From Briefing.com: 5:57PM Intel (INTC) 29.51 +1.40: -- Update -- On call, company pretty much stuck to the press release. Management says they are planning for a seasonal second half, but they would not get specific beyond Q2...stock at 31.15.
4:18PM Intel reports $0.15 -- in line ex items (INTC) 29.51 +1.40: Reports Q1 net of $0.15 a share, in line with the Multex consensus. Revenues rose 3% to $6.78 bln (consensus $6.78 bln). During qtr, co purchased 30.9 mln shares at a total cost of $1 bln.
4:25PM Intel rises $1.20 in after hours (INTC) 29.51 +1.40: -- Update -- For Q2, co sees revs of $6.4-$7.0 bln (consensus $6.7 bln); puts gross margin at 53% (+/- a few points) vs 51.3% in Q1. Projects capital spending for 2002 of approx. $5.5 bln, which is in line with previous guidance.
5:39PM Motorola tops estimates; updates guidance (MOT) 15.00 +1.34: Company reports Q1 net loss of $0.08, four cents better than the consensus estimate; reports Q1 revs of $6.0 bln vs the consensus estimate of $6.0 bln; expects to post full year profit vs current consensus estimate for breakeven.
5:32PM Motorola reports $0.08 net loss, four cents ahead of estimates (MOT) :
5:35PM Vitesse Semi (VTSS) 9.01 +0.90: -- Update -- During their earnings conference call, the co said they would have a basically flat June qtr and indicated that their loss would be approximately $0.09-$0.11, which would be in line with the consensus of a $0.10 loss. (However, this listener did not hear the exec specify the June qtr, but it makes sense based on their qualitative guidance.)
4:20PM Vitesse Semi in line (VTSS) 9.01 +0.90: -- Update -- Reports Q2 (Mar) loss of $0.11, in line with the Multex consensus; revenues fell 65% year/year to $42.1 mln vs the consensus of $41.2 mln. CEO says "we continue to remain cautious about end system demand for the remainder of calendar 2002."
4:14PM Silicon Image tops estimates (SIMG) 9.44 +1.24: Reports Q1 (Mar) loss of $0.05 per share, $0.01 better than the Multex consensus of ($0.06); revenues rose 65.3% year/year to $17.1 mln vs the $16.5 mln consensus
4:12PM RF Micro Device tops estimates, guides higher (RFMD) 20.23 +1.49: Reports Q4 EPS of $0.02, $0.01 better than the Multex consensus; revs came in at $100.4 mln, vs consensus of $91.7 mln. Co expects Q1 EPS of $0.02-$0.03 and revs of $107-$110 mln, vs consensus of $0.02 and $99.5 mln.
3:49PM Photon Dynamics beats by a penny (PHTN) 50.00 +2.84: Reports Q2 loss of $0.10 a share, $0.01 better than the Multex consensus, vs a yr-ago profit of $0.09. Revs rose 22% to $17.3 mln (consensus $17.03 mln). Co sees Q3 earnings of $0.00-$0.08 (consensus $0.04).
1:48PM Solly Technical Upgrades: IRF, NSM, KLAC, AMAT, INTC : Salomon Smith Barney out with several Technical Upgrades today: IRF 2->1, NSM 2->1, KLAC 3->1, AMAT 3->1, INTC 4->3.
1:20PM Asyst Tech joint venture opens up large opportunity (ASYT) 19.70 +3.23: Banc of America believes that ASYT's joint venture with Shinko Electric in 300mm Automated Material Handling Systems will prove to be extremely beneficial to ASYT during the next ramp in greenfield fab activity; according to the firm, AMHS products are the core of fab automation and represent a large opportunity in the transition to 300mm manufacturing fabs.
9:04AM United Micro estimates, price target raised at TWP (UMC) 10.27: Thomas Weisel is more positive on UMC following a tour of Taiwan and China; believes UMC is the primary beneficiary of strength in the consumer end mkt and is enjoying robust demand from leading customers; also, firm is optimistic that UMC's utilization at leading tech nodes will improve substantially in 2H02 driven by customers such as AMD, TXN, and XLNX. Raises 2002 est to $0.05 from ($0.05) and 2003 to $0.35 from $0.18 (the latter est is above consensus of $0.32), and raises price target to $14 from $11.
