英特尔光芒犹存
Intel has helped power the market's rally. But there may be only so much it can do.
英特尔(Intel Co.)帮助推动了市场的反弹。但它能做的也就这么多了。
The biggest U.S. semiconductor maker by market value is due to report third-quarter results after the closing bell on Tuesday. Analysts estimate Intel earned 27 cents a share in the quarter, down 23% from a year earlier but an improvement over the second quarter, when it earned 18 cents excluding one-time items.
这家美国市值最大的半导体制造商将在周二收盘后公布第三季度业绩。分析师估计英特尔本季度每股收益0.27美元，较上年同期下降23%，但较第二季度有所好转，第二季度排除非常事件项目后每股收益0.18美元。
The chip maker's second-quarter results in July easily topped forecasts, encouraging investor enthusiasm for the wider earnings season and helping the broader market break out of what had been a monthlong trading range.
英特尔7月份公布的第二季度业绩轻易超出预测，激发了投资者对范围更广的收益季节的热情，也提振市场基本面突破了沿续整月的交易区间。
Like other companies, Intel managed to raise profits by squeezing costs, even as revenue fell 15% from a year earlier.
与其他公司一样，英特尔也通过压缩成本提高了利润，虽然其收入较上年同期下降15%。
Few companies delivered the feat better than Intel, which posted a gross profit margin of 50.8% in the second quarter, compared with 42% for all the companies in the S&P 500-stock index.
很少有公司能交出比英特尔更漂亮的成绩单，英特尔第二季度毛利率达到50.8%，而标普500指数成份公司为42%。
Intel has gained 65% since March 9, outpacing the Dow Jones Industrial Average, of which it is a component.
英特尔股份自3月9日以来上涨了65%，超过了道琼斯工业股票平均价格指数(Dow Jones Industrial Average)的涨幅。英特尔为道指成份股。
The roles have reversed lately, however: Intel shares have been stuck in a monthlong range, but the broader rally has continued.
不过最近形势出现逆转：英特尔的股价交易区间整整一个月没有变化，而股市基本面反弹则在持续。
Semiconductor stocks tend to run ahead of the broader market, and there are reasons to think the bulk of Intel's run is behind it.
半导体类股往往会领先于市场基本面，英特尔为何会落后还是值得深思。
Goldman Sachs analyst James Covello estimates Intel's gross margin could hit 60% by the fourth quarter, sooner than many other analysts expect. That level historically has marked the peak for Intel's profitability and for Intel's stock price, said Mr. Covello.
高盛(Goldman Sachs)分析师卡维罗(James Covello)预计，英特尔第四季度毛利率可能达到60%，比许多其他分析师预期的都快。卡维罗说，历史上这一水平是英特尔赢利和股价的顶点。
Some observers worry that once lean business inventories are restocked, demand for tech equipment and the chips that power them will fade. What is needed is a rebound in consumer spending, which few economists see coming.
一些观察人士担心，一旦贫乏的公司存货得到补充，对科技设备和芯片的需求将会减弱。真正需要的是消费者开支出现反弹，但很少有经济学家认为这种情况会出现。
But Intel's market dominance, with roughly 80% of the personal-computer chip market, means it could plug along even in a weak recovery. Tech helps companies cut costs, and analysts believe a wave of companies may be due for equipment upgrades in 2010.
但英特尔以个人电脑芯片市场80%左右的份额占据着市场主导地位，这意味着即使经济复苏疲弱，它也能对付过去。科技能帮助许多公司节省成本，同时分析师们认为有许多公司2010年可能需要进行设备升级。
Intel's status as one of the market's brightest stars might be numbered, but it likely won't become too dim.
英特尔作为市场上业绩最耀眼的公司之一的时间或许不会持续太久，但可能也不会太黯淡。
