Cody Acree Quotations

We're going to need to see follow-through from Intel. Good news from Intel could set a tone and start to give those that were most fearful about the outlook for chip stocks less reason to be concerned.

Nobody who owns the stock for a long-term investment is going to sell over a $60 million miss

Revenues are likely to be down but that's just normal seasonality,

I think it's generally a positive transaction. It's just a continued refocus of the firm.

I think it was a strong quarter but given the level of movement in the stock over the last few weeks expectations had gotten to a point where more upside was likely anticipated both for this quarter and for the forecast.

Results look to be strong across the board, whether in servers, notebooks or desktops.

I think demand was good but TI was capacity constrained in the fourth quarter. The first quarter demand looks to be better than normal seasonal trends.

We generally have had a good feeling going into the third and fourth quarters because the economy is doing better than expected. Semiconductors are going to get a boost from seasonal trends.

There is a certain amount of disconnect here,

We also like companies like Cisco Systems and Juniper Networks, ... We also like them as proxies for the improving tech sector as we're finally seeing inventories clean out and orders improve.

This was a holdover reverberation from problems we already know about. This is a larger disappointment than we expected, but it's not a change in what we and most of the Street already knew was coming.

With semi stocks, if you're not buying when there are mistakes then you're chasing momentum and that's historically proven to be a difficult strategy. Investors should take advantage of controversy.

There's nothing wrong with what they turned in. It's a little narrowing of the range, biased to the upside, but it's not an inarguable catalyst.

There won't be a night and day change in corporate strategy but there will be more emphasis on the wireless and consumer markets,

Companies like Texas Instruments, companies like Cisco Systems in enterprise networking. Leaders in their space, bellwethers, big-cap liquid names that I think are going to be around for the long term, leaders in the up cycle, ... Companies that the institutional investor can get in and out of quickly and that tends to draw a larger portion of the money when we have these volatile times.

Anybody who was surprised by this hasn't been paying attention.

AMD is doing a lot of things well with 64-bit leadership. But I'm not sure that this is sustainable.

AMD is doing a lot of things well with 64-bit leadership, ... But I'm not sure that this is sustainable.

They not only missed revenue and guided below consensus, but they are giving us higher expenses, higher tax rates, so the numbers are going to come down.

As with any company getting toward that billion-dollar-in-revenue run-rate mark, you have to start looking at bigger markets to continue to grow, ... The consumer markets are typically the larger mass markets worldwide.

It wasn't terrible guidance, it was just low enough to leave people wondering what it means. What people were looking for or what the market needed was for Intel to....(deliver) unequivocal strength in guidance.

It was generally a good quarter. End demand does appear to be relatively healthy. It's just a matter of whether TI can supply all the parts it needs.

It was generally a good quarter, ... End demand does appear to be relatively healthy. It's just a matter of whether TI can supply all the parts it needs.

It was a solid number, really, across the board and a little revenue upside and strong gross margin.

It's a good update, but it's not quite enough to satisfy a more optimistic Street.

It's not out of the realm of possibility that the second-quarter numbers could be strong enough to support the stock at a higher valuation, ... If you keep raising estimates, you probably could keep expanding the multiple.

It speaks to some degree of confidence on the company's part.

The numbers were fine. The stock had done extremely well. When you have that kind of a move, it builds in a certain kind of optimism that may be realistic or may not be.

The biggest thing here is what inventories are looking like and what demand is looking like for the first quarter.

The biggest surprise is not that the market is seeing inventory slosh, but maybe it's Intel's lack of ability to measure this.

It's amazing how quickly sentiment shifts. Two weeks ago, people would have sworn that the economy was gaining momentum. But there's no reason to believe that if we have normal economic improvement then that won't translate into normal seasonal second-half demand.

It's great revenue growth, but it may not be enough because of increased (investor) expectations.

There was an assumption at the beginning of June that second-quarter sales of desktops and servers would be lethargic but momentum has built throughout the quarter. There were concerns that there would be lackluster spending by consumers and corporations because of high oil prices but it looks like things were probably normal or even better than normal.

Their earnings are in line with expectations for this quarter and the next, but there was no upside and the stock was priced for some degree of upside.

In our view, these proceedings could drag on for many quarters.

In '05 they didn't have a lot of competitive products, but in '06 they are finally bringing out some of those new products that should make them more competitive.

In '05, they didn't have a lot of competitive products. But in '06 they are finally bringing out some of those new products that should make them more competitive.

Chip companies are getting ready for stronger demand in the back half of the year. There's a big difference between building a safety margin and overbuilding, ... People have been pessimistic, but we continue to get fairly firm fundamentals about the environment for PCs and semiconductors overall.

How do you do better than that? ... And if next step is down, do you want to own the stock? Their challenge is trying to convince investors and analysts that there is no reason for margins to deteriorate. To some degree they are a victim of their own success.

The finality of the inventory correction is not only great for Intel but the entire semiconductor market. Investors had been assuming that the first quarter would be the bottom but it's nice to see real evidence of it.