor suppliers -- and they did, ... While revenue increased 14 percent from the previous quarter, total inventory increased 59 percent and raw materials increased 335 percent.
announcing large train
Y2k is going to be a very large problem, ... Hewlett-Packard is at the end of the train announcing this.
believe budget commercial consumer continued corporate december demand disturbing early related saw showing since stretch track worse
We believe that since Intel's pre-announcement in early December that consumer and commercial demand has continued to get worse with commercial showing the most disturbing trends. In addition, we believe that servers, which had actually been on track for part of the quarter, saw some softening that we believe is related to corporate IT budget stretch outs.
buy price rating
We reiterate our buy rating with a $55 price target.
declines downside issue names percent seen year
We've seen this how many times already this year -- three? ... A lot of these names could have 50 percent downside from here. Our big issue is, are the sequential declines (in revenue) over? I'd say no.