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Technology Stocks : Micron Only Forum
MU 345.82+0.2%3:59 PM EST
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To: Michael Bakunin who wrote (50418)1/25/2000 3:08:00 PM
From: John Graybill  Read Replies (2) of 53903
 
The infamous "Mid-Day Call":

"In today's midday call, long
time followed analyst rick whittington at
bankamerica securities this afternoon is
downgrading shares of micron technology.
The firm is telling clients in its intraday meeting, the midday meeting that
dram prices, which are essential to micron 's operating earnings have
taken a decidedly south route in early 2000, more than even he
anticipated. He says contract prices ramped from 5.50 Last june to
between 11.25 And 11.50 In october and november. Then prices
dropped back to the $8 level since mid-december and have stayed
there, he says they will probably go as low as $7 in early february.
Whittington also noting a inventory buildup of higher than three weeks,
he says as a result he's cutting earnings estimates significantly for 2000
and 2001, downgrading the stock from strong buy to buy. He says he
sees semiconductor memory revenues flat while korean manufacturers
have been coming in stronger than expected."

tveyes.com

Interesting that she seems to be reading the entire report. One the one hand, I am of course suspicious that Dim-Whit is making sure that everybody in the world knows in real-time about his downgrade, including faxing a copy directly to CNBC for mass dissemination. OTOH, downgrading Micron the week before their own tout-fest is simply mind-blowingly bearish.
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