Nokia (NOK) shares continue to fall this morning as the downgrades pour in following the company’s cut in its outlook yesterday.

I count three downgrades today, in all, from Goldman Sachs, Sanford Bernstein, and Canaccord Genuity.

As I wrote following that announcement, the bears warned that the worst may not yet be over in terms of the deterioration of the existing business, and that the partnership to develop phones with Microsoft (MSFT) still carries risk.

That’s generally the viewpoint of today’s actions as well. I’ll get to the Goldman and Bernstein notes in a moment.

Mike Walkley at Canaccord Genuity cut his rating to Hold from Buy and cut his price target to $8 from $11, writing that he is “increasingly concerned about sales for Nokia’s Symbian devices during the transition period.”

The vaunted Nokia distribution channel has in fact broken down in China, the company indicated, and the head of operations there has been let go. “Nokia indicated it had mismanaged inventory levels in China and has fired and replaced the head of its China distribution operations.”

Walkley cut his 2011 EPS estimate to $20 cents from 54 cents, and cut his 2012 EPS estimate to 28 cents from 83 cents, but he still thinks Nokia’s phones based on Windows Phone could become a viable third platform, after Apple’s (AAPL) iOS, and Google’s (GOOG) Android, and he models a profit of 83 cents in 2013, on a rebound in sales to €44.9 billion from a likely €39.7 billion in 2012.

Bernstein’s Pierre Ferragu, meanwhile, cut his rating from Market Perform to Underperform, with a $4 target price on the American Depository Receipts, down from $7.33 previously. His target price on Nokia’s ordinary shares goes to €3 from a prior €5.50.

Ferragu notes that he had upgraded the stock on March 11th, when there were 13 Sell ratings on the Street, thinking that investor expectations were low enough to offer some upside on the shares. But yesterday’s cut means the “worst case” scenario that he had imagined is, in fact, crystalizing.

The introduction of the Windows-based phone “will be challenging,” he thinks, “given the likely loss of traction and visibility of the Nokia brand, as well as the speed at which the opportunity for a third ecosystem to emerge is vanishing.”

In fact, Ferragu thinks something is happening to Nokia akin to what befell Motorola back when it lost its grip on the number two spot in the phone market:

This new guidance is to us a strong indication that the company is falling into the Motorola-type scenario we have been worried about for some time. We expect Nokia’s smartphone and mobile phone shipments to shrink sequentially in the second quarter, leading to market shares of 19% and 30%, down 19 pts and 5 pts year on year. This precipitous acceleration of market share loss has two major implications. Nokia is now losing visibility in Europe. The brand lost its first spot to Samsung in the first quarter and our recent store visits indicated a dramatic loss of visibility for Nokia: In some stores, we couldn’t see Nokia phones on display above knee level. Nokia’s emerging market share is not well protected. It now seems clear that Nokia’s more stable position in emerging markets and especially in China was artificial. Management advocated that major inventory build-ups artificially increased shipment volumes in the last quarters. We now believe Nokia will face pressure in these markets similar to what it has been experiencing in Europe.

Goldman’s Tim Boddy cut his rating to Neutral from Buy, writing that the company’s “rapid market share loss threatens Nokia’s distribution advantage.”

Boddy writes that his prior convocation that the stock offered upside if new Windows phones succeeded failed to anticipate how quickly the business would deteriorate.

“With Nokia unlikely to have a full Microsoft- based smartphone line-up across all price points before mid-2012, risks to revenues remain material, threatening Nokia’s ability to retain its distribution relationships and retail footprint when new products arrive.”

Boddy cut his EPs estimate for this year to 17 cents from a prior 53, and cut 2012′s estimate to a loss of 1 penny, versus a prior estimate of 70 cents per share.

And like Ferragu, he draws parallels with the old Motorola’s troubles when it lost its position in phones:

We believe the parallels between Nokia’s situation and Motorola in 2007/8 are becoming more similar. We still argue that Motorola’s position was more precarious, given its dependence on a slim number of high end ‘hit’ models for its profitability, a structurally unprofitable EM business and a weaker balance sheet, but a clear lesson from Motorola’s challenges (or, for that matter, Sony Ericsson’s) is that it is both difficult and time-consuming to rebuild distributor, retail and supplier confidence in your brand once market share has collapsed.

