It’s Over. Maybe

I loved this comment out of Intel last night:

“In another sign that the worst of the economic downturn might have passed, Intel said on Tuesday that the personal computer industry had bottomed out in the first quarter of the year.Paul S. Otellini, Intel’s chief executive, said, “The worst is now behind us.”

and then:

“Intel said it was not confident enough in the state of the economy to provide a revenue estimate for its second quarter. But it said that “for internal purposes” it was planning for flat revenue in the second quarter.”

In other words: “We are stating that we’ve seen the bottom for demand, but we have no confidence in that statement.”

Thanks Intel!

And oh – for those getting bulled up from today’s Fed Beige Book – Really?!?!?

“The Fed’s latest survey of business conditions nationwide found five of its 12 regional banks reporting a moderation in the pace of the economic decline.”

Wow! Green shoots indeed! Things are getting worse less slowly in 40% of the Fed’s surveyed regions! Yee Hah!


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