Investors will increasingly question Intel's franchise value until/unless their pricing strategy begins to slow down AMD's momentum.

We believe precipitous declines in NAND prices are being driven primarily by excess supply, as NAND makers have invested significant capital over the last several quarters. In addition to capital investments dedicated purely to NAND, the transition of DRAM capacity to NAND capacity has further exacerbated the supply problem in NAND.

We believe investors need to wait to buy the stock until the market better understands if and when Intel's aggressive pricing strategy, which we believe in part caused this preannouncement, begins to have a negative impact on AMD's fundamentals.

We continue to believe that the inventory build in the industry is important, because it has historically led to an inventory-driven downturn with semiconductor companies cutting back on unit production and capacity additions as inventories are absorbed.

We're very clear about the prospects in the UK, and frankly large acquisitions will struggle to enhance value against those prospects.

Ray's corporate IP and legal experience will add tremendous value to the firm both nationally and in Chicago. His addition to our firm furthers our strategic plan to expand the breadth and depth of our practice areas.