Things that were an advantage for Nokia, moreover, such as in-house manufacturing, may come to be a liability, Boddy believes. For one thing, of the company’s 59,000 employees in its handset operations, about half are based in developed markets. That might make it tough for the company to restructure if it wanted to shift resources to emerging markets where the upside is greater.

Article courtesy of Tech Trader Daily

Piper Jaffray’s Gus Richard today reiterates a thesis he’s been making for several weeks now, namely that Intel (INTC) is gunning for Apple’s (AAPL) business to manufacture the iPhone maker’s custom processor, the “A” series of chips. 

Richard reiterated a Neutral rating on Intel shares. 

Richard repeats that Intel must find more contract business as it spends $10 billion this year beefing up its fabs, a doubling of last year’s capital spending.

Basically, the old PC business just won’t bring enough revenue to justify the business, but a deal to fab Apple’s chips would help a lot. (Richard doesn’t talk about how production of server chips and networking chips would help, but those are admittedly much smaller markets than the PC by volume.)

Richard thinks that with the leading contract foundries all investing in capacity, meaning Taiwan Semiconductor Manufacturing (TSM), Samsung (SSNLF), and Global Foundries, the spin-off from Advanced Micro Devices (AMD), Intel could hurt those competitors by denting their ROI if it wins Apple as a customer:

Intel is betting that it can fill its leading edge fab. The company continues to build capacity as if its silicon demand will stay on trendline. However, based on our analysis of the PC client market, this seems unlikely. We believe that Intel has also stepped up its efforts to get into the foundry business. In particular, Intel is vying for Apple’s foundry business. Apple is the largest buyer of leading edge silicon and a significant buyer of foundry wafers from Samsung. If Intel was Apple’s foundry partner and continued to supply baseband chips to Apple, Intel would start to impact leading edge volume growth at the foundries. This would impact demand for next generation process technology and slow the ROI of the foundries’ investment in process technology development at leading edge capacity.

A more certain result, however, is overcapacity: today he reiterated an Overweight rating on shares of Applied Materials (AMAT), but wrote that the company is likely to offer a weak forecast when it reports earnings on Tuesday, after the bell, given that Samsung appears already to be pushing out orders for equipment as customers re-allocate spending to other vendors. He thinks Apple is one of those customers, taking its DRAM dollars to other manufacturers:

We expect to see cancellations in CY11:Q3 as Samsung’s largest chip customers reallocate demand to other vendors. In addition, capital spending at the foundries has been too strong for too long and we expect to see a pause in this market as well.

Article courtesy of Tech Trader Daily

Credit Suisse’s Satya Kumar today reiterates a Neutral rating on shares of First Solar (FSLR), while reflecting on the funding debate that’s been going on regarding the likelihood of the company’s getting U.S. Department of Energy support for large solar projects, something I wrote about last Thursday.

Kumar writes that his “channel checks with industry contacts” suggest that the “odds of the [Bureau of Land Management] issuing a favorable decision for First Solar by June 15 may still be reasonable since government officials know this date is critical for securing loan guarantee.”

Kumar was referring to the environmental assessment First Solar is seeking for two of four projects that have applied for Department loans, “Topaz,” and “Desert Sunlight.” The AV Solar Ranch project is already permitted, and Agua Caliente has already received loan guarantees from the Department.

The Topaz project received permits from San Louis Obispo County last week, he writes, and though there will be an appeal to that decision, “we think there is a very high probability the county will issue a decision in favor or First Solar before June 15.

Kumar’s view on the stock is to “avoid extreme pessimism on FSLR solely based on a thesis of unfavorable developments on DOE and permitting.”

However, he maintains a $115 price target, which is lower than the $124.70 the stock’s currently at. His concern is that for the systems business, the DOE-based projects are “too profitable to be sustainable,” and that in the solar panels business, “there are dramatic cost reductions and excess low-cost capacity additions” from China’s GCL and from “a major Korean poly[silicon] producer, which could hurt the economics of the business for First Solar.

Article courtesy of Tech Trader Daily

Creduit Suisse analyst Kulbinder Garcha this morning reiterates an Outperform rating on Apple (AAPL) shares and a $500 price target, addressing four pressing concerns he has heard from investors, and suggesting Apple could institute a 5% dividend and still have $100 billion in cash in five years from now.

