Intel - ein kurzfristiger Trade?
Bei Block-Trades sind das zuweilen auch BLOCKHEADS. ;-))
['block·head Substantiv Dummkopf m]
This Stupid-Money don't come from Germans!
MfG 
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Wertpapier: Intel Corp. |
Intel's Good Looks Could Deceive
By Alexei Oreskovic
TheStreet.com Staff Reporter
10/17/2006 9:56 AM EDT
URL: http://www.thestreet.com/smallbusinesstech/...inesstech/10315295.html
For most of the year, Intel (INTC) could do no right in investors' eyes.
But after tightening its belt with layoffs and spending cuts, and creating excitement about its technology for the first time in years, Intel may have done its penance and may be ready to rock and roll again, some investors say.
A trickle of buy notes from Wall Street analysts has rehydrated the stock, which is up 28% over the past three months. All of a sudden there's even talk of upside to the third-quarter results.
"A solid seasonal rebound in the PC market should allow INTC to hit the high end of, or slightly above, its guidance range," American Technology Research analyst Doug Freedman wrote in a recent note to investors, in which he boosted his price target from $24 to $26 and maintained his buy rating.
Of course, beating the guidance hardly seems a feat worthy of popping the champagne cork.
Just about every financial metric in the third quarter will be significantly lower than the results from a year ago.
The average analyst sales expectation of $8.6 billion is roughly 7% lower than the $9.2 billion Intel generated in the third quarter of 2005. EPS is expected to come in at 18 cents vs. 33 cents a year ago.
And Intel's own estimates peg third-quarter gross margin at 49%, plus or minus a couple points. At this time last year, the chipmaker had gross margins of 59.7% (61% excluding the impact of a legal settlement).
As Bad as It Gets?
Whether this is as bad as it gets will become clear Tuesday when Intel provides updates on key aspects of its business. Topping that list will be inventory.
During the second quarter, Intel's inventory surged 58% year over year to a whopping $4.3 billion. Management explained the rising chip stockpiles as a normal buildup to prepare for the upcoming holiday sales season.
The problem is that even Intel's most optimistic revenue forecast calls for only an 11.2% sequential pickup in sales during the third quarter.
In other words, Intel's inventory going into the third quarter was nearly $1.6 billion larger than it was at the same time last year, even though the company expects only an additional $300 million to $900 million in business during the quarter.
Intel may be beefing up its supply of popular new processors such as the Core 2 Duo, but the company also appears to be sitting on a substantial pile of older chips whose shelf life is quickly expiring.
To unload the goods, Intel has been aggressively slashing prices. At some point however, the company could be forced to bite the bullet and take a write-off. Because the third quarter is already wrecked, now might not be a bad time to take the hit, say some analysts.
[D. h. wenn Intel die alten P4 trotz Preissenkungen nicht schnell genug los geworden ist, könnten sie auch als Verluste abgeschrieben werden. Dazu würde sich das jetztige 3. Quartal anbieten, weil die Zahlen "sowieso im Eimer" sind. - A.L.]
"We think that investors would view a large inventory charge by Intel as a positive action, but we do not have a good feel as to what Intel will decide to do with regard to this," A.G. Edwards analyst David Wong wrote in a recent note to investors. (A.G. Edwards has provided non-investment banking services to Intel within the past 12 months.)
The third quarter also will represent the first full quarter of sales since Intel began refreshing its product lineup. Intel lost ground to rival Advanced Micro Devices (AMD) over the year, as computer users favored AMD's dual-core processors.
But this summer, Intel rolled out a lineup of processors that featured a new microartchitecture and impressive performance.
Most industry observers believe that Intel has closed the performance and technology gap with AMD, if not taken the lead with its Core microprocessors. The question is how quickly this will translate into market share and revenue gains for Intel.
Investors will focus on Intel's Woodcrest server processor, or Xeon 5100, which was launched in June and is the only one of the company's new microprocessors that has been shipping for the entire third quarter.
At Intel's developer forum last month, the company said it has shipped 1 million Woodcrest chips, accounting for half of its Xeon dual-processor chip sales, according to A.G. Edwards' Wong.
"These numbers are consistent with a reasonable, but not a particularly strong, quarter of dual-processor server sales, and we expect that Woodcrest will show a stronger ramp in the December quarter, helping Intel gain share against AMD in the dual-processor server space," said Wong.
Looking further out, there's a growing sense on the Street that Intel's stars will align in 2007 when a strong lineup of chips, the effects of a massive restructuring and the launch of Microsoft's (MSFT) Vista operating system will combine to lift the company's fortunes.
But this optimistic view may overlook the fact that the microprocessor market has fundamentally changed and is unlikely to revert to an Intel-dominated monopoly.
Thus, the price wars that have pressured Intel's margins in 2006 could continue in 2007.
If that's the case, the good old days of big earnings and share valuations could remain a distant memory, no matter how fast its chips are.
Earnings Plays Are for Gamblers, Not Investors
By Rev Shark
Street.com Contributor
10/17/2006 1:36 PM EDT
The market has undergone a bit of recovery but it may have kicked in too early to hold up well into the close. I think we'll have some gunslingers looking for long exposure in front of tonight's news, so I expect some upticks into the close.
