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Technology Stocks : Semi Equipment Analysis

SOXX 309.40

+1.0%

Dec 5 4:00 PM EST

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To: marc ultra who wrote (49137)	9/3/2010 12:52:50 AM
From: marc ultra	2 Recommendations of 95530

Novellus Tightens Q3 Guidance Toward High End Of Old Range Posted by Eric Savitz Novellus Systems (NVLS) CEO Rick Hill this afternoon said the semiconductor equipment company now sees revenue for the third quarter of $345 million to $365 million, raising the bottom end of the company’s guidance range by $10 million - Novellus had previously projected revenue of $335 million to $365 million. Likewise, he said the company now expects non-GAAP profits of 80-90 cents a share, up from a previous range of 72-90 cents. Novellus now expects shipments for the quarter of $355 million to $375 million, up from a previous range of $345 million to $375 million. Hill made the comments in a conference call with the Street. “Since we last talked at our earnings call on July 12, our business has not changed,” Hill said on the call. He noted that “the recent Intel pre-announcement last week along with the dampened outlook from both Dell and HP for consumer laptops has somewhat spooked the industry,” but adds that even at the pre-announced level Intel’s revenue forecast is above what the Street had been projecting at the end of Q2. Hill said he still thinks that “long-term drivers for demand are in place to drive growth over the long run in electronics.” The Novellus exec said he still sees a 100% increase in semiconductor capital spending this year following “severe under-investment” the last two years. In late trading, NVLS is down 2 cents, at $24.43.

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