SEBL -- Update -- Conference call ended, SEBL says "competitive environment has dramatically
improved." The number of competitors is down to 80 from roughly 150 last year. Of those 80 SEBL expects 60 of those competitors to
be out of business by the end of the year. Note that's 60 competitors out of business which was incorrectly reported on CNBC as 60
customers. SEBL +2.90
Credence Systems (CMOS) 23.76 +2.49: Designer and manufacturer of automatic test equipment warns for Q2; expects earnings to
fall short of expectations; Dr. Graham Siddall, President and Chief Executive Officer, said, "Going into this quarter, we anticipated the
continuing slowdown in the business; however the magnitude and the speed of the slowdown have been unprecedented; see press release.
Advanced Micro (AMD) 27.85 +4.85: -- Update -- Conference call ends. Generally bullish call, particularly with regard to the
microprocessor business, where AMD is taking market share from Intel (INTC). Key area of concern is flash memory, which isn't much of
a surprise given prior warnings to that effect from ATML and SSTI. Stock still up after hours at 29.80.
SouthTrust (SOTR) 45.98 +1.76: Bank holding company announces 2-1 stock split; payable on May 11; see press release.
Advanced Micro (AMD) 27.85 +4.85: -- Update -- Company says that its share of the processor market rose to 21% from 17% in the
prior quarter. Regarding the possibility of a price war with Intel (INTC), AMD says that it will be competitive at every clock speed but will
not get into a price war (not clear how matching Intel's prices is different from getting into a price war). AMD management trash-talks
Intel's Pentium 4 and downplays the P4 price cuts, saying: "A crummy car with a rebate is still a crummy car."
Broadcom (BRCM) 34.01 +4.61: -- Update -- Conference call ended. Stock trading at 34.
Siebel Systems (SEBL) 33.98 +1.10: -- Update -- On conference call, in Q1 SEBL experienced a "dynamic deterioration in business"
throughout the quarter. In other words, business was much worse in March than it was in January. Expects the slide in demand to
continue into Q2 and cites economic weakness as the cause which it expects to spread to Europe. SEBL +2.03
Siebel Systems (SEBL) 33.98 +1.10: -- Update -- On conference call, second quarter guidance on licensing revenues is in the range of
"$280 million to $350 million." SEBL +1.52
Akamai Tech (AKAM) 9.04 +0.49: -- Update -- On the conference call...headline on workforce reductions wrong on Dow Jones, had
announced 14% reduction, now complete; management does not foresee the need for further headcount reductions. Relatively positive call.
Advanced Micro (AMD) 27.85 +4.85: -- Update -- On conference call, company reaffirms capital spending plans of $1 bln. Regarding
general tech downturn, sees communication sector as likely to remain weak longest (at least through Q3) and expects computer industry to
"lead us out" of the tech downturn. Stock up another 2 after hours to 29.90.
Tetra Tech (TTEK) 23.29 +0.56: Provider of management consulting and engineering services reports Q2 (Mar) earnings of $0.25 a
share, in line with the First Call estimate, vs year-ago earnings of $0.20; revenues rose 31.9% to $234.32 mln from a year-ago of
$177.58 mln. Additionally provides business outlook, expects earnings per share for Q3 to come in at $0.29, slightly below the First Call
estimate of $0.30 with revenues in the range of $184-189 mln; see press release.
Extreme Networks (EXTR) 21.75 +3.73: -- Update -- -- Clarification -- In earlier comment we noted that management was
comfortable with 2001 revenues at or above $460 mln; that figure refers to calendar year, not fiscal year (which ends June), which implies
roughly flat revenue through the year. Company adds that it will be profitable for CY01.
Siebel Systems (SEBL) 33.98 +1.10: -- Update -- On conference call, allowances have been made for 10% reduction in workforce.
The people have been identified and the cuts are being made to reflect our forward growth. SEBL +2.64
Siebel Systems (SEBL) 33.98 +1.10: -- Update -- On conference call, for quarter two "visibility is exceptionally clear". Have "robust
pipeline of identified and qualified opportunities" but "business will grow at a slower rate than we anticipated last year." SEBL +2.65
IBM (IBM) 106.50 +6.80: -- Update -- Conference call just concluded... management's description of IBM's position in technology
industry can best be described as "confident"... noted several times that IBM is focussed on a portfolio of businesses designed to deliver
steady annual growth and that it has been able to meet its objectives by focussing on that strategy and productivity... IBM +6.63
Extreme Networks (EXTR) 21.75 +3.73: -- Update -- Company being peppered with pricing questions on call; says that it hasn't seen
anything dramatically different on the pricing front, and actually saw its average selling price rise during the qtr. Stock trading up over a
point after hours to 23.