Concerns Garcha outlines are that iPad may not have sufficient demand, the iPhone’s sales may be reaching saturation; the stock may be too broadly owned at this point to appreciate; and CEO Steve Jobs’s health is still a concern.

Nyet, says Garcha, to all that: iPad has “the mother of all backlogs,” as Apple COO Tim Cook said on the fiscal Q2 call a few weeks ago, and Apple may have 50% of a 300 million tablet market “longer term.” iPhone will ride the wave of smartphone growth of 50% this year and 32% next year, with additional carriers around the world picking up the device. And as for the shares, they are only 2.6% of the S&P 500′s total value, whereas 5% has traditionally been a “ceiling” to any stock, he writes.

He also notes that, “Apple is unique,” with still low market share in many product categories, allowing for growth. Moreover, not everyone owns Apple shares, he notes, as institutional ownership dropped in Q4. “Even though the breadth of Apple shareholder’s increased, institutional holders were underweight the company.”

As for Jobs, well, “this is a valid concern in the long term,” but he believes the company has a “deep bench” when it comes to management, and its proven “execution” on the business shows the company can add $10 of “extra EPS per year longer term.”

Garcha also addresses some product speculation: the Worldwide Developer Conference Apple will host next month (June 6th to 11th) in San Francisco might extend the use of Apple’s Objective-C development environment to “back-end services,” and that might play into any “cloud” computing offerings Apple makes, such as a streaming music service. That, in turn, might set the stage for a cheaper iPhone, with the capability on the server doing the heavy lifting.

As for a dividend, the bulging cash pile — $66 billion at the end of Q2 — is depressing the stock’s multiple, some would argue. The stock has only a 10% premium to the broader market, by forward P/E, down from 38%, on average, last year and way down from 296% back in 2003.

But that’s not warranted, Garcha argues: he sees some opportunities for M&A, something the company has alluded to in past, but the targets, in his view, are few and small, given Apple’s acquisition history, which included chip maker Intrinsity for $121 million, and PA Semiconductor for $278 million.

The cash could also be used for retail store additions, with the potential to add $19 billion in revenue, but that could probably be funded through the annual cash flow, given how “productive” the retail stores are, at $4,600 in revenue per square foot.

Garcha thinks a dividend will come one day…when growth slows: “Despite our optimism on Apple, there will come a day when the company has saturated its end market potential. We believe at that point the company may seek to make investment in the company attractive through a combination of share repurchase and/or dividends.”

Apple shares today are down $3.53, or 1%, at $336.97.

Article courtesy of Tech Trader Daily

Here’s what Lee Ainslie, James Dinan, Izzy Englander had to say on the “hedge funds legends” panel at this year’s SALT conference in Vegas about the culture within their firms:

Ainslie: “It’s very important to identify what you values are; make sure everyone understands what you’re trying to achieve as a team. Our training week at the beginning of the year starts with an ethics section. We never keep an individuals’s P&L- only team P&L, so no one person gets credit or blame for an investment decision, which makes for a very collegial culture and makes people do recognize that they’re there to what’s in the best interest of our investors.

Dinan: “At the end of the day, we’ve tried to create a culture that’s egalitarian. Myself and the other partners sit on the same desk as everyone else on the firm. We’re open, we have no secrets, we discourage people from thinking about ‘their business’ rather than ‘the firm’s business.’ We promote from within- every partner started as analyst and worked their way up. We don’t throw people out when they don’t work out we help them find something else. It’s not a Darwinian culture. People take a chance to go for the gold because they know we recognize that they’re people and not a cog in the wheel.

Englander: “It’s very important that there’s a common sense for the discipline, a level of simpatico. Unlike Jamie and Lee, everyone does have their own P&L and they’re judged on their own. If people want to share their ideas, that’s fine, if they don’t, that’s fine. Though I will say we do about 20-25% in statistical arbitrage- try getting a quant to be collegial.”

Article courtesy of Dealbreaker

Shares of Cisco Systems (CSCO) are up 40 cents, or 2.3%, at $18.18 after the company this afternoon reported fiscal Q3 revenue in line with estimates and EPS better than expected.

Q3 revenue for the three months ended in April rose 5%, year over year, to $10.9 billion, yielding EPS of 42 cents.

Analysts had been expecting $10.9 billion and 37 cents per share. The revenue is in line with Ciso’s own forecast back in February for $10.89 billion in revenue. EPS was above Cisco’s forecast for 35 cents to 38 cents.

