zsteve, a unearthed another re-it from 9/8.
1) 9/8 ABN
2) 9/8 Paine Webber - raising FY00, FY01 estimates
3) 9/8 Merrill
drumroll please...any guesses?...no, not Dancing Mona...not HAlf Whit...Soundview? No their Focus List stuff was the day before.
Salomon/Joseph!
I guess it came out after Kip's presentation.
I was checking Salomon's lastest last night trying to figure out the TXN business (unfortunately, his "insights" into the TXN stuff were basically covered in their entirety by the CNBC "report" - and this is because they basically read his blurb almost word-for-word on the air) and his interpretation of the conference was pretty funny. Very first line:
"Micron gave an upbeat presentation today..."
Go figure. Unless written in invisible ink that my printer is incpable of handling, the report makes no mention of the concerns raised in the Bloomberg write-up regarding Kip's "older inventory" comments.
Oh yeah, he also bumped up FY00 to 1.90 from 1.25 and appears to be the first member of the reit squad (Wu, Eraiba, Soundview, Half Whit) to break the $6 barrier for FY01. That's right $6.00 on the nose, up from 5.40.
Who will be the first to pump out a double-digit FY02 number? My bet's on Half Whit.
Joseph gets this by raising his price assumptions going forward to 8.00 from 7.00. And yet, somehow this is done while his bit output forecast for 2000 goes from 92% to 131%, which he partially justifies by alluding to their .18 transition.
[And as we all know, MU is the only DRAM company on the planet capable of this type of transition. So really, since no other fabs are being built and since no other companies out there are doing any shrinks whatsoever, why, there will be no capacity expansion by other players and MU will be on easy street and the 8.00 ASP will remain constant across all 8 quarters of FY00 and FY01. No, he didn't write that, but how far from his "thinking" is that bit of hyperbole? IMHO, not that far.]
Oh yeah, price target bumped up another 10. Now 120.
Funny that "interested third parties" would miss feeding this to Maria B.
Funny that what CNBC was reporting yesterday before the open was how TXN was "eligible" to sell MU shares 10/1 based on a Salomon report (literally, I mean, they friggin' read that part of the report almost verbatim on the air)...
...and yet that same firm, in fact, same analyst, was raising his FY00 and FY01 numbers and price target and that didn't get any play.
But that's CNBC. "All the news our sources tell us it's okay to report".
Oh, and John Joseph, thanks for getting around to upping your Q499 estimate to -.14.
techstocks.com
techstocks.com
techstocks.com
Let me guess, the ASP number that feed into that wasn't "4.50"?
Good trading,
Tom
P.S. The Joseph reports in their fully glory are available through the Multex trial. multex.com
No, I don't work for Multex, I just think that since the financial press appears to be incapable of doing anything other than vommitting back their words, outside of people like us, who else is going to hold them accountable for their logical inconsistencies.
Or at least make an attempt at "accountability". |