Micromuse (MUSE) 50.23 +8.37: Reports Q2 earnings of $0.12 a share, $0.02 better than the First Call consensus of $0.10, vs
year-ago earnings of $0.04; revenues rose 118.6% to $59.32 mln from a year-ago of $27.14 mln. Company announces that Stephen
Allott, President & CFO and a member of the Board of Directors, has resigned his positions at Micromuse.
Siebel Systems (SEBL) 33.98 +1.10: -- Update -- On conference call, Siebel: "We have very good visibility. May not like what we see,
but very easy to address issues we need to address. Difficult to overstress how soft this market is." SEBL +3.87
Broadcom (BRCM) 34.01 +4.61: -- Update -- On conference call, mgmt stressing expected success in new markets citing numerous
design wins among many different products. The effect of these wins will accelerate by Q1 2002....."expect additional near term gross
margin pressure" -- should be around 50% in JunQ vs 53.7% in MarQ....stock trading up over last few minutes to 34.49.
Siebel Systems (SEBL) 33.98 +1.10: -- Update -- On conference call, Thomas Siebel says the percentage of revenue from new
business is higher than prior quarter. SEBL +3.87
Siebel Systems (SEBL) 33.98 +1.10: -- Update -- On conference call, Siebel says "a lot of the stuff we read about SEBL is just fantasy
and random speculation." SEBL +3.78
Siebel Systems (SEBL) 33.98 +1.10: -- Update -- On conference call, management says DSO's down to 76 days versus 81 days in the
prior quarter. SEBL +3.32
Extreme Networks (EXTR) 21.75 +3.73: -- Update -- On conference call, company will not give specific Jun qtr guidance, but says it is
"comfortable at or above" the current consensus of $460 mln for the year. Also says that April bookings thus far are "comfortably
exceeding" January bookings.
Siebel Systems (SEBL) 33.98 +1.10: -- Update -- On conference call, average transaction size for current quarter was $428,000 vs.
$404,000 in prior quarter. Immaterial impact from currency exchange on international operations.
Siebel Systems (SEBL) 33.98 +1.10: -- Update -- On conference call, domestic revenues account for 62% of total which was up 67%
year over year, international revenues account for 38% which increased 79% year over year. SEBL +3.12
Advanced Micro (AMD) 27.85 +4.85: Reports Q1 earnings of $0.37 a share, $0.04 better than the First Call consensus of $0.33, vs
year-ago earnings of $0.55; revenues rose 8.9% to $1.19 bln from a year-ago of $1.09 bln. Company expects a sequential revenue
decline of as much as 10% for Q2; current estimate is $1.12 bln, a 10% decline would be $1.07 bln. Company guides FY01 EPS to
$1.50 in line with consensus First Call estimate.
IBM (IBM) 106.50 +6.80: -- Update -- Q&A portion just beginning... company reiterates that its model is for high-single digit revenue
growth over long-term and would look for this on a constant currency basis going forward... current consensus for FY01 is $94.51 bln.
Broadcom (BRCM) 34.01 +4.61: -- Update -- On conference call, mgmt says top 3 customers were Motorola (MOT) at 19.8% of
sales, 3Com (COMS) at 15.1% and Cisco (CSCO) has dipped below 10% of sales. With all three having described difficult end market
demand, continues to paint grim picture for BRCM....stock trading at 33.
Apple Computer (AAPL) 22.79 +2.39: On conference call, AAPL said it expects to deliver sequential sales and earnings growth in June
and September quarters... Also expects gross margins to hold near 27%, with operating expenses in the $400 mln area.
Broadcom (BRCM) 34.01 +4.61: -- Update -- On conference call, mgmt said DSOs were flat at 42 days, but inventory turns down
from 12.3x to 7.3x....gross and operating margins were lower in Q1 due mainly to acquisitions, especially ServerWorks....mgmt declined
to give revenue and EPS guidance beyond JunQ...stock trading at 32.99.
Apple Computer (AAPL) 22.79 +2.39: -- Update -- AAPL decreased inventory by 100,000 units; has reduced inventory from 5.5
weeks down to 4 weeks - hitting goal ahead of schedule.
