09:35 ET QUALCOMM (QCOM) 60.07 -0.33 (-0.5%): Nokia (NOK) sees 10% of phone units in 2003 to be 3G (about 50+ mln units), which SG Cowen notes could be "extremely positive" for QCOM. Firm skeptical of 50+ mln units, sees 20 mln as more likely.
11:18 ET Nokia (NOK) 23.39 -1.85 (-7.3%): -- Update -- Sources at SG Cowen telling us that the firm believes NOK estimates will have to come down, as margin guidance (10% in first half of 2001 moving to 15% 2H 2002) was low relative to 1H expectations. Also, 3 other co's impacted by NOK guidance: 1) QCOM- 3G announcement could be positive (see 9:35 comment); 2) PWAV- should get about 50% of $300MM in amplifiers for base stations, or $150 mln vs Cowen's 2002 est of $110 mln; 3) ERICY- guided to flat to slightly down infrastucture biz next year, but NOK sees flat to slightly up.
13:07 ET Cable Equipment Stocks : Traders citing a couple reasons for the strength in cable equip stocks since this morning: Western Cable show started today; and we are hearing from sources that Lehman said that the new head of AT&T cable biz equally disposed to IPO or sale of unit, and plans to accelerate rebuilding of network. Positive for equipment suppliers HLIT, SEAC, ARRS, CTV, and SFA; all five up today in a weak tape.
12:56 ET Photon Dynamics (PHTN) 36.65 +0.99 (+2.9%): -- Technical -- Stock broke out of a two-week trading range yesterday and continues to look strong today. Its 50-day moving average recently crossed over its 200-day moving average which is a bullish indicator going forward. Has little in the way of significant overhead until an area of prior congestion around 38.00 going back to August. Look for intraday downside support at 36.00.
13:07 ET Cable Equipment Stocks : Traders citing a couple reasons for the strength in cable equip stocks since this morning: Western Cable show started today; and we are hearing from sources that Lehman said that the new head of AT&T cable biz equally disposed to IPO or sale of unit, and plans to accelerate rebuilding of network. Positive for equipment suppliers HLIT, SEAC, ARRS, CTV, and SFA; all five up today in a weak tape.
12:56 ET Photon Dynamics (PHTN) 36.65 +0.99 (+2.9%): -- Technical -- Stock broke out of a two-week trading range yesterday and continues to look strong today. Its 50-day moving average recently crossed over its 200-day moving average which is a bullish indicator going forward. Has little in the way of significant overhead until an area of prior congestion around 38.00 going back to August. Look for intraday downside support at 36.00. |