Gross margin came in at 63.9%, Cisco said, above the company’s forecast for margin of 62% to 63%.

CEO John Chambers remarked, “This quarter played out as we expected. We have acknowledged our challenges. We know what we have to do. We have a clear game plan, and we are a company with a track record of market-shaping innovation. We thank our shareholders, employees, customers and partners as we transition to the next phase of Cisco.”

Cisco said its “days of inventory” declined from 40 in Q2 to 37 in Q3. Inventory “turns” rose to 11.1 from 10.6 in the prior quarter, on a GAAP basis, it said.

Update: Shares are now up 64 cents, or 3.6%, at $18.42.

Update 2: Cisco’s conference call is now underway. You can catch it here.

During the call, Chambers said Cisco intends to cut $1 billion from its costs, as part of a broad “simplification” of its operating model.

Chambers also remarked that fiscal Q4 will continue to show some “weakness,” as “switching margins are under pressure in the high end part of our business.”

Chambers remarked that price-per-port is dropping as the company transitions to its “Nexus” line of switches, bringing pressure on gross margin:

The switching market is in the midst of a significant transition. Across the industry, prices at each speed have been driving down price per port, along with significant transitions from 1-gigabit to 10-gigabit, where we are at the forefront of this innovation. As we have said previously, in the short term, this has placed pressure on our revenue opportunities across the market as customers have begun to adopt these new technologies. Our gross margins have come under pressure due to the transition of our own products at the high end of our switching portfolio as customers adopt the Nexus 7000.

Chambers said the company plans a “workforce reduction,” the scope of which will be decided over the summer.

As for public sector, Chambers said further belt-tightening by government customers had led to a reversal from 30% growth four quarters ago to an 8% decline in Q3. “No excuses. We must adjust quickly,” he said, “We must address very aggressively the dramatic spending changes that will occur.”

Chief operating officer Gary Moore said on the call that Cisco will improve its gross profit margin, “through product simplification, aggressive value engineering, maximizing commodity pricing opportunities, and enhanced supply chain strategies.”

Update 3: This cautious commentary appears to have forced Cisco to give up its after-hours gains. The stock is now down 21 cents, or 1%, at $17.59.

Update 4: For Q4, the company is forecasting $10.84 billion to $11.05 billion in revenue, below the consensus $11.6 billion, and EPS of 37 cents to 39 cents, below the average 41-cent estimate of analysts. Gross margin is expected at about 62%.

Update 5: Cisco’s long-term revenue growth targets of 12% to 17% are “off the table,” management said.

Article courtesy of Tech Trader Daily

Microsoft (MSFT) shares are down 2 cents at $25.65 in early trading following yesterday’s 0.6% decline after the announcement the company will buy Internet calling firm Skype for $8.5 billion.

The day after stories, and the analyst notes seem largely to take a positive tone despite the sticker shock the Street experienced yesterday.

The Wall Street Journal’s Nick Wingfield writes this morning that Microsoft’s deal is a sign of the consumerization of technology, and makes passing reference to Cisco Systems’s (CSCO) failed effort with Flip video cameras. And Wingfield ends with a quote from Meg Whitman, who bought Skype when she was head of eBay (EBAY) in 2005. “Is Skype worth $8.5 billion? I don’t know, but it depends on how big the platform grows.” Wingfield notes that eBay will make a profit of about $1.4 billion on the deal.

Steve Lohr writes in The New York Times this morning, “by stitching Skype technology into Microsoft products, used by hundreds of millions of people, the software giant could hasten the mainstream adoption of video communications, especially in businesses.”

DealBook’s Evelyn Rusli writes that Microsoft settled on the $8.5 billion price in mid-April, after CFO Peter Klein travelled to private equity backer Silver Lake’s offices and the parties involved had discussions about valuation for several weeks.

A Reuters’s Breaking Views column by Richard Beales and Agnes Crane write this morning that, “the transaction is unlikely to pay off.” They note that past deals have floundered: the $6 billion purchase of aQuantive in 2007, “hasn’t borne any noticeable fruit in the battle with Google. Neither has the software giant’s search deal with Yahoo.”