Apple Computer (AAPL) 22.79 +2.39: On conference call, noted that it shipped 115,000 Titanium PowerBook G4s in March quarter...
Also noted strong worldwide shipments of OS X... Strength of new products helped return company to profitability.
After Hours Action : Still mostly bullish action after hours with Nasdaq 100 After Hours indicator +39 and the following individual
movers (changes vs close): IBM +6.5, SEBL +4, AAPL +3, NEWP +2, EXTR +1.5, CD +1.6, ALTR +0.9. Losers: BRCM -0.7,
IMNX -0.5, ITWO -0.8.
Broadcom (BRCM) 34.01 +4.61: -- Update -- On conference call, mgmt slashes JunQ revenue and EPS to roughly $250 mln and a
loss of (0.09)-(0.07) from consensus of $302 mln and a profit of $0.07. Sees revenue down 20%-23% sequentally. Current estimate was
only a 5% sequential decline. MarQ revenue was $318.1 mln....stock trading at 33.29.
Broadcom (BRCM) 34.01 +4.61: -- Update -- On conference call, mgmt slashing JunQ revenue and EPS; expect "material head count
reduction."....Details to follow...stock trading at 33.60.
Immunex (IMNX) 16.77 +1.92: Reports Q1 earnings of $0.07 a share, $0.01 better than the First Call consensus of $0.06, vs
year-ago earnings of $0.06; revenues rose 21.7% to $217.84 mln from a year-ago of $179.04 mln. ENBREL increased 26% from Q1 of
2000, to $164.9 mln.
IBM (IBM) 106.50 +6.80: -- Update -- Says it will remain focussed on managing accounts receivables and inventory as this is not the
best environment to let those get out of hand... separately, said service contract signings totalled $10.2 bln in Q1 (largest Q1 signings in its
history) and that backlog now stands at $87 bln... IBM +4.90 after hours.
KLA-Tencor (KLAC) 47.08 +4.35: -- Update -- Reports Q3 earnings of $0.48 a share, $0.04 better than the First Call consensus of
$0.44, vs year-ago earnings of $0.38; revenues rose 28.0% to $528.79 mln from a year-ago of $413.02 mln. KLAC has implemented
company-wide shutdowns for the fourth quarter of this fiscal year and first quarter of next fiscal year. KLAC ended the quarter with over
six months backlog at current shipping levels.
After Hours Action : Mostly positive moves in the after hours (changes vs close): SEBL +4, BRCM +1.7, NEWP +2.8, AKAM +2,
OPWV +3.5, CERN +5. Losers: SANM -1.7, ITWO -0.2, RDRT -1.6.
Express Scripts (ESRX) 91.81 +1.65: Reports Q1 earnings of $0.71 a share, $0.01 better than the First Call consensus of $0.70, vs
year-ago earnings of $0.55; revenues rose 39.4% to $2.06 bln from a year-ago of $1.48 bln.
Siebel Systems (SEBL) 33.98 +1.10: Reports Q1 earnings of $0.15 a share, $0.01 better than the First Call consensus of $0.14, vs
year-ago earnings of $0.09; revenues rose 84.2% to $588.74 mln from a year-ago of $319.69 mln. Revenue figure easily beat consensus
of $558 mln; stock trading up sharply after hours to 38.
Altera (ALTR) 28.63 +2.48: Reports Q1 earnings of $0.16 a share, in line with the First Call consensus of $0.16, vs year-ago earnings
of $0.18; revenues rose 5.4% to $287.44 mln from a year-ago of $272.78 mln.
IBM (IBM) 106.50 +6.80: -- Update -- On conference call, says it remains comfortable with FY01 consensus expectations (First Call
consensus is $4.90).
Apple Computer (AAPL) 22.79 +2.39: Reports Q2 earnings of $0.11 a share, $0.10 better than the First Call consensus of $0.01, vs
year-ago earnings of $0.64; revenues fell 26.4% to $1.43 bln from a year-ago of $1.95 bln. Guided 2H revs down to $3.2-3.4 bln vs
current est. of $3.47 bln.
IBM (IBM) 106.50 +6.80: -- Update -- CEO, Lou Gerstner comments, "Looking forward, we are no better than others in predicting
how the current economic uncertainty will unfold. IBM is certainly not immune to broad cutbacks in customer spending. However, based
on recent results, we expect we will outperform most of our competitors in whatever market emerges this year."