10:16AM Texas Instruments (TXN) 33.95 +1.82: Shares of Texas Instruments are getting a lift on the company's better-than-expected first quarter results released last night. Specifically, Texas Instruments reported first quarter earnings of $0.01 per share, exceeding the consensus estimate by a penny. On the topline, first quarter revenues of $1.83 billion also edged the consensus expectation of $1.81 billion. Yet perhaps more importantly, management guided higher going forward signaling that order activity in its end markets is indeed on the mend. The company now expects second quarter earnings of $0.06 per share on revenues of $2.0 billion. By way of comparison, the current consensus estimates call for earnings of $0.03 per share on revenues of $1.93 billion. According to management, the March quarter saw a sharp improvement in order activity, with bookings up 20% sequentially. Strength was especially notable in the analog semiconductor business, which experienced a 30% increase in bookings. It's also worth noting however that the company appears to be experiencing a relatively broad recovery -- its book-to-bill ratio exceeded one for each of its business segments. So it's the magnitude of the recovery at 20% sequentially in addition to its breadth that seems to be contributing to general optimism over semiconductors this morning. The Philadelphia Semiconductor Index or SOX is higher by better than 4.0% which in turn is contributing to notable early strength on the Nasdaq. -- Mike Ashbaugh, Briefing.com
6:36PM Linear Tech (LLTC) beat Q3 EPS, rev estimates, ups Q4 guidance (43.88 +2.56) Reports Q3 (Mar) earnings of $0.16 per share, $0.01 better than the Multex consensus of $0.15; revenues fell 53.8% year/year to $130.2 mln vs the $126.3 mln consensus; issues upside preannouncement for Q4 (Jun) of EPS $0.17-0.18 (consensus $0.16).
12:49PM RF Micro Device (RFMD) 20.13 +1.4: Stock trading up 7.4% ahead of its expected earnings release after the close today. Giving stock a boost is a WR Hambrecht initiation with a Buy rating and price target of $28, given expectations for RFMD to increase its market share in the power amplifier market and firm's confidence in its ability to generate additional revenue in the WLAN, GPS, and Bluetooth markets. Firm believes RFMD is well positioned to continue to grow its market share in the power amplifier market, primarily because of its technology dominance and relationship with Nokia. Also believes RF Nitro acquisition should enable company to expand aggressively into the wireless infrastructure market with gallium nitride (GaN) technology.
10:53AM Novellus (NVLS) 53.23 +2.82: Company reported upside Q1 earnings numbers and raised Q2 EPS guidance yesterday. As a result, NVLS is on the rise today (+5.6%)... Adding to the stocks positive posture, Thomas Weisel reiterated Buy and upped price target to $74 from $56 as cycle is accelerating; CE Unterberg Towbin reiterated short-term Buy/long-term Buy rating; Needham & Co reiterated Buy and upped price target to $62 from $50; USB Piper Jaffray reiterated Outperform and upped price target to $63 from $55; Prudential reiterated Buy rating and price target of $67.
10:40AM Texas Instruments (TXN) 34.01 +1.88: Yesterday after close, company reported stronger that expected Q1 earnings and revenues, and raised Q2 guidance. Today, TXN is trading up 5.9%, and benefiting from upbeat analyst comments... Morgan Stanley reiterated Overweight; SoundView Technology and Frost Securities reiterated Strong Buy rating; Robertson Stephens, UBS Warburg, Dresdner Klnwrt Wass, and Wedbush Morgan reiterated Buy; Merrill Lynch reiterated near-term Buy/long-term Strong Buy; CSFB resumed Buy rating and price target of $42.
JP Morgan on Semis : Firm resumes coverage of mid-cap semi names (AMCC, PMCS, VTSS, and EXAR) with Mkt Perform ratings. JP Morgan believes AMCC's fundamentals should stabilize after the March qtr, but remains cautious due to valuation and an extended timeline for recovery in AMCC's end mkts; sees PMCS's fundamentals as improving faster than for its peers, but will likely stabilize rather than break out. JP Morgan views VTSS's growth as still kept in check by an uncertain telecom outlook. Finally, firm assumes coverage of EXAR and downgrades it to Mkt Perform from LT Buy in sector call
Applied Materials (AMAT) 54.16 +2.72: Stock set to split 2-for-1.
Novellus (NVLS) 53.46 +3.06: Weisel reiterated Buy and upped price target to $74 from $56 as cycle is accelerating; CE Unterberg Towbin reiterated short-term Buy/long-term Buy rating; Needham & Co reiterated Buy and upped price target to $62 from $50; USB Piper Jaffray reiterated Outperform and upped price target to $63 from $55; Prudential reiterated Buy rating and price target of $67.
Close Dow +207.65 at 10301.32, S&P +25.64 at 1128.19, Nasdaq +63.01 at 1816.79: Summary: It was a very strong day in the market today. The Nasdaq closed at a two-week high led by techs, especially semiconductors, semi equipment and software. The main reason for the buying spree was a number of solid earning reports last night and this morning, good economic reports and some short covering. Spurring the techs were better than expected results from Texas Instruments (TXN 33.79 +1.66) and Novellus (NVLS 53.46 +3.06). Also, traders bid up the space ahead of Intel (INTC 29.51 +1.40) reporting after the bell tonight. The wireless stocks were the strongest sector today thanks to a bullish report from Sprint PCS (PCS 12.60 +2.58). Also, the group benefited from a short covering rally. Leaders: NXTL +33%, PCSA +27%, PCS +26%, AWE +14%....
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