Altera (ALTR) 1Q:2008 Results

Revenues come in better than consensus of 326mm at 336mm. They guide next quarter up 1-4%, which is a range of 340-355mm, with street at 336mm. Gross margin guidance of 65% is slightly better than the 64.8% the street is using.

$21 is about 20*2008 earnings estimates of $1.05 -- where the street is probably going to raise numbers to. It's presently trading $20.7. I think it's tough to get it into the gap above here in an uncertain environment.

I feel like a broken record here but I have to say make the sale on this also because I'm on record liking it lower on price. Here I don't like it so much on price.

It's up 20%. Let's not be greedy.