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Strategies & Market Trends : Guidance and Visibility

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Nov 18 3:59 PM EST

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To: SusieQ1065 who wrote (168)	6/20/2001 4:14:54 PM
From: Frederick Langford	Read Replies (1) of 208838

Communication chip stocks down as Goldman cuts estimates By Tom Wolf St. Louis, June 20 (BridgeNews) - Shares of several communications chip makers were lower in pre-market trade Wednesday after Goldman Sachs cut earnings estimates for the companies. * * * Goldman lowered its estimates on Applied Micro Circuits Corp., PMC Sierra Inc., Vitesse Semiconductor Corp. and Conexant Systems Inc. citing deteriorating demand and bloated inventories, according to a research note issued Wednesday. Applied Micro was recently off 38 cents to 13.12; PMC Sierra was down 85 cents to 24; Vitesse was lower by 28 cents to 16.74; and Conexant was down 20 cents to 7.40. "With several recent earnings warnings from key customers and still high inventory levels, we believe the downturn will cut deeper and last longer than current estimates suggest," Goldman Nathaniel Cohn said in the research note. Cohn sees the companies experiencing a sequential decline in revenue in the third quarter. Estimates for fiscal 2002 for Applied Micro were cut to a loss of 5 cents a share on revenue of $233 million from a gain of 5 cents on sales of $305 million. Cohn expects Applied Micro to post a loss of a penny on revenues of $60 million in the current quarter. The First Call consensus estimate is for breakeven. PMC Sierra estimates for fiscal 2001 were trimmed to a loss of 10 cents a share on revenues of $392 million from a gain of 6 cents on sales of $454 million. Goldman expects the company to lose 4 cents in the current quarter against the First Call estimate of a penny loss. Goldman sees Vitesse earning 33 cents on $439 million in fiscal 2001, down from the earlier estimate of 40 cents on sales of $467 million. The estimate for the current quarter is for a penny gain on revenue of $80 million. The First Call estimate is for a 3 cent profit. Conexant 2001 estimates were cut to a loss of $1.30 on revenue of $1.05 billion from a loss of $1.20 on sales of $1.1 billion. Goldman expects a loss of 44 cents in the current quarter compared with the First Call estimate of a 43 cent loss. End

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