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Q: How about chip stocks? Buy, sell, or hold Intel (INTC )? And do you think Advanced Micro Device (AMD ) is a real threat to Intel?

A: S&P recommends investors hold the shares of Intel. S&P believes Intel's scale-based strengths in R&D, manufacturing, and marketing should help it prosper in a semiconductor industry expansion that we expect to last throughout this year. Although the shares are trading below historical norms on the basis of p-e, we believe a discount valuation is warranted, given what we see as above-average near-term macroeconomic risks and our expectation of a moderation in industry growth beyond 2005.


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