With the major earnings reports hitting tonight, it is a good time to reflect on the wisdom of "betting" on earnings. Market players, especially those with a gambling mentality, can find it very hard to resist putting some money on the line in front of an earnings report. We even have experienced market professionals who encourage taking a stake in front of a report in anticipation of good news that will drive the stock higher.
The big problem with playing earnings is that unless you have some inside information, there is no edge. Not only do you have to guess what the report might say, but then you have to correctly figure out how the market will react. Just because a company beats estimates doesn't mean the stock will go up.
To complicate matters, the damage you suffer if you are wrong is often far worse than any benefit you would gain if you were correct. When you take that into account along with the edgeless nature of such bets, you are better off betting on coin flips.
It certainly is understandable why people are inclined to bet on earnings. It gets the adrenaline pumping, and if you do get it right, it's a nice quick payoff. There is no waiting around for your reward.
Before you start loading up on earnings bets, it's very important to take a step back and ask yourself what you are trying to accomplish. If trading and investing is a form of entertainment, then go for it and enjoy the road. If trading and investing is a business endeavor in which you hope to consistently profit, then make sure you ask yourself if the odds are in your favor and whether the potential payoff justifies the risk you take to earn it.
Angesichts der zu erwartenden erfreulichen Ausblicke, und dem damit verbundenen technologischen Vorsprung, wird es in Bälde die Anleger wieder zum Kauf bewegen.
Denn 2007 wird ein hervorragendes Jahr - INTC lässt sich die Entwicklungen gut bezahlen und hat zahlreiche Standbeine in der Zusammenarbeit mit anderen großen Firmen.
MfG
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Wertpapier: Intel Corp. |
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Wertpapier: Intel Corp. |
Intel Third-Quarter Revenue $8.7 Billion
Intel Corporation today announced third-quarter revenue of $8.7 billion, operating income of $1.4 billion, net income of $1.3 billion and earnings per share (EPS) of 22 cents. Excluding the effects of share-based compensation, the company posted operating income of $1.7 billion, net income of $1.5 billion and EPS of 27 cents.
Operating results included a gain of approximately $100 million from the sale of a portion of an investment in Micron Technology, gains from divestitures of approximately $130 million and a restructuring charge of $98 million. These items resulted in a net positive impact to EPS of approximately 1.5 cents.
"We're pleased with the results of the third quarter, with record mobile and server processor shipments, strong manufacturing execution, industry acclaim for our new products, and quad-core processors now extending our leadership this quarter," said Intel President and CEO Paul Otellini.
GAAP Results (including the effects of share-based compensation)
--------------------------------------------------
Q3 2006 vs. Q3 2005 vs. Q2 2006
--------------------------------------------------
Revenue $8.7 billion -12% +9%
--------------------------------------------------
Operating Income $1.4 billion -56% +28%
--------------------------------------------------
Net Income $1.3 billion -35% +47%
--------------------------------------------------
EPS 22 cents -31% +47%
--------------------------------------------------
Note: GAAP results for 2005 do not include the effects of share-based
compensation. Results for the third quarter of 2006 include the
effects of investment gains, divestiture gains and restructuring
charges that on a net basis increased EPS by 1.5 cents. Results for
last year's third quarter included a legal settlement that lowered
EPS by approximately 2 cents and a tax increase related to the
American Jobs Creation Act that reduced EPS by 4 cents.
--------------------------------------------------
Non-GAAP Results (excluding the effects of share-based compensation)
--------------------------------------------------
Q3 2006 vs. Q3 2005 vs. Q2 2006
--------------------------------------------------
Operating Income $1.7 billion -45% +22%
--------------------------------------------------
Net Income $1.5 billion -22% +38%
--------------------------------------------------
EPS 27 cents -16% +42%
--------------------------------------------------
Note: Results for the third quarter of 2006 include the effects of
investment gains, divestiture gains, and restructuring charges that
on a net basis increased EPS by 1.5 cents. Results for last year's
third quarter included a legal settlement that lowered EPS by
approximately 2 cents and a tax increase related to the American Jobs
Creation Act that reduced EPS by 4 cents.
--------------------------------------------------
Financial Review
The gross margin percentage was consistent with the company's expectation in July as the impact of higher microprocessor revenue was offset by a write-off of older processor inventory of approximately $100 million. Expenses (R&D plus MG&A) were lower than expected primarily due to lower payroll and discretionary spending. Net gains on equity investments and interest and other were higher than forecast due to investment gains and gains on divestitures.
Key Product Trends (Sequential)
-- Total microprocessor units were higher. The ASP was lower.
-- Chipset and motherboard units were higher.
-- Flash memory units were lower.
Sales Patterns
Sequential revenue was above normal seasonal patterns in the Americas, EMEA and Japan regions following a lower-than-seasonal second quarter for the company. Microprocessor unit sales were higher than seasonally normal off a low second-quarter base, and pricing remained competitive, notably in the desktop segment.
