From Briefing.com: 10:50AM Intel slips back toward support (INTC) 20.06 -0.30: -- Technical -- Has weakened in recent action with a new session low established. The low from yesterday comes into play at 20.05 with the 50 day ema/sma coming into play thereafter at 19.95/19.83.
10:30AM Sector Watch: Semiconductor : Group under pressure most of the morning with AMD -6.6% pacing the way following a warning. Other components posting sizeable declines include: BRCM -4.5%, LSI -3%, TXN -2.2%, NSM -1.8%, AMAT -1.5%. Bucking the negative bias today is LSCC +0.5%. The sector index (SOX 356.8 -1.7%) has fallen to support in the 354/353 area (50 day/chart) and has held thus far. Need sustained gains through intraday resistances at 359/360 and 362 to improve the short term pattern.
9:41AM PMC-Sierra cut to Underperform at Piper Jaffray; target $5 (PMCS) 11.73 -0.38: Piper Jaffray downgrades to Underperform from Mkt Perform due to weak service provider spending in Asia and the seasonal summer slowdown; firm also cites excessive valuation, saying the stock is vulnerable to correcting the excesses of the Feb-June runup. Target is $5.
9:28AM S&P 500 and Dow levels : -- Technical -- Initial support for the S&P 500 is in the 980/979.20 area with a posture above leaving the door open for further short term recovery attempts. Resistances are in the 985/986 area and at 990. Secondary support, on a failure, is at yesterday's low (977.40) followed by 975. For the Dow will be watching the 9060/9055 area during any early pressure for an indication of the strength of the slide. Intraday resistances, if this level hold firm, are at 9085 and 9105. Yesterday's low at 9038.36 provides next support.
9:18AM Advanced Micro cuts Q2 sales forecast (AMD) 6.59: Co cuts their Q2 sales outlook to $615 mln, down from previous guidance of at least $715 mln. "The anticipated global sales improvement in the month of June did not materialize as we had anticipated... In particular, the decline in personal computer and handset sell-through in China and other Asian markets, largely related to the SARS epidemic, significantly affected AMD's sales in the second quarter."
8:43AM FTC requests additional info from GNSS and PXLW (PXLW) 6.18: GNSS and PXLW announced it has received a request from the Federal Trade Commission for additional information and documentary material in connection with the proposed merger between the two companies.
8:37AM Corning reaffirms Q2 outlook (GLW) 7.30: Ahead of conference presentation today, co says it will tell investors that it continues to make significant progress on its three main priorities of protecting its financial health, returning to profitability in 2003 and investing in its future. Corning expects to be profitable for the full-year and will return to profitability in the third quarter, if not sooner, excluding special items. Co also reiterating Q2 guidance.
8:33AM Intersil announces sampling of true global WLAN solution (ISIL) 24.62: The Co. announced its sampling a "true" dual band Wireless Local Area Networking or WLAN solution with its key customers and Original Design Manufacturers or ODMs. It is called the PRISM WorldRadio and is capable of allowing its users to establish a network connection throughout the world with any standards compliant 802.11 infrastructure encountered, which includes 802.11a, b, d, g, h, i, or j. It is capable of ranges that cover the vast WLAN spectrum of 2.40-2.50 and 4.9-5.85 GHz. In addition, the PRISM WorldRadio delivers the industry's best power performance by consuming up to 75% less power than competitive designs.
8:24AM Dell to offer Novell's Linux software services to its enterprise customers (NOVL) 3.22:
7:28AM Juniper Networks downgraded at Wachovia (JNPR) 12.54: Wachovia downgrades to Underperform from Mkt Perform, saying checks lead them to believe that spending in both China and Europe slowed in Q2; also, firm says the stock's valuation at 80x their 2004 est is probably reflecting stronger business momentum than is likely to materialize; sees valuation range at $8-$10.
finance.yahoo.com^SOXX+ALTR+AMAT+AMD+BRCM+GLW+GNSS+INTC+ISIL+JNPR+KLAC+LLTC+LSI+MOT+MU+MXIM+NSM+NVLS+PMCS+PXLW+STM+TER+TSM+TXN+XLNX+^IXIC+^NDX+^SPX+^VIX+^VXN+^STI.N+^STI.O+SMH&d=t
finance.yahoo.com
I can't get that link to work Cary but I agree CREE should be on our list of potential longs.
RtS |
