We admit to some difficulty in seeing what supports consensus earnings estimates.
It's not going to effect the company's position.
We'd love to tell investors that we anticipated Intel's problems, but we did not.
The rate of decline for both the flash memory and communications business in the second quarter could be more dramatic than the overall top line, leaving it to the microprocessor business to pick up the slack.
I'd be a lot more comfortable with the group at 20 times [2003 earnings].
The semiconductor sector in general is in very good shape; the industry hasn't invested enough in capacity and that is actually very good for chip makers. Intel is often treated as a proxy for the chip sector, so the chip sector is doing well and so is Intel.
June improvement may yet materialize, but it's not turned up yet and defending a sequential revenue increase is getting tougher.
We think that the most interesting potential for National lies in the wireless market, where the company has the potential to substantially increase its revenue per phone.
We think that the investment community has bought into the idea of a second-half recovery, and that's probably going to happen.
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