Q3 2006 vs. Q3 2005 vs. Q2 2006
------------------ ----------------- ----------------- ---------------
Asia-Pacific $4.3 billion -16% +7%
------------------ ----------------- ----------------- ---------------
Americas $1.9 billion -1% +10%
------------------ ----------------- ----------------- ---------------
EMEA $1.6 billion -20% +17%
------------------ ----------------- ----------------- ---------------
Japan $923 million Flat +2%
------------------ ----------------- ----------------- ---------------
Recent Events
-- Intel began initial revenue shipments of the world's first quad-core microprocessors for PCs and high-volume servers. The processors plug into existing customer system designs, providing integer performance gains of up to 50 percent in servers and up to nearly 70 percent in desktops and workstations.
-- The company announced a processor shipment crossover to advanced 65nm technology during the quarter and has now shipped more than 40 million 65nm processors, including over 6 million based on the new Intel(R) Core(TM) microarchitecture.
-- Intel announced that the first of 15 45nm processor designs is scheduled to be completed by the end of the year, with Intel's next-generation 45nm process technology on track for production in the second half of 2007.
-- The company launched 10 Intel(R) Core(TM) 2 Duo and Intel(R) Core(TM) 2 Extreme processors for consumer and business desktop PCs, notebooks and workstations, with more than 550 customer systems in design or production.
-- Intel launched a new generation of corporate PC technology based on the Intel Core 2 Duo processor and Intel(R) vPro(TM) technology, which provides IT departments with more proactive control of security and costs.
-- The company introduced eight Dual-Core Intel Xeon(R) 7100 series processors for multi-processor (MP) servers offering up to twice the performance and up to four times the performance-per-watt of previous designs. Dell, Fujitsu-Siemens and IBM announced new world performance records using the new Intel Xeon MP processors.
-- Intel introduced the industry's first WiMAX chip solution capable of supporting mobile as well as fixed networks and supporting all global WiMAX frequencies, with equipment makers including Motorola planning to design the WiMAX solution into their equipment.
-- Intel and Micron Technology announced sampling of the industry's first NAND flash memories built on 50nm process technology, with commercial production expected in 2007.
Business Outlook and Risk Factors Regarding Forward-Looking Statements
The following expectations do not include the potential impact of any mergers, acquisitions, divestitures or other business combinations that may be completed after Oct. 16.
Q4 2006 Outlook
-- Revenue: Expected to be between $9.1 billion and $9.7 billion.
-- Gross margin: 50 percent, plus or minus a couple of points (51 percent, plus or minus a couple of points, excluding share-based compensation effects of approximately 1 percent).
-- Expenses (R&D plus MG&A): Between $2.7 billion and $2.8 billion (between $2.5 billion and $2.6 billion excluding share-based compensation effects of approximately $250 million). In addition, the company expects restructuring charges of approximately $125 million.
-- Net gains from equity investments and interest and other: Approximately $135 million.
-- Tax rate: Approximately 30 percent.
-- Depreciation: Between $1.1 billion and $1.2 billion.
-- R&D for 2006: Approximately $5.9 billion (approximately $5.4 billion excluding share-based compensation effects of approximately $500 million).
-- Capital spending for 2006: Between $5.7 billion and $5.9 billion, lower than the previous expectation primarily due to greater equipment reuse, productivity improvements and small timing changes.
The above statements and any others in this document that refer to plans and expectations for the fourth quarter, the year and the future are forward-looking statements that involve a number of risks and uncertainties. Many factors could affect Intel's actual results, and variances from Intel's current expectations regarding such factors could cause actual results to differ materially from those expressed in these forward-looking statements. Intel presently considers the factors set forth below to be the important factors that could cause actual results to differ materially from the Corporation's published expectations:
-- Intel operates in intensely competitive industries that are characterized by a high percentage of costs that are fixed or difficult to reduce in the short term, significant pricing pressures, and product demand that is highly variable and difficult to forecast. Additionally, Intel is transitioning to a new microarchitecture on 65nm process technology in all major product segments, and there could be execution issues associated with these changes, including product defects and errata along with lower than anticipated manufacturing yields. Revenue and the gross margin percentage are affected by the timing of new Intel product introductions and the demand for and market acceptance of Intel's products; actions taken by Intel's competitors, including product offerings, marketing programs and pricing pressures and Intel's response to such actions; Intel's ability to respond quickly to technological developments and to incorporate new features into its products; and the availability of sufficient inventory of Intel products and related components from other suppliers to meet demand. Factors that could cause demand to be different from Intel's expectations include customer acceptance of Intel and competitors' products; changes in customer order patterns, including order cancellations; changes in the level of inventory at customers; and changes in business and economic conditions.
-- The gross margin percentage could vary significantly from expectations based on changes in revenue levels; product mix and pricing; capacity utilization; variations in inventory valuation, including variations related to the timing of qualifying products for sale; excess or obsolete inventory; manufacturing yields; changes in unit costs; impairments of long-lived assets, including manufacturing, assembly/test and intangible assets; and the timing and execution of the manufacturing ramp and associated costs, including start-up costs.
-- Expenses, particularly certain marketing and compensation expenses, vary depending on the level of demand for Intel's products and the level of revenue and profits.