IBM (IBM) 106.50 +6.80: -- Update -- Revs by segment (in mlns): Hardware $8,547...Global Services $8,471...Software
$2,918...Global Financing $832...Ent. Inv/Other $276. Total Revenues: $21,044 mln vs consensus estimate of $20,536 mln.
Extreme Networks (EXTR) 21.75 +3.73: Reports Q3 loss of $0.07 a share, in line with revised guidance and First Call consensus of
($0.07), vs year-ago earnings of $0.08; revenues rose 66.6% to $112.11 mln from a year-ago of $67.31 mln. No additional guidance
provided in release, but CEO notes that "continuation of this current economic slowdown has forced companies to re-evaluate their
short-term purchase decisions."
Kana Comms (KANA) 1.28 +0.04: Reports Q1 loss of $0.42 a share, in line with the First Call consensus of ($0.42); revenues rose
126.0% to $24.16 mln from a year-ago of $10.69 mln. KANA reduced headcount by approximately 300 employees over the last week
and expects to further reduce head-count by roughly 100 employees during Q2.
Newport Corp (NEWP) 38.17 +6.09: Reports Q1 earnings of $0.40 a share, $0.04 better than the First Call consensus of $0.36, vs
year-ago earnings of $0.15; revenues rose 103.6% to $106.70 mln from a year-ago of $52.40 mln. Fiber optic communications sales
increased 165 percent in the first quarter of 2001 to $44.6 million compared with $16.8 million in the same period last year. Company
warns for FY01; sees EPS of $1.30-1.40; current EPS estimate is $1.45.
Akamai Tech (AKAM) 9.04 +0.49: Reports Q1 loss of $0.53 a share, $0.02 better than the First Call consensus of ($0.55); revenues
rose 456.8% to $40.21 mln (consensus $39 mln) from a year-ago of $7.22 mln. Offers no guidance in the press release, but continues to
claim it has a fully funded plan and will reach EBITDA breakeven by Q2 of next year.
Broadcom (BRCM) 34.01 +4.61: Reports Q1 earnings of $0.09 a share, in line with the First Call consensus of $0.09, vs year-ago
earnings of $0.18. Net revenue was $310.5 million, an increase of 62% over the $191.6 million reported in the first quarter of 2000 and a
decrease of 9% from the $340.2 million reported in the fourth quarter of 2000.
Cendant Corp (CD) 16.89 +0.49: Reports Q1 earnings of $0.19 a share, $0.03 better than the First Call consensus of $0.16, vs
year-ago earnings of $0.26; revenues rose 37.9% to $1.30 bln (consensus $1.25 bln) from a year-ago of $0.95 bln. Company guides EPS
numbers higher to $0.27 from $0.26 for Q2 and to $1.00 from $0.95 for FY01, cites impact of lower interest rates.
i2 Technologies (ITWO) 19.97 +1.93: Reports Q1 earnings of $0.02 a share, in line with the First Call consensus of $0.02, vs year-ago
earnings of $0.04. License revenues grew 86 percent over the first quarter of 2000 to $211 million from $114 million, and first quarter
2001 total revenues grew 91 percent to $357 million from $186 million in 2000. Says Q2 revenue will be sequentially down and expects
growth in total revenues this year between 15-20 percent.
Openwave (OPWV) 33.00 +3.01: Reports Q3 earnings of $0.09 a share, in line with the First Call consensus of $0.09; revenues rose
235.3% to $130.03 mln (consensus $127 mln) from a year-ago of $38.78 mln. Company provides forward guidance: 10-20% sequential
revenue growth through Dec; CY01 revenues to $640 mln and pro forma EPS to $0.46. Available estimates are for FY01 (Jun) and
therefore are not comparable, but the sequential growth looks to roughly in line with expectations.
IBM (IBM) 106.50 +6.80: Company reports Q1 EPS of $0.98, in line with consensus.
Cerner (CERN) 38.49 +1.50: Reports Q1 earnings of $0.17 a share, $0.02 better than the First Call consensus of $0.15, vs year-ago
earnings of $0.07; revenues rose 38.9% to $121.00 mln from a year-ago of $87.11 mln. Company also raises EPS guidance for the
year to $0.83 to $0.88, up from the previous range of $0.80 to $0.85; expects revenues of $490 to $500 mln, up from previous analyst
estimates of $480 to $490 mln.
E.piphany (EPNY) 10.25 +0.35: Reports Q1 loss of $0.37 a share, $0.02 worse than the First Call consensus of ($0.35); revenues rose
164.1% to $38.08 mln from a year-ago of $14.42 mln. |
