What we can say, however, is that expensively valued stocks are poorly prepared for surprises like the one Intel delivered yesterday.
More Quotes from Joe Osha:
For now, we're staying with the neutral intermediate-term rating on AMD's stock until we see how the company weathers the Northwood launch. We are still long-term strong buyers of the stock -- even if AMD suffers at the hands of Northwood it will not plunge as deeply into loss as it has during past Intel offensives.Joe Osha
Intel's status as an industry bellwether has allowed the stock to move with the industry in the past.
Joe Osha
It is very hard to find any evidence of a real end to the upturn that began in late 1998. Although we see little to support semiconductor stock prices during the next two months, we strongly believe that the sector will be hitting new highs before the end of the year.
Joe Osha
In posting the weakest Q4 revenue result and Q1 outlook since the bursting of the bubble, Intel has made it clear how much competitive ground the company has lost to AMD. The extent of the losses has exceeded our expectations.
Joe Osha
We think it's likely that the stock will see a short-term rally on relief that the outlook has not deteriorated further, but the absence of bad news does not constitute an argument in support of the stock... we struggle to understand the upbeat consensus outlook for the fourth quarter.
Joe Osha
We wrote last November that Sony's design choices for the PS3 had resulted in an expensive and difficult-to-manufacture product, and we think that we're seeing the consequences of those choices play out now.
Joe Osha
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