-- Intel is in the midst of a structure and efficiency review which is resulting in several actions that could have an impact on expected expense levels and gross margin.
-- The tax rate expectation is based on current tax law and current expected income and assumes Intel continues to receive tax benefits for export sales. The tax rate may be affected by the closing of acquisitions or divestitures; the jurisdictions in which profits are determined to be earned and taxed; changes in the estimates of credits, benefits and deductions; the resolution of issues arising from tax audits with various tax authorities; and the ability to realize deferred tax assets.
-- Gains or losses from equity securities and interest and other could vary from expectations depending on equity market levels and volatility; gains or losses realized on the sale or exchange of securities; impairment charges related to marketable, non-marketable and other investments; interest rates; cash balances; and changes in fair value of derivative instruments.
-- Dividend declarations and the dividend rate are at the discretion of Intel's board of directors, and plans for future dividends may be revised by the board. Intel's dividend and stock buyback programs could be affected by changes in its capital spending programs, changes in its cash flows and changes in the tax laws, as well as by the level and timing of acquisition and investment activity.
-- Intel's results could be affected by the amount, type, and valuation of share-based awards granted as well as the amount of awards cancelled due to employee turnover and the timing of award exercises by employees.
-- Intel's results could be impacted by unexpected economic, social, political and physical/infrastructure conditions in the countries in which Intel, its customers or its suppliers operate, including military conflict and other security risks, natural disasters, infrastructure disruptions, health concerns and fluctuations in currency exchange rates.
-- Intel's results could be affected by adverse effects associated with product defects and errata (deviations from published specifications), and by litigation or regulatory matters involving intellectual property, stockholder, consumer, antitrust and other issues, such as the litigation and regulatory matters described in Intel's SEC reports.
A more detailed discussion of these and other factors that could affect Intel's results is included in Intel's SEC filings, including the report on Form 10-Q for the quarter ended July 1.
Status of Business Outlook
During the quarter, Intel's corporate representatives may reiterate the Business Outlook during private meetings with investors, investment analysts, the media and others. From the close of business on Dec. 1 until publication of the company's fourth-quarter 2006 earnings release, Intel will observe a "Quiet Period" during which the Business Outlook disclosed in the company's press releases and filings with the SEC should be considered to be historical, speaking as of prior to the Quiet Period only and not subject to update by the company.
Earnings Webcast
Intel will hold a public webcast at 2:30 p.m. PDT today on its Investor Relations Web site at www.intc.com, with a replay available until Dec. 1.
Intel, the world leader in silicon innovation, develops technologies, products and initiatives to continually advance how people work and live. Additional information about Intel is available at www.intel.com/pressroom.
Intel, the Intel logo, Intel Core, Intel vPro and Intel Xeon are trademarks or registered trademarks of Intel Corporation or its subsidiaries in the United States and other countries.
Other names and brands may be claimed as the property of others.
INTEL CORPORATION
CONSOLIDATED SUMMARY INCOME STATEMENT DATA
(In millions, except per share amounts)
Three Months Ended Nine Months Ended
--------------------- --------------------
Sept. 30, Oct. 1, Sept. 30, Oct. 1,
2006 2005 2006 2005
----------- --------- --------- ----------
NET REVENUE $ 8,739 $ 9,960 $ 25,688 $ 28,625
Cost of sales 4,445 4,012 12,280 11,876
----------- --------- --------- ----------
GROSS MARGIN 4,294 5,948 13,408 16,749
----------- --------- --------- ----------
Research and development 1,389 1,341 4,447 3,783
Marketing, general and
administrative 1,425 1,478 4,662 4,082
Restructuring 98 - 98 -
Amortization of
acquisition-related
intangibles and costs 8 29 37 103
OPERATING EXPENSES 2,920 2,848 9,244 7,968
----------- --------- --------- ----------
OPERATING INCOME 1,374 3,100 4,164 8,781
Gains (losses) on equity
securities, net 168 (2) 207 (20)
Interest and other, net 272 145 570 387
----------- --------- --------- ----------
INCOME BEFORE TAXES 1,814 3,243 4,941 9,148
Income taxes 513 1,248 1,398 2,937
----------- --------- --------- ----------
NET INCOME $ 1,301 $ 1,995 $ 3,543 $ 6,211
=========== ========= ========= ==========
BASIC EARNINGS PER SHARE $ 0.23 $ 0.33 $ 0.61 $ 1.01
=========== ========= ========= ==========
DILUTED EARNINGS PER
