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Enviado: **5/10/2004 14:48**

8:43am 10/05/04

Lehman trims Intel's Q3, Q4 earns estimate (INTC) By Tomi Kilgore

NEW YORK (CBS.MW) -- Lehman Bros. expects Intel Corp.'s (INTC) third-quarter revenue growth to be closer to the low end of the chipmaker's expected range of 3 to 8 percent.

Analyst Tim Luke also trimmed his third-quarter earnings estimate to 27 cents a share from 28 cents, his fourth-quarter earnings forecast to 30 cents a share from 31 cents, and his gross margin estimate for the second half of 2004 to 58 percent from 58.5 percent.

Luke believes desktop PC sales remain soft, back-to-school notebook sales have been mixed and sees some slippage in average selling prices.

He reiterated his "equal weight" rating on the stock and $22 price target. Intel is scheduled to reveal third-quarter results on Oct. 12.

Enviado: **5/10/2004 14:32**

Intel's Reemergence In Flash Memory Hurts AMD

10.05.04, 9:10 AM ET

Credit Suisse First Boston lowered earnings estimates for Advanced Micro Devices (nyse: AMD - news - people ) after the semiconductor company lowered its guidance for the third quarter.

CSFB noted that the weakness was primarily in flash memory, which was hurt by heightened competition from the reemergence of Intel (nasdaq: INTC - news - people ), inventory adjustments at Asian handset customers, and to a lesser extent pricing pressure brought on by excess capacity.

The research firm noted that Advanced Micro's processors "tracked to our lofty 11% quarter-over-quarter expectation, well above Intel's 5% quarter-over-quarter guidance midpoint." CSFB said, "We believe Advanced Micro can continue to make strides over the long-term assuming funding for next generation manufacturing falls into place, but near-term pressures in flash memory could limit progress."

The firm lowered the third-quarter estimate to earnings of 10 cents per share on revenue of $1.25 billion, from earnings of 18 cents per share on revenue of $1.38 billion. CSFB cut the 2005 estimate to earnings of 42 cents per share on revenue of $5.3 billion from earnings of 60 cents per share on revenue of $5.8 billion.