11:23 ET Anadigics (ANAD) : -- Update -- Stocks to watch in reaction to ANAD comments include competitors RFMD, AHAA, TQNT, CNXT. Company's biggest customers are ERICY and MOT, which accounted for 44% and 26% of revenues in FY00.
11:18 ET Cree (CREE) 28.14 -1.78 (-6%): Banc of America Sec. downgraded (after the open) to BUY from Strong Buy in reaction to Spectrian (SPCT) warning (20% of revenues); firm believes that shipments to Spectrian have largely been completed for the current qtr, which means the slowdown for that customer could impact Sept qtr results.
11:12 ET Anadigics (ANAD) 18.52 halted: -- Update -- Company issues press release ahead of conference call. Announces 10% reduction in workforce and projects Q2 basic loss of $0.44; loss using historical tax rates is estimated at $0.28... Company says Q2 revenues remain on track, but that low fab utilization and start-up costs will result of 10% gross margin.
11:01 ET Anadigics (ANAD) 18.52 -0.96 (-4.9%): -- Update -- Stock halted ahead of its Mid-Qtr update to be held at 12:15 ET. On Friday, there was talk in the market that ANAD would lower numbers during the call.
10:28 ET Vitesse Semi (VTSS) 22.91 -1.77 (-7.2%): Falls to lows of the morning amid rumor that chip maker has cancelled its presentation tomorrow at the CIBC Communications Food Chain Conference. In response to rumor, CIBC says that as far as the firm is aware of VTSS is still presenting.
09:12 ET Gapping Up/Down : RMDY +63% (agrees to be acquired by PRGN)... RNWK +10% (Cisco integration pact)... ASIA +6% (China Mobile contracts)... ACTR +6% (Salomon starts coverage)... Gapping Down: SPCT -22% (earnings warning)... PRGN -17% (neg. reaction to news of RMDY acquisition)... PWAV -12.5% (earnings warning)... BSTE -11% (BAS downgrade)... ENZN -9% (negative trial data)... DPMI -8.5% (earnings warning)... PLXS -6% (Merrill downgrade).
08:24 ET Nortel Networks (NT) 12.53: Notable that two suppliers of Nortel radio frequency products have warned since the close on Friday; 59% of Spectrian's (SPCT) revenues derived from NT in the latest year; 37% of Powerwave's (PWAV) revenues were from NT in the Mar qtr.
08:17 ET RealNetworks (RNWK) 12.09: Announces strategic alliance to incorporate RealSystem iQ within Cisco's content networking product family. Cisco will include RealSystem Server 8 and RealSystem Proxy 8 within its content networking product line, and will resell the RealSystem iQ platform, to enterprise customers.
08:10 ET Powerwave Tech (PWAV) 12.00: Company reduces Q2 revenue outlook to $70-$80 mln (consensus $83.4 mln); expects to report a "lower loss" on a sequential basis; believes that the global economic slowdown is contributing to the continued slowdown in the wireless communications sector which is creating slowdowns and delays in purchasing decisions.
08:09 ET Merrill Cuts EMS Cos : Merrill Lynch downgrades the electronic manufacturing services; says recent gains in the face of worsening business conditions offer an opportunity to take profits; cuts the following to near-term NEUTRAL from Buy: CLS, EMS, JBL, SANM, SLR; cuts FLEX and PLXS to NEUTRAL from Attractive; SCI maintained at NEUTRAL.
07:33 ET Taiwan Semi (TSM) 22.16: The China Times Web site reports that NVIDIA Corp (NVDA) will give Taiwan Semiconductor (TSM) enough orders to fill almost an entire factory in Q3 as NVIDIA ramps up for the Microsoft Xbox release.
07:28 ET Tellabs (TLAB) 30.92: UBS Warburg reduces estimates on concern that the TITAN 5500 product is below plan this qtr given ongoing capital spending rationalization programs from major U.S. telcos. Firm lowers FY01 est. to $1.28 from $1.50 and FY02 to $1.65 from $1.80... Firm still believes there is risk to its new near-term estimates |
