8:55AM Thomas Weisel says it is time to return to tech : Thomas Weisel recommends that investors start to return to tech, particularly cyclical tech in the semi capital equipment related sectors; firm believes that tech demand indicators are turning positive upstream in semi capital equipment related sectors, rev outlook is stabilizing and is positioned for June YoY growth, and margins are improving, all of which creates the framework for EPS upside and stock gains. Top picks are JBL, KLAC, TSM, and VSH.
8:48AM Celestica upgraded at Soundview (CLS) 27.65: Hearing from sources that Soundview is upgrading to BUY from Hold; firm says the co is likely to benefit from any return in IT spending, has been able to hold operating margins steady despite a deteriorating mkt, and has a strong balance sheet. Although consensus numbers may need to come down, firm believes that is already discounted in share price, which is trading at trough levels.
8:45AM Opening Indications : The pre-market tone remains favorable with the S&P 500 currently trading 5.4 points above fair value while the Nasdaq 100 PMI is up 10.29 points.
8:24AM GlobeSpan Virata initiated with Buy ratingat CSFB (GSPN) 4.94: CSFB initiates coverage with a BUY rating due to 1) potential for expanded footprint, 2) strong G.SHDSL position, 3) diversification relative to its competitors, 4) relationships with key service providers, and 5) move into non-DSL specific networking markets. Price target is $9.
8:21AM Centillium initiated with Buy rating at CSFB (CTLM) 8.99: CSFB initiates coverage with a BUY rating due to 1) strong position in the growing Japanese mkt, 2) potential for footprint expansion, 3) ADSL opportunities outside Japan, 4) non-DSL specific networking opportunities, and 5) technical expertise in communication protocols, DSPs, analog, mixed-signal design, silicon integration, and system design. Price target is $12.
8:03AM Rambus facing FTC lawsuit: USA Today (RMBS) 6.60: USA Today is reporting that the FTC is preparing an antitrust lawsuit against Rambus, charging that the company worked with the industry to adopt a memory chip standard while simultaneously applying for patent rights to that design; article says FTC will seek to prevent RMBS from collecting royalties on SDRAM and perhaps DDR memory as well.
7:45AM Applied Materials estimates raised at Goldman (AMAT) 23.70: Goldman Sachs raises ests due to 1) stronger than expected order recovery, 2) SEMI April book-to-bill released this Thursday, and 3) news, events, and price performance; raises FY02 est to $0.21 from $0.19 and FY03 to $0.85 from $0.75 (both above consensus).
7:20AM Qualcomm upped to Buy at UBS -- Korean visibility (QCOM) 26.80: UBS Warburg upgrades to BUY from Hold due to better visibility to the Korean market, increased likelihood of the rollout of CDMA in India. Additionally, believes recent price pullback accounts for the much of the remaining downside risks, which include the 1x ramp in the US in 2H02 and the SeptQ estimates.
7:11AM ESS Tech ships reports record shipments in April (ESST) 15.40: Company reports the shipment of over 2 mln units of its advanced DVD decoder solutions to OEMs worldwide during the month of April, setting a new monthly record for the company. ESST is confident it will meet guidance of 10-20% DVD growth for the qtr.
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