From Briefing.com: 4:49PM Plexus Corp CEO retires (PLXS) 27.61 -0.03: Company announces John Nussbaum, chairman, pres, CEO will be retiring effective July 1. Dean Foate, current COO, will take over as pres and CEO
4:15PM Agilent misses consensus by a penny (A) 29.60 -0.15: Reports Q2 loss of $0.24 per share, $0.01 worse than the Multex consensus and in-line with guidance of a $0.20-$0.30 loss. Revenues fell 39.4% to $1.46 bln vs the $1.49 bln consensus. For Q2, co sees a loss of $0.10-$0.20 (consensus -$0.10). "While visibility beyond three months remains very poor, we are comfortable with the range of analysts' estimates for the fourth quarter of our fiscal year."
4:13PM Asyst matches estimates; guides higher (ASYT) 18.18 +0.18: Reports Q4 (Mar) loss of $0.33 per share, in line with the Multex consensus of ($0.33); revenues fell 66.7% year/year to $38.4 mln vs the $37.1 mln consensus; expects Q1 net sales in the range of $50 to $55 million vs the the current consensus estimate of $42 million.
4:11PM Analog Devices beats by a penny (ADI) 39.59 +0.43: -- Update -- Reports Q2 pro forma EPS of $0.13, $0.01 better than the Multex consensus; revs were $413 mln, vs consensus of $409.4 mln. Expects Q3 EPS of $0.15 and sales of $445 mln, vs consensus of $0.15 and $436.0 mln.
4:07PM Dell Computer beats by a penny; guides higher (DELL) 27.85 +0.15: Reports Q1 (Apr) earnings of $0.17 per share, $0.01 better than the Multex consensus of $0.16; revenues rose 0.5% year/year to $8.07 bln vs the $7.87 bln consensus; sees Q2 earnings of $0.18 per share vs the current consensus estimate of $0.17 per share.
4:05PM DELL pops $0.45 on earnings report :
4:04PM Dell Computer reports Q1 earnings of $0.17; beats by a penny (DELL) 27.85 +0.15:
1:55PM Marvell: Merrill Lynch comments on INTC speculation (MRVL) 37.54 -3.61: -- Update -- While Merrill Lynch believes that Intel is working on developing its own gigabit PHY, it does not believe that it is close to replacing MRVL as its sole source supplier. Additionally, firm's checks indicate that MRVL has been seeing robust order growth from Intel for gigabit solutions. Notes that Intel is reported to have been working on a gigabit Ethernet PHY solution for several yrs; also, current relationship requires Intel to give company 12 months notice if it were to replace MRVL as sole supplier.
9:27AM Marvell's GigE rev growth at risk from Intel-- Piper Jaffray (MRVL) 41.15: USB Piper Jaffray believes MRVL's LOM revenue at INTC will be at risk starting in 2003; channel checks indicate that INTC has working silicon for its GigE PHY core and is likely to be ready for production in 6 months, which will limit MRVL's GigE rev growth and available opportunity as INTC migrates to its internally developed product; INTC and COMS (working with BRCM) have more than 80% share of LOM and NIC mkt and will likely limit MRVL's GigE growth to the highly competitive infrastructure segment; firm believes MRVL's valuation continues to be at a premium multiple over the realistic best case scenario.
1:56PM Marvell (MRVL) 37.54 -3.61: MRVL shares are under pressure today (-8.8%) due to speculation that INTC is developing gigabit Ethernet technology that it is currently sourcing from MRVL. While firm believes that INTC is working on developing its own gigabit PHY, it does not think that it is close to replacing MRVL as its sole source supplier; also, checks indicate that MRVL has been seeing robust order growth from INTC for gigabit solutions. Firm notes this speculation has been going on for several years, however we have yet to see working silicon; also notes that under their current relationship, INTC is required to give MRVL 12 months notice if it were to replace MRVL as its sole source supplier. Merrill expects MRVL to report a strong results for its April quarter, as well as a positive outlook and record backlog for its July quarter; thinks the weakness has created a particular opportunity for investors, and reiterates Strong Buy rating on MRVL.
12:47PM Photronics (PLAB) 27.80 -0.70: Stock under pressure (-2.5%) for the second consecutive session after company missed Q2 earnings by $0.02 on 5/14. In a mid-day note, Banc of America says it is maintaining its Market Performer rating. The stronger growth rates expected from the move to sub-wavelength manufacturing are slowly materializing. However, firm is still concerned that high capital costs and pricing erosion could be a drag on profitability.
10:50AM Texas Instruments (TXN) 31.59 -0.11: Ahead of company's analyst meeting today, Prudential is reiterating Buy rating and price target of $44, expecting meeting to be constructive/bullish. Firm believes huge early GPRS lead is sustainable, silicon content should double as the market transitions to 3G over next several years, and dramatic manufacturing prowess. TXN continues to be firm's favorite large cap name, believing TXN has best products for the most exciting growth markets over next several years in communications. Morgan Stanley reiterated Overweight rating and price target of $45, believing TXN is on-track to deliver 10% qtr/qtr revenue growth in C2Q02, led by continued growth within its wireless business and strong growth from analog IC sales; also TXN should continue to benefit as higher utilization rates and higher revenues provide operating leverage. Dresdner Klnwrt Wass reiterated Buy rating and price target of $45... TXN currently trading down 0.4%.
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