From Briefing.com: Nasdaq Composite Intraday -- Technical -- Choppy activity at modestly lower levels has dominated thus far today. Index has worked off the low with a sustained penetration of intraday resistance at 1385 opening the door for at least some follow through gains. Next minor ceilings are at 1392 and the 1401/1404 area. More important resistance is between 1417 (20 day ema) and 1423 (yesterday's high). Supports are at 1375, 1370 (Wednesday's low) and the 1360/1357 area.
10:36AM Notable that two Semi Equipment stocks on 52-wk low list today : Teradyne (TER 17.44 -1.04) is by far the more important of the two, as it's deterioration may be viewed as an indicator of future action in the sector. The $3 bln mkt-cap name has taken out its one-yr low of $18.30 established Sept 27, 2001. The other name, Electroglas (EGLS 7.04 -0.81), is hitting a new low for the second time in less than a week.
10:02AM Sector Watch: Semiconductor : After a minor push into positive territory the sector index (SOX at 374) has rotated lower led by TER -5.3%, AMD -4.9% (earnings miss), MU -3.2% and AMAT -2.9%. The semi HOLDRs (SMH 30.17) is facing intraday resistance at 30.45/30.55. Without a push through this zone it is expected to remain vulnerable.
9:36AM Cymer may see higher shipments, ASPs-- Fulcrum (CYMI) 31.53: Fulcrum in a pre-open note says that ASML mgmt made a number of comments during their conference call that firm believes are positive for CYMI (ASML is the #1 customer of CYMI); as a result of these comments, firm expects higher unit shipments and richer avg selling prices for CYMI in the coming quarters.
9:24AM Cisco Systems: cautious comments from Bear Stearns (CSCO) 14.80: Bear Stearns Ripple Effect believe Cisco is likely to guide once again for flat sequential revenues in Q1, which may be slightly disappointing given the valuation and mgmt's expectations for a 5% increase in orders; firm says they "would not chase CSCO", and believes the stock is more attractive around $12.
8:50AM ATI Tech gets pos comments, Nvidia estimates cut at Pru (ATYT) 7.81: Prudential says that ATYT's Radeon 9700 announcement is a coup on a number of fronts, including superior performance and more importantly production timing, as the Radeon 9700 will ship in mid-August-- months ahead of NVDA's competing product; says Radeon 9700 marks ATYT's comeback and established co as a long-term contender to 3D graphics leadership. In addition, firm cuts Hold-rated NVDA's FY03 est to $1.50 from $1.75 and FY04 to $1.40 from $1.90 in order to reflect a worst-case scenario.
8:30AM Novellus estimates cut at Soundview (NVLS) 30.97: Soundview says that although they are comfortable with their Q2 est, NVLS could see orders flatten out in the upcoming quarters; also, firm believes that some share shift to AMAT could be occurring in dielectric CVD; cuts 2002 rev/EPS est to $909.7 mln/$0.43 from $924.7 mln/$0.50 and 2003 to $1.3 bln/$1.24 from $1.3 bln/$1.52 (both below consensus).
7:41AM IBM: details on Bear Stearns downgrade (IBM) 70.69: -- Update -- Bear Stearns downgrades to NEUTRAL from Attractive (7:10) due to concerns about the shortfall in services signings and the implication of a challenging 2H02 for the biz, a weak 2H02 EPS outlook pushing positive YoY earnings comparisons out in to 2003, and due to the lack of a compelling valuation case; cuts Q3 est to $0.96 from $1.02 and Q4 to $1.41 from $1.46.
7:20AM Nokia beats by a penny; trims handset forecast (NOK) 14.12: Reports Q2 net of Eur$0.19 per share, $0.01 better than consensus, vs yr ago earnings of $0.12 a share. Company trims 2002 handset forecast to 400 mln from as much as 420 mln. Puts 2nd-half sales growth at 3-10%.
7:13AM EMC Corp beats by a penny (EMC) 8.63: Reports Q2 loss of $0.01 per share, $0.01 better than the Multex consensus. Revenues fell 31.3% to $1.39 bln vs the $1.38 bln consensus. "Most large corporations continue to delay major IT projects, generally limiting their purchases to deployments that provide a rapid return on their investment." EMC did not provide guidance.
7:10AM IBM downgraded by Bear Stearns to Neutral :
finance.yahoo.com
Thanks for posting the latest Harry Newton column information. It seems he may not be bearish at the bottom, if this is the bottom, after all. |
