After hours news for everyone:
Texas Instruments (TXN) 33.83 +0.82: -- Update -- Reports Q1 earnings of $0.18 a share, $0.02 better than the First Call consensus of $0.16, vs year-ago earnings of $0.28. Revenues were $2.528 bln, down 17% sequentially; Company warns for Q2; sees revenues of $2.02 bln; estimate is $2.48 bln. Company announces 2,500 job layoff and says Q2 revenues from semiconductor to decline sequentially, with weakness affecting almost all product areas; Revenue from TI's non-semiconductor activities, including Sensors & Controls and Educational & Productivity Solutions, to increase sequentially. Operating margin to decline to about breakeven pro forma as a result of lower revenue; and non-operating income to decline to about $40 mln pro forma. New orders very weak, especially in US. Cut 2001 capex to $1.8 bln from the $2 bln previous guidance and down from 2000 at $2.8 bln. R&D will be $1.6 bln, same as last year, but down from recent forecast. Tax rate will remain at 26%. Days inventory outstanding was up from 69 to 75 days; DSO were also up from 52 to 55 days.
Intel (INTC) 26.06 -0.24: -- Update -- Company sees Q2 revenues of $6.2-6.8 bln (current consensus is $6.43 bln). Q1 EPS is $0.16, $0.01 better than consensus on revenue of $6.7 billion, down 16% from Q1 of 2000 and down 23% sequentially; Company maintains its previous 2001 capital spending projection of $7.5 bln; semi equip stocks trading higher after hours as a result (changes vs close): AMAT +2.5, NVLS +3, KLAC +2. On conference call, "overall we saw a slowdown across geographies as PC weakness spread to servers, networking and communications." On conference call, drop in aggregate average selling price driven primarily by a "drop in shipments of servers" and a "drop in the pricing of mobile products." INTC +2.43 On conference call, while unit sales of chipsets fell versus prior quarter, company believes it increased market share in chipsets for the quarter. Blended ASP on chipsets held flat. INTC +2.70 On conference call, communications business saw a sharp drop in Q1 and it's not clear this has leveled off to this point. On conference call, business in distribution channels is good which is a leading indicator for Intel. Feels Q2 will represent the bottom of this cycle. On conference call, management will not get pinned down on forecasts for second half of the year. They will say the second half will be larger than the first half. INTC +2.74 (boo-hoo) Intel (INTC) 26.04 -0.26: -- Update -- On conference call, company believes softness in its networking communications business is trailing the microprocessor business by about one quarter. Explains alternative guidance from CSCO and INTC. INTC +2.85 On conference call, biggest contributor to projected Q2 margin drop is pricing on microprocessors. INTC +2.97 On conference call, management says China and India continue to exhibit strong PC demand; China is now the world's third largest PC market. Demand not as strong in other parts of the Pacific Region such as Korea. INTC +2.96 On conference call, Intel's first quarter spending was largely on bricks and mortar in the fab space, the balance was spent on heavy equipment but the company won't specify a percentage that went towards equipment. End of conference call. INTC +2.90
Yahoo! (YHOO) 17.31 -0.31: -- Update -- SG Cowen reiterates its SELL rating. Firm not impressed with YHOO's new CEO Appointment, Terry Semel, who worked for 24 years at Warner Brothers. Cites the differences between movie and Internet business models and Semel's lack of experience with turn-arounds as potential problems.
Veritas Software (VRTS) 57.58 +2.91: Reports Q1 earnings of $0.21 a share, $0.01 better than the First Call consensus of $0.20, vs year-ago earnings of $0.12; revenues rose 58.4% to $387.44 mln (consensus $385 mln) from a year-ago of $244.64 mln. Company reduces future revenue growth guidance to 35-50% from prior range of 45-50%;
RF Micro Device (RFMD) 18.34 +0.48: -- Update -- Reports Q4 net loss of $0.06 a share (results exclude a one-time $0.02 per share tax benefit), 3 cents worse than Wall Street views, vs yr-ago EPS of $0.08; based upon increases in order rates and backlog, RFMD believes it has improved visibility into fiscal 2002 revenues; book-to-bill ratio was greater than one for the MarQ, and company has booked sufficient orders to result in approximately 20% sequential revenue growth; sees June qtr loss of $0.05-$0.06 vs red ink of $0.01 anticipated by analysts; attributes expected shortfall to costs associated with new wafer fab facility; management currently anticipates a return to profitability during the 2nd-half. Stock trading up to 20.36 after hours as company says it has improved visibility and expects 20% sequential revenue growth in the Jun qtr; others to watch in this sector: AHAA, ANAD, TQNT; Triquint already +1.5 after hours.
RealNetworks (RNWK) 8.59 -0.16: Reports Q1 earnings of $0.02 a share, in line with the First Call consensus of $0.02, vs year-ago earnings of $0.05. Net revenues for the quarter were $50.4 million, compared to $53.5 million in the first quarter of 2000.
After Hours Action : Positive after hours action today; Nasdaq 100 after hours indicator +62. INTC's steady guidance for revenues and capex boost semis: INTC +2.8, AMD +2.2, and semi equipment: AMAT +2.5, NVLS +3, KLAC +2.5. RFMD's improved visibility lifts some wireless ICs: RFMD +2.5, AHAA +1.1, TQNT +2.5. ONIS upward guidance boosts opticals: ONIS +2.7, CIEN +3.7, CORV +0.5, SCMR +0.6, NT +0.8. VRTS downward guidance not as bad as expected, boosts storage stocks: VRTS +2, BRCD +1.8, MCDT +1.5, NTAP +0.8. |