Ann Winblad, a venture capitalist with Hummer Winblad, was on Bloomberg television last night, saying, “It’s the kind of bold move microsoft should be making … I think it’s a brilliant strategic move for Microsoft. It’s a chess move they need to remain competitive with Apple and Google, and it gives them an opportunity to partner further with Facebook, one of their core partners.”

And Bloomberg’s Dina Bass, Douglas MacMillan, and Joseph Galante this morning write that Skype refused to settle for less than $7 billion in its talks with Microsoft, citing anonymous sources.

The Financial Times’s Lex column writes that it’s all about Nokia: “If voice and video over the internet is going to become a big presence in mobile, it makes sense for Microsoft, desperate to differentiate its mobile operating system from Apple’s and Google’s, to buy the dominant brand. Will the network operators play along?”

And what of the analysts?

Walter Pritchard with Citigroup reiterates a Buy rating on Microsoft and a $35 price target. The deal “makes sense,” he thinks, and he lays out some possible “leverage”: the Kinect line becomes the “killer home video conference system / Win phone”; the business division, where it can integrate with Microsoft’s “Lync.” “Some of these integrations could potentially drive meaningful competitive advantage and augment existing Skype revenue that today is almost all based on calls to landline and mobile phones.”

Tavis McCourt with Morgan Keegan sees benefit to Nokia (NOK), Polycom (PLCM), Logitech (LOGI) and Plantronics (PLT) as “video and voice services will require more headsets and video bridging hardware. Nokia may benefit if Microsoft builds in any unique features not available on other handsets.” McCourt thinks Microsoft’s negotiations with telcos will become tougher as they view Skype as a threat, but, “Ultimately, we believe carriers will lose this battle.”

On that score, Craig Moffett with Sanford Bernstein this morning observes that Skype threatens the most valuable portion of the telco economy: basic connectivity. Voice service produces about $1 per megabyte in wireless services, whereas data service — Web browsing, etc. — commands only about 5 cents per megabyte. Undercutting that rich voice goldmine is an “arbitrage opportunity,” he writes, and tech companies love arbitrage. “Perhaps it was the threat of Facebook acquiring Skype that moved Microsoft to pay 10 times revenues,” writes Moffett. “Just don’t expect the carriers to be amused.”

Adam Holt with Morgan Stanley notes that while Microsoft has been developing unified communications with Lync and Xbox Live and Win Phone 7, Skype has 13 patents and over 400 patents pending “in areas from video delivery to data compression.” Moreover, though the valuation is rich, Skype’s metrics have been improving, the company is gaining more importance in social networking, and anyway, there are a lot more M&A deals being done in the $6 billion to $8 billion range, so what could Microsoft do? Use of foreign cash, he notes, is “found money.”

Article courtesy of Tech Trader Daily

Business social networking site LinkedIn has priced its initial public offering between $32 and $35 per share, meaning the company seeks to raise up to $175 million and would be valued at $3 billion, according to an updated filing with the Securities and Exchange Commission.

LinkedIn’s valuation is the first official record of the hyper-valuations many Web 2.0 companies like Twitter and Facebook have seen in recent years. The company plans to offer up to 4.83 million new shares of common stock, which would raise up to $175 million if they sell at the top end of the expected pricing. Current shareholders also plan on selling around 3 million shares of the business social networking company.

LinkedIn, founded by Reid Hoffman (pictured above), is a business network that’s designed to help professionals connect with other potential business contacts and get a “warm introduction” through people in their network.

The company has warned that a majority of its revenue comes from a small number of members who generate a majority of the page views for the site. Its major investors — Sequoia Capital, Bessemer Ventures and Greylock Partners — will not participate in the initial public offering, according to Reuters. Those investors own around 40 percent of the company, according to the company’s S-1 filing with the SEC.

LinkedIn will list its shares under the ticker “LNKD” on the New York Stock Exchange (NYSE) after spurning the tech-heavy NASDAQ stock market. It’s one of several high-profile tech initial public offerings that landed on the NYSE over the NASDAQ, ending the exchange’s decade-long dominance over the tech IPO market. The NYSE has dueled with the NASDAQ stock market to attract high-profile tech IPOs, but it’s traditionally been a losing battle as the NASDAQ stock market regularly plays host to the largest tech companies in the world like Google and Apple.

LinkedIn filed to go public in January this year to raise up to $175 million. The latest filing with the SEC also indicates that LinkedIn now has 100 million members, up from the 90 million it indicated in its last S-1 filing. It had 990 employees at the end of 2010, the last time it reported how many employees it had.

