From Briefing.com: July SIA data show signs of ASPs firming -- CSFB SIA reported that worldwide semiconductor revenue grew 2.9% on a 3-month moving average basis for the month of July. According to CSFB, this is the sixth month in the past seven in which M/M growth exceeded historical avg. Firm also notes that we saw positive M/M Average Selling Price growth (+1.8%) for the first time since January.
8:00AM Top Research Calls : Lehman believes Intel's (INTC) Q3 is slightly more back-end loaded than originally expected, which should lead the co to lower rev guidance of $6.3-$6.9 bln to $6.4-$6.7 bln... Citigroup (C) cut to Sell from Hold at Pru... Ford (F) lowered to Reduce from Hold at UBS... Teco Energy (TE) lowered to Sell from Buy at CSFB.
7:48AM Hewlett-Packard PC shelf space may be cut at Best Buy - FT (HPQ) 13.43: The Financial Times reported that HPQ said it would stick to its strategy of selling both HP and Compaq brand PCs despite strong indications that BBY, the largest US retail outlet for HPQ PCs, is poised to reduce the shelf space it provides to the computer and printer maker.
7:42AM IBM buy of Pricewaterhouse consulting likely to result in 4K job cuts -- WSJ (IBM) 75.38:
7:38AM Intel: cautious comments from Dan Niles at Lehman (INTC) 16.67: Lehman believes that INTC's Q3 is slightly more back-end loaded than originally expected, which should lead the co to lower rev guidance of $6.3-$6.9 bln to $6.4-$6.7 bln during their Sept 5 update; expects an EPS cut of only a few cents for 2002 and up to a nickel for 2003; believes that processor units are now expected to be up in the mid single digits, not high single digits, with flat to down avg selling prices vs prior hopes of flat; also, mkt demand continues to gravitate towards lower end processors and Celerons during the consumer ramp, and firm's bigger concern is gross margin guidance, which could be lowered up to 100 bps.
7:32AM Citigroup cut to Sell from Hold at Pru (C) 32.75: --Update-- Prudential downgrades to SELL from Hold based on legal/regulatory risk and corporate governance improvements that seem to have fallen short. Firm is also lowering its 2002 est by $0.05 to $2.85 and 2003 by $0.20 to $3.30 (which are $0.10 and $0.20 below consensus). Estimate cuts relect concerns that include capital markets, Latin America, lawsuits, and consumer credit quality ("new warning in 10-Q").
6:59AM S&P futures vs fair value: -16.3. Nasdaq futures vs fair value: -17.0. Slumping U.S. equity futures being attributed to concerns that ISM data to be released today at 10 ET will come in below consensus. Likely more of a factor is 3.2% decline in Japan's Nikkei to a new 18-yr low amid further weakness in tech shares. Nikkei weakness is weighing on much of Asia and pressuring major European markets (Germany -3.2%; UK -2.5%). Also impacting U.S. equity futures are cautionary comments out of Lehman's Dan Niles regarding Intel.
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