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Technology Stocks : Semi Equipment Analysis

SOXX 314.52

-0.6%

Dec 11 4:00 PM EST

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To: Return to Sender who wrote (3336)	5/29/2002 2:01:54 PM
From: The Ox	Read Replies (1) of 95567

UBS cuts handset, Nokia estimates --7:04am - By Tomi Kilgore UBS Warburg lowered its 2002 global handset market estimate to 400 million units from 410 million units and its 2003 estimate to 433 million from 450 million, leading the firm to trim 2002 and 2003 earnings per share estimates for Nokia (NOK) . "We believe our new handset market forecast partially takes industry risk out of the Nokia equation," Analyst Jeffrey Schlesinger said in a note to clients. "This suggests that the greater risk is Nokia-specific or execution risk." The stock closed Tuesday up 4 cents at $14.29. I'm posting this because it is the lowest estimate I've seen for units this year or about 5% below the current 420-425 million level that had been the latest industry projection. It might be that UBS is low-balling so that the industry can easily beat the projection, as their comment implies. Obviously if this estimate is accurate, we should temper our expectations for companies like RFMD, AHAA and others in the niche.

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