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Technology Stocks : Son of SAN - Storage Networking Technologies
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To: Sam who wrote (3016)3/29/2001 1:00:14 PM
From: Gus  Read Replies (3) of 4808
 
It's earnings warning season, Sam. It ain't no time to play the hero.

JNIC warned yesterday that revenues would drop 32% from $31M in 4Q2000 to $20-21M in 1Q2001. It attributed the shortfall primarily to continued weakness in Sun's Starfire (E1000) business; although, it did indicate that the weakness it started to detect while it was burning its backlog from November to February started to improve as March progressed. Not enough, though, to provide clearer guidance for the rest of the year.

CIBC also issued a note yesterday that indicated that its channel checks revealed that EMC was pushing out orders for Finisar's optical extenders (high-end option), that Brocade -- Finisar's largest customer -- continued to be weak, and that Emulex --which already preannounced -- was a concern. This is further confirmation of Finisar's guidance last month that it had an inventory issue that was going to take two quarters to normalize.

MER also issued a research note today on Brocade after meeting with management yesterday. Brocade indicated that visibility continued to be poor. February was very weak, March was better but lumpy so April is going to be very critical for Brocade if it is even to meet its previous guidance of flat sequential quarterly growth. MER's worse case scenario for Brocade involves a 12% sequential drop in revenues from $165M in 1Q2001 to $145M in 2Q2001.

DSS, of course, had already preannounced that it revenues will drop 20% sequentially from $369M in 4Q2000 to around $295M in 1Q2001.

If it's any consolation, the only bear market virgins left seem to be on the short side.<g>
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