Tags: initial public offering, IPO, social networking, valuation

Companies: Bessemer Ventures, Facebook, Greylock Partners, linkedin, Sequoia Capital, Twitter

Article courtesy of VentureBeat » deals

ThinkEquity’s Krishna Shankar this morning raised his rating on SanDisk (SNDK) shares to Buy from Hold, arguing that the industry economics for flash memory are “balanced.”

Shankar raised his price target to $60 from $50.

Shankar sees 75% to 80% bit growth for NAND flash in 2011 and 2012, and 30% to 35% decline in average selling price.

Further, Shankar sees Sandisk as having a lead in process technology, with partner Toshiba (TOSBF) at 24 nanometer and with 2 bits to 3 bits per cell, with a further advantage down the road at 19 nanometer with MLC technology.

Helping the company’s market outlook is that “marginal players” in DRAM in Taiwan and Japan have either left the business or consolidated, and that there are not likely to be more “greenfield” DRAM and NAND chip factories until the second half of this year.

Then, too, new devices such as tablet computers, and rapidly expanding product categories such as smartphones, are “voracious” consumers of flash memory.

The company is “among the best-managed semiconductor companies,” he writes.

Shankar is modeling revenue for SanDisk of $5.83 billion and $4.60 in EPS this year, versus the consensus $5.76 billion and $4.42 per share.

SanDisk shares are up 21 cents, or half a point at $47.36.

Article courtesy of Tech Trader Daily

Barclays Capital hardware analyst Ben Reitzes today opines that PC makers need to rethink their business, because just taking market share or expanding profit margin through better component pricing will not be enough to improve their stock prices.

He’s really talking about Dell (DELL) and Hewlett-Packard (HPQ), which trade at 9 times and 8 times projected EPS, respectively.

What should they do? Reitzes offers some things to consider, without explicitly endorsing anything:

Shift from Intel (INTC) microprocessors to chips based on ARM Holdings (ARMH) designs. Those chips might cut processor cost by a third, which would save $25 per PC, 5% of the total cost of the machine, and would add 55 cents a share to HP’s annual profit and $0.45 to Dell’s profit, roughly 10% and 20%, respectively, of their total annual profit.

Switch from Windows to Chrome. Microsoft’s (MSFT) software is $75 per desktop and notebook, on average, for the vendor, and $50 for the average consumer PC. Switching to Google’s (GOOG) “Chrome” OS would save $45, 10% of the bill of materials. That would add $1 extra in profit per share per year for HP, and add 80 cents to Dell’s annual EPS.

HP has the added option of expanding its Web OS software to the PC from the smartphones and tablets it has announced, something it hinted at back in February.

Although Microsoft said at the Consumer Electronics Show in January that it will bring the next Windows (presumably version to ARM chips, this is more of a rearguard action on Microsoft’s part, Reitzes argues, a step that was only taken after the company had been “blindsided” by “the impact of the iPad, the ascent of [Apple's (AAPL)] iOS, and Android as de-facto mobile device platforms, and the inability of Intel to produce a low-cost, low-energy consuming processor.”

Hence, Windows on ARM faces issues, he thinks, even if it continues to dominate unit shipments: “There would be some question as to pricing and Microsoft’s ability to still command $50 per Windows license if overall costs of hardware were to come down by the savings of moving to an ARM processor.”

And, drum roll please …. “We believe that Apple will be the first in our sector to embrace ARM for some Macs, as early as C2H12,” writes Reitzes, with a nod to speculation last week Apple may ditch Intel chips for ARM chips.

We believe that Apple is already working hard on the software to accomplish this feat within the MacBook Air line-up. Through its own development of ARM-based processors and ARM-based iOS software, this migration would be rather natural for Apple. Apple is already moving toward enhanced battery life and ultra portability with its current MacBook Air line, which uses NAND instead of HDDs.

And since you’re probably wondering, no, there is no mention in the note of Intel’s momentous announcement last week of its “Tri-Gate” process technology, which even some bears on Intel stock think could give it an edge on ARM-based chips. A curious omission, on Reitze’s part, to be sure.

In any event, for a different perspective on Intel and Apple, see Piper Jaffray’s Gus Richard’s note this morning.

Article courtesy of Tech Trader Daily