Daniel Niles Quotations

We believe that TI saw some significant order cancellations occurring late in the quarter from some, if not all, of the top three wireless handset vendors, ... We believe that GSM handsets in Europe are not selling well and, as a result, Ericsson canceled components for GSM handset orders to TI as they did with all of their other suppliers late in the third quarter.

Y2k is going to be a very large problem, ... Hewlett-Packard is at the end of the train announcing this.

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,

the second quarter was the inflection point for both revenue and earnings-per-share growth.

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.

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.

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.

We believe both revenue growth and margins are within the range of guidance given in the third-quarter earnings release and feel comfortable with our estimates for the fourth quarter.

We believe PC demand in the last two weeks of December was terrible, leading to lower expectations for 2001.

It seems as though more aggressive pricing is not spurring much of an increase in demand, resulting in a trade-off between profitability and revenue growth,