SHARE $ 0.22 $ 0.32 $ 0.60 $ 1.00
=========== ========= ========= ==========
COMMON SHARES OUTSTANDING 5,769 6,062 5,808 6,139
COMMON SHARES ASSUMING
DILUTION 5,832 6,144 5,885 6,211
INTEL CORPORATION
CONSOLIDATED SUMMARY BALANCE SHEET DATA
(In millions)
Sept. 30, July 1, Dec. 31,
2006 2006 2005
------------ ------------ -----------
CURRENT ASSETS
Cash and short-term investments $ 7,123 $ 6,421 $ 11,314
Trading assets 1,096 1,222 1,458
Accounts receivable 3,358 3,178 3,914
Inventories:
Raw materials 535 496 409
Work in process 2,265 2,331 1,662
Finished goods 1,677 1,505 1,055
------------ ------------ -----------
4,477 4,332 3,126
Deferred taxes and other
current assets 1,550 1,602 1,382
------------ ------------ -----------
TOTAL CURRENT ASSETS 17,604 16,755 21,194
Property, plant and equipment,
net 18,038 18,098 17,111
Marketable strategic equity
securities 388 604 537
Other long-term investments 3,085 3,513 4,135
Goodwill 3,861 3,871 3,873
Other long-term assets 3,879 3,247 1,464
------------ ------------ -----------
TOTAL ASSETS $ 46,855 $ 46,088 $ 48,314
============ ============ ===========
CURRENT LIABILITIES
Short-term debt $ 196 $ 287 $ 313
Accounts payable and accrued
liabilities 6,880 6,570 6,329
Deferred income on shipments to
distributors 603 567 632
Income taxes payable 1,378 998 1,960
------------ ------------ -----------
TOTAL CURRENT LIABILITIES 9,057 8,422 9,234
Long-term debt 2,060 2,054 2,106
Deferred tax liabilities 375 470 703
Other long-term liabilities 346 346 89
Stockholders' equity 35,017 34,796 36,182
------------ ------------ -----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 46,855 $ 46,088 $ 48,314
============ ============ ===========
INTEL CORPORATION
SUPPLEMENTAL FINANCIAL AND OTHER INFORMATION
(In millions)
Q3 2006 Q2 2006 Q3 2005
------------ ------------ ------------
GEOGRAPHIC REVENUE:
Asia-Pacific $4,314 $4,015 $5,124
49% 50% 52%
Americas $1,891 $1,713 $1,903
22% 22% 19%
Europe $1,611 $1,375 $2,007
18% 17% 20%
Japan $923 $906 $926
11% 11% 9%
CASH INVESTMENTS:
Cash and short-term investments $7,123 $6,421 $11,951
Trading assets - fixed income
(1) 677 828 1,632
------------ ------------ ------------
Total cash investments $7,800 $7,249 $13,583
STRATEGIC EQUITY INVESTMENTS
Marketable strategic equity
securities $388 $604 $520
Other strategic investments 2,593 1,887 555
------------ ------------ ------------
Total strategic equity
investments $2,981 $2,491 $1,075
TRADING ASSETS:
Trading assets - equity
securities offsetting deferred
compensation (2) $419 $394 $350
Total trading assets - sum of
1+2 $1,096 $1,222 $1,982
SELECTED CASH FLOW INFORMATION:
Depreciation $1,193 $1,156 $1,055
Share-based compensation $335 $332 -
Amortization of intangibles and
other acquisition-related
costs $63 $59 $59
Capital spending ($1,180) ($1,738) ($1,282)
Stock repurchase program ($500) ($1,000) ($2,500)
Proceeds from sales of shares
to employees, tax benefit &
other $281 $163 $444
Dividends paid ($577) ($582) ($486)
Net cash used for acquisitions - - ($22)
EARNINGS PER SHARE INFORMATION:
Average common shares
outstanding 5,769 5,801 6,062
Dilutive effect of employee
equity incentive plans 12 17 82
Dilutive effect of convertible
debt 51 50 N/A
------------ ------------ ------------
Common shares assuming dilution 5,832 5,868 6,144
STOCK BUYBACK:
Shares repurchased 26.6 54.3 93.6
Cumulative shares repurchased 2,824.3 2,797.7 2,486.9
Remaining dollars authorized
for buyback (in billions) $17.4 $17.9 N/A
OTHER INFORMATION:
Employees (in thousands) 99.9 102.5 96.0
INTEL CORPORATION
SUPPLEMENTAL FINANCIAL AND OTHER INFORMATION
($ in millions)
Three Months Ended Nine Months Ended
-------------------------------------
OPERATING SEGMENT INFORMATION: Q3 2006 Q3 2005 Q3 2006 Q3 2005
--------------------------------------------------
Digital Enterprise Group
Microprocessor revenue 3,521 4,936 10,751 14,483
Chipset, motherboard and
other revenue 1,425 1,434 3,963 4,249
Net revenue 4,946 6,370 14,714 18,732
Operating income 858 2,164 3,165 6,574
--------------------------------------------------
Mobility Group
Microprocessor revenue 2,239 2,331 6,544 6,304
Chipset and other revenue 809 639 2,172 1,722
Net revenue 3,048 2,970 8,716 8,026
Operating income 1,260 1,431 3,362 3,784
--------------------------------------------------
Flash Memory Group
Net revenue 507 573 1,587 1,678
Operating loss (116) (30) (369) (142)
--------------------------------------------------
All Other
Net revenue 238 47 671 189
Operating loss (628) (465) (1,994) (1,435)
--------------------------------------------------
Total
Net revenue 8,739 9,960 25,688 28,625
Operating income 1,374 3,100 4,164 8,781
--------------------------------------------------
The company's operating segments currently include the Digital
Enterprise Group, the Mobility Group, the Flash Memory Group,
the Digital Home Group, the Digital Health Group, and the
Channel Platforms Group. The prior period amounts have been
adjusted retrospectively to reflect reorganizations.
