Notes on AMCC conference call from Briefing.com:
24-Apr-01 Applied Micro (AMCC) 23.98 -1.62: -- Update -- On conference call, company said cancellations are less in April than what was experienced in March, but no guarantee the whole quarter will turn out that way...stock trading at 23.20.
24-Apr-01 Applied Micro (AMCC) 23.98 -1.62: -- Update -- Company is hoping JunQ is the bottom for sales, but cannot be sure....No bonuses will be paid this year in order to lower costs...Guidance not provided beyond JunQ...January and February were ok, but "quarter became unglued later in the quarter" with March posting net negative bookings...."still able to get decent pricing"....stock trading at 23.45.
24-Apr-01 Applied Micro (AMCC) 23.98 -1.62: -- Update -- On call, company said Marconi (MONI) jumped above the 10% of sales threshold, but that's a one-time bump. Nortel and Cisco are the largest customers.... DSOs increased to 62 days in MarQ....stock trading at 23.50.
24-Apr-01 Applied Micro (AMCC) 23.98 -1.62: -- Update -- On conference call, company talked about industry wide cap-ex expectations for 2001. As recently as a few months ago, expected cap-ex spending to increase +18% in 2001, but now its -5%...stock trading at 23.55.
24-Apr-01 Applied Micro (AMCC) 23.98 -1.62: -- Update -- JunQ guidance assumes some level of turns business and a reduction in push-outs/cancellations....also, keep in mind JunQ visibility is "very poor"....not planning lay-offs, but will slow hiring pace...."bookings are anemic"...."not seeing a turnaround in bookings"....March actually had net negative bookings..."seeing some anecdotal evidence of improvement." ...stock trading at 23.90.
24-Apr-01 Applied Micro (AMCC) 23.98 -1.62: -- Update -- On conference call, mgmt provides guidance. JunQ revenue and EPS now expected at $70-$85 mln and $0.00-$0.02 vs First Call consensus of $100 mln and $0.07....stock trading at 23.79.
24-Apr-01 Applied Micro (AMCC) 23.98 -1.62: -- Update -- On conference call, mgmt says "expect sales to hit bottom in JunQ."
24-Apr-01 Applied Micro (AMCC) 23.98 -1.62: -- Update -- On conference call, company said MarQ book-to-bill was only 0.47; for OC192, OC 48 and OC12, all below one...company will provide JunQ guidance soon....details to follow...stock trading at 24.26.
24-Apr-01 After Hours Action : Not many big movers after hours; GOTO is the big winner, gaining 1.43 to 13.00 after beating estimates and guiding higher. Other moves are relatively small (changes vs close): VZ +0.6, AVNX -0.9. Many stocks trading little changed: AMZN, AMCC, BVSN, FLEX.
24-Apr-01 Applied Micro (AMCC) 23.98 -1.62: Reports Q4 earnings of $0.09 a share, in line with the First Call consensus of $0.09, vs year-ago earnings of $0.08; revenues rose 112.2% to $121.08 mln (consensus $123 mln) from a year-ago of $57.05 mln. No specific guidance issued in press release, though CEO notes "near-term weakness andpoor visibility."
23-Apr-01 Merrill on Chips : -- Update -- Merrill Lynch reduces ratings on Applied Micro (AMCC), PMC Sierra (PMCS), Vitesse Semi (VTSS), and Intel (INTC) to NEAR TERM NEUTRAL from NEAR TERM ACCUMULATE; feels that 36% rally in the SOX over the past two weeks has substantially increased the downside that investors face between here and the fundamental bottom for the semiconductor industry, which is still at least a quarter away; valuation for the group is closer to trough than peak levels on a price/sales basis; thinks run in stocks has created situation in which investors have the potential to lose 40% between now and the real (fundamental) bottom in the industry. |
