Oppenheimer comments on impact of Intel results on Microsoft

Firm says INTC's strong results and better than expected outlook bode well for MSFT's PC and server-related business this calendar year. However, Oppenheimer cautions investors against over-analyzing the tea leaves, given the lag effect between INTC selling its chips into OEMs and MSFT recognizing revenue from the sale of its operating system and related software into OEM vendors. Firm does believe INTC's 1Q results are a very encouraging indicator that the corporate and PC refresh cycle are under way ahead of historical trends. MSFT remains Oppenheimer's top large-cap pick. Streetevents.