The Digital Enterprise Group operating segment's products
include microprocessors and related chipsets and motherboards
designed for the desktop (including consumer desktop) and
enterprise computing market segments, communications
infrastructure components such as network processors and
embedded microprocessors, wired connectivity devices, and
products for network and server storage. The Mobility Group
operating segment's products include microprocessors and
related chipsets designed for the notebook computing market
segment, wireless connectivity products, and application and
cellular baseband processors used in handheld devices. In the
second quarter of 2006, the company entered into an agreement
to sell the business line that includes application and
cellular baseband processors used in handheld devices. The
Flash Memory Group operating segment includes NOR flash memory
products designed for cellular phones and embedded form
factors, and NAND flash memory products manufactured by IMFT
that are designed for digital audio players and memory cards.
Revenue for the "all other" category primarily relates to
microprocessors and related chipsets sold by the Digital Home
Group.
In addition to these operating segments, the company has sales
and marketing, manufacturing, finance, and administration
groups. Expenses of these groups are generally allocated to
the operating segments and are included in the operating
results reported below. In addition to the operating results
for the Digital Home Group, Digital Health Group, and Channel
Platforms Group operating segments, the "all other" category
includes certain corporate-level operating expenses, including
a portion of profit-dependent bonus and other expenses not
allocated to the operating segments. "All other" also includes
the results of operations of seed businesses that support the
company's initiatives. Additionally, "all other" includes
acquisition-related costs, including amortization and any
impairments of acquisition-related intangibles and goodwill,
and charges for purchased in-process research and development.
Intel does not allocate share-based compensation charges or
restructuring charges to the operating segments; as such,
these charges are included in "all other."
In addition to disclosing financial results calculated in accordance
with U.S. generally accepted accounting principles (GAAP), the
company's earnings release contains non-GAAP financial measures that
exclude the effects of share-based compensation and the requirements
of SFAS No. 123(R), "Share-based Payment" ("123R"). The non-GAAP
financial measures used by management and disclosed by the company
exclude the income statement effects of all forms of share-based
compensation and the effects of 123R upon the number of diluted
shares used in calculating non-GAAP earnings per share. The non-GAAP
financial measures disclosed by the company should not be considered
a substitute for, or superior to, financial measures calculated in
accordance with GAAP, and the financial results calculated in
accordance with GAAP and reconciliations to those financial
statements should be carefully evaluated. The non-GAAP financial
measures used by the company may be calculated differently from, and
therefore may not be comparable to, similarly titled measures used by
other companies. Set forth below are reconciliations of the non-GAAP
financial measures to the most directly comparable GAAP financial
measures.
For additional information regarding these non-GAAP financial
measures, see the Form 8-K dated October 17, 2006 that Intel has
filed with the Securities and Exchange Commission.
INTEL CORPORATION
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
(In millions, except per-share amounts and percentages)
Three Months Ended
--------------------------------
Sept. 30, July 1, Oct. 1
2006 2006 2005
----------- ---------- ---------
GAAP SPENDING $ 2,814 $ 3,089 $ 2,819
Adjustment for share-based
compensation (232) (266) -
----------- ---------- ---------
SPENDING EXCLUDING SHARE-BASED
COMPENSATION (1) $ 2,582 $ 2,823 $ 2,819
GAAP OPERATING INCOME $ 1,374 $ 1,072 $ 3,100
Adjustment for share-based
compensation within:
Cost of sales 103 66 -
Research and development 107 126 -
Marketing, general and
administrative 125 140 -
----------- ---------- ---------
OPERATING INCOME EXCLUDING SHARE-
BASED COMPENSATION (1) $ 1,709 $ 1,404 $ 3,100
GAAP NET INCOME $ 1,301 $ 885 $ 1,995
Adjustment for share-based
compensation within:
Cost of sales 103 66 -
Research and development 107 126 -
Marketing, general and
administrative 125 140 -
Income taxes (87) (93) -
----------- ---------- ---------
NET INCOME EXCLUDING SHARE-BASED
COMPENSATION (1) $ 1,549 $ 1,124 $ 1,995
GAAP DILUTED EARNINGS PER SHARE $ 0.22 $ 0.15 $ 0.32
Adjustment for share-based
compensation 0.05 0.04 -
----------- ---------- ---------
DILUTED EARNINGS PER SHARE EXCLUDING
SHARE-BASED COMPENSATION (1) $ 0.27 $ 0.19 $ 0.32
GAAP COMMON SHARES ASSUMING DILUTION 5,832 5,868 6,144
Adjustment for share-based
compensation 12 8 -
----------- ---------- ---------
COMMON SHARES ASSUMING DILUTION
EXCLUDING SHARE-BASED COMPENSATION
(1) 5,844 5,876 6,144
GAAP GROSS MARGIN PERCENTAGE 49.1% 52.1% 59.7%
Adjustment for share-based
compensation 1.2% 0.8% -
----------- ---------- ---------
GROSS MARGIN PERCENTAGE EXCLUDING
SHARE-BASED COMPENSATION (1) 50.3% 52.9% 59.7%
(1) See Item 2.02 in the Form 8-K dated October 17, 2006 that Intel
has filed with the Securities and Exchange Commission.
Quelle:BUSINESS WIRE
MfG
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Eigentlich erstaunlich gut, wenn man berücksichtigt, dass Intel massiv Preise gekürzt hat.
Bin allerdings heute lieber in AMD rein. Da wird es denke ich trotz guter Zahlen des Konkurrenten auch ein wenig aufwärts gehen.
(Heute 16.00 Uhr aus dem Short raus, un die Penunzen ins Trockene verbracht!)
Ich dagegen bin noch voll investiert, und lehne mich zunächst mal zurück.
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Warum nur alle zur gleichen Zeit und mein Beitrag fehlt!!>Mochmaliger Versuch
IFX - INFINEON TECH ADS (NYSE)
< script language=JavaScript> var paid=''; if(paid == '') { document.write('
'); bot=13; } < /script>Composite Indicator Trend Spotter TMBuy Short Term Indicators 7 Day Average Directional IndicatorBuy 10 - 8 Day Moving Average Hilo ChannelBuy 20 Day Moving Average vs PriceBuy 20 - 50 Day MACD OscillatorBuy 20 Day Bollinger BandsBuy Short Term Indicators Average: 100% - Buy20-Day Average Volume - 2114980 Medium Term Indicators 40 Day Commodity Channel IndexBuy 50 Day Moving Average vs PriceBuy 20 - 100 Day MACD OscillatorBuy 50 Day Parabolic Time/PriceBuy Medium Term Indicators Average: 100% - Buy50-Day Average Volume - 1443680 Long Term Indicators 60 Day Commodity Channel IndexBuy 100 Day Moving Average vs PriceBuy 50 - 100 Day MACD OscillatorBuy Long Term Indicators Average: 100% - Buy100-Day Average Volume - 1088354 Overall Average: 100% - Buy Price Support Pivot Point Resistance 12.92 12.62 12.85 13.08Optionen
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| IFX - Infineon Technologies Ag (NYSE) | 4:01 PM ET, 10/17/2006 |
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<img src="http://img59.imageshack.us/img59/8902/bauwilogoaa3.jpg">
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Convoluted demand
By Charlie Demerjian: Wednesday 18 October 2006, 07:33
THE LATEST Intel results tell you more about AMD. Intel's growth in stocks in the warehouse, even with a big write off points to AMD having too much stock too - see this.
On the surface it looks like AMD is getting hammered in the market and can't sell chips to save its life. If you look closely though, that is far from the case, the chip prices cut so far are only for 1xx Opterons, and even then, they are the old 'dead' socket. This may be short notice, but it is far from panicky.
Let's toss one more thing for background. AMD is still capacity constrained, according to sources, and the speculation includes rumours that the Xbox 360 eating Chartered wafer starts.
This may or may not be true, but AMD is really causing heartaches for several Tier Two and Three vendors with supply problems. Allocation is part of the game, but firms are moaning about it.
So, if AMD can't make enough, why price cuts? Simple, the parts cut are Opterons on the old 939 socket, and they are a dead end. This means AMD has a warehouse full of them, and firms are not buying the components.
This may be good news because it looks like the server vendors moved to new components very quickly, leaving AMD with a shortage of CPUs and an excess of old chips. Since there is a lag between finding out what demand really is and how many chips are in the oven, this move may have caught AMD by surprise.
AMD hints that demand for 940/1207 Opterons is stronger than they were expecting.
Although we won't know for almost a full day, it seems likely that AMD will announce slower sales on older parts but are clean out of the new ones. If this means a short term dip with good long term prospects, it will be able to take it. µ
________________________________
Fazit: AMDs zahlen werden zeigen, dass trotz Core 2 Duo der Absatz an A64 für AM2 sehr hoch ist - Ausverkauf
Man müsste jetzt wissen, ob AMD seine Produktion beim Wechsel auf AM2 gesteigert hat. Wenn nicht, sollten Umsatz und Gewinn eingebrochen sein. Denn was dieser Artikel nicht erwähnt, sind die recht massiven Preisnachlässe bei Desktop A64 für AM2 nach Core 2 Duo.
AMD dürfte mMn schlechte Zahlen bringen. Dort gab es ja noch nicht die Entlassungen wie bei Intel, wohl aber die Preissenkungen, bei denen AMD voll mitziehen musste. Das gilt übrigens nicht nur für Sockel-939-CPUs, sondern auch für die mit Sockel-AM2. Intel gibt mit dem billigsten Core 2 Duo (E6300), der jetzt nur noch 145 Euro kostet, den Takt vor.
Wer wie Einige hier darauf wettet, dass mit Intel der ganze Sektor hochgeht, könnte falsch liegen. Sollte Intel wirklich Marktanteile zurückgeholt haben - die sehr guten Leistungen der Core-Serie und ihr vergleichsweise günstiger Preis sprechen dafür - wird AMD eben nicht von den Intel-Zahlen "mitgehoben", sondern lässt als angeschlagener Zweiter Federn.
