From Briefing.com: 11:25AM RF Micro Device: Needham speculates on acquisition candidates (RFMD) 18.32 -0.43: Needham notes that the co's filing of a $500 mln mixed shelf offering yesterday may indicate a willingness to look at acquisitions; given the current environment of overcapacity and consolidation in the GaAs industry, as well as RFMD's desire for InGaP technology, possible acquisition/merger candidates may include MOT's GaAs fab, ANAD, or TQNT.
2:46PM Semis : Salomon Smith Barney issues their Q1 preview: believes all signs point toward a continuing recovery in the sector in coming qtrs; cites broadline as strengthening (cos will generally guide up for Q2), while PC components will likely be seasonally weaker this qtr. Firm is also encouraged by strong order rates in outsourcing, both front-end foundry and back-end packaging. SSB favors the broadline component suppliers (ADI, TXN, NSM, IRF), and recognizes the computer components (INTC, MU) will see weakness for the next quarter, before picking up in Q3.
1:38PM Analog Devices (ADI) 42.54 -0.27: Yesterday RIMM and ADI issued a joint press release indicating that RIMM will be making a reference platform available for developers based on an integrated chipset from ADI. Consistent with this announcement, Soundview believes that RIMM devices will also migrate to this platform over time. Firm adds that they are comfortable with their ADI ests that call for a 4.6% q/q increase in revs and EPS of $0.12; believes that the order momentum that began to be reestablished in ADI's Jan ending qtr has continued, as reduced inventory levels have stimulated customer reorders.
12:34PM Jabil Circuit (JBL) 22.36 -0.60: Following upbeat investor day CIBC Wrld Mkts reiterated Buy rating and price target of $25 as presentations focused on ