14 Quotes by Charlie Glavin

We believe that the PC environment hasn't improved, and visibility still remains quite poor. We expect this trend to continue through the first half of 2001. As a result, we expect pricing pressure to continue between Intel and AMD through Labor Day, as weak end demand and inventory overhang continue to push both companies down the slippery slope of pricing as the only means of leverage.

I was floored by how bad it was. I don't think it's realistic to expect that this is going to work itself out by the second quarter. This is not an opportunity to buy on a weakness. This is a time to stay on the sidelines. Too many things have to go right. Intel has to reinvent itself very quickly, and you tend not to bet that a supertanker can turn on a dime.

Going into Intel's third-quarter earnings report, we are becoming more cautious about how Intel is going to address some lingering issues.

It appears AMD has engaged in a price war, where it is essentially bidding against itself.

Our October downgrade was based on concerns that are manifesting themselves now, although current conditions are actually worse than we feared,

Margins and revenue were better than feared. Inventories did go up as we expected but they basically are not far off from where they were last year.

That would be an old dog learning new tricks. This is not a company or a management team that has been willing to admit they are making mistakes.

We are not changing our estimates today, but do expect to have to lower them again after the call -- both for the second and third quarter. Aggressive pricing and weak demand should mean mid-40 percent gross margins by the third quarter.

We knew there were some constraints but not to the degree that it ended up manifesting itself in terms of revenues.