AMD hat auch 2-Kern-Prozessoren und der Geschwindigkeitsunterschied würde wohl so gut wie niemanden hier auffallen, wenn man vor identischen Geräten sitzen würde.
Interessant ist für mich, wie sich das Notebook-Segment entwickeln wird. Da ist Intel zur Zeit dominierend und dort könnte die große Chance für AMD liegen.
In den ersten beiden Quartalen hatte AMD einen Gewinn von 55 Cent/ Aktie. Da das 2. generell schlechter ist und zu Weihnachten die meisten PCs verkauft werden, sollte der Jahresgewinn auf jeden Fall besser als im Vorjahr ausfallen. Einen Kurseinbruch halte ich daher für eher unwahrscheinlich. Falls er auf 10 Euro zurückfällt, kaufe ich nochmals nach. Erwarte aber eigentlich nur einen Rücksetzer auf höchstens 15 Euro. Denn ein Gewinnwachstum wird es im Vergleich zum letzten Jahr ziemlich sicher geben.
Die Preissenkungen von alten Prozessoren gibt es übrigens immer, wenn neue eingeführt werden.
Dass die neuen günstiger als früher Angeboten werden, muss sich nicht unbedingt schlecht ausgewirkt haben. Dadurch werden auch mehr verkauft. Man kann davon ausgehen, dass keines der Unternehmen die Prozessoren verschenkt hat. Dass heißt, dass die auch Gewinne abwerfen.
Der Core 2 Duo war zudem auch erst im September erhältlich. Bei Händlern wie media Markt und Saturn noch später.
Ich wäre mir da also nicht so sicher, dass AMD schlecht abschneidet. Immerhin ist es Intel, die sehr viel Geld in Werbung investieren.
"Er [AMD-Prozessor] ist weiterhin sparsam, günstig und von der Technologie her Intel auf öfters einen Schritt voraus (siehe 64-Bit Prozessoren).
Vergiss nicht, dass Intel bei 65 nm ein Jahr Vorsprung hat vor AMD. Die kleineren Strukturen sind es ja, die die Core 2 Duo - im Desktop wie im Notebook - so sparsam machen. Dagegen kommt AMD mit der alten 90-nm-Technik nicht an - vor allem nicht im Notebookbereich.
Die Umstellung auf 65 nm ist sehr teuer und forschungsintensiv. Hier hat Intel bereits zig-Milliarden investiert, die sich nun auszuzahlen beginnen. AMD hingegen hat weit begrenztere Mittel und könnte dadurch längerfristig immer stärker ins Hintertreffen geraten.
Die Futures sind bis jetzt freundlich, und der Tag "X" ist vorüber - wir blicken in eine vielversprechende Zukunft!
Auch wenn der europäische Markt gesättigt ist - der amerikanische und asiatische Markt ist hungrig genug, um für INTC einen ausreichenden Absatzmarkt vorzufinden.
MfG
$
Die Freiheit des Menschen liegt nicht darin, daß er tun kann, was er will, sondern das er nicht tun muß, was er nicht will.
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[Print][Mobile]
By Tony Smith [More by this author]
18th October 2006 09:21 GMT
Find your perfect job - click here from thousands of tech vacancies
Intel will next year extend its Core 2 Duo desktop processor line, rolling out four CPUs in the Q2 2007 timeframe, three with support for the 1,333MHz frontside bus speed due to be introduced with the 'Bearlake' chipset series, it has been claimed.
Having seen the chip giant's latest desktop roadmap, DailyTech reports Intel is preparing new Conroes clocked at 2.33GHz, 2.66GHz, 2.93GHz and 3GHz - respectively the E6650, E6750, E6800 and E6850. All four contain 4MB of shared L2 cache. The E6800 runs on a 1,066MHz FSB - the other three support the 1,333MHz bus speed.
The E6x50 chips also support Intel's Trusted Execution Technology (TET), which is the security infrastructure thus far known as 'LaGrande' and designed to make it harder for malware to tap right down into the system to sniff out sensitive data.
TET requires support at both the chipset and the processor level - handy, if you're a company that sells both. It allows apps to be run within their own sealed environment, inaccessible by other software.
Intel has already said it will ship is quad-core Core 2 Quad processor line in Q1 2007, led by the 2.4GHz Q6600. ®
Intel hat einfach deutlich mehr Cash und Basis-Substanz als AMD, die wieder
ein Kaninchen aus dem Hut zaubern müssten, um Intel ein Schnippchen zu schlagen.
Ist nicht so einfach.
Persönlich halte ich Intel für ein solides Investment, allein die "Fundis" (120 Milliarden Marktkapitalisierung, KGV 21) halten mich momentan vom Kauf ab. Bei 70 Millarden MK würd ich mal ein paar Stücke riskieren...
Bei Single Core Prozzis ist offenbar das Ende der Fahnenstange erreicht. Viel mehr
geht nicht, also pappt man die Dinger zusammen..