“Given the challenges Intel faces currently with its business model, we think the stock needs to trade on a lower multiple of 2003 earnings to be attractive.”
“The semiconductor sector in general is in very good shape; the industry hasn't invested enough in capacity and that is actually very good for chip makers. Intel is often treated as a proxy for the chip sector, so the chip sector is doing well and so is Intel.”
“We think that the most interesting potential for National lies in the wireless market, where the company has the potential to substantially increase its revenue per phone.”
“The rate of decline for both the flash memory and communications business in the second quarter could be more dramatic than the overall top line, leaving it to the microprocessor business to pick up the slack.”
