Lehman raises estimates for semiconductor spending
NEW YORK, Dec 28 (Reuters) - Lehman Brothers said Tuesday it raised its estimates for 1999 worldwide semiconductor capital spending growth to 24 percent from 21 percent to 22 percent and sees growth of 25 percent for 2000.
The survey tracks most major semiconductor companies in the world, including Intel Corp. (NasdaqNM:INTC - news), Motorola Inc. (NYSE:MOT - news), Advanced Micro Devices Inc. (NYSE:AMD - news), Toshiba Corp and STMicroelectronics NV , said Ed White, semiconductor equipment analyst at Lehman.
''We project worldwide capital spending for the companies we survey at $29.4 billion, up from 1998's $23.6 billion, and up from our previous estimate of $28.5 billion. The revision is largely due to higher estimates for the U.S. and Asia,'' the Lehman note states.
''Those are pretty firm numbers,'' White said.
The 25 percent rate for 2000 is expected to get a boost from increased spending in the United States and Japan, White said.
The survey includes all capital spending for the company, including semiconductor equipment as well as bricks and mortar projects.
The Standard & Poor's semiconductor equipment maker index (^SPTKSM - news) was down 8 points, or 1.68 percent, at 562 in morning trading amid general weakness in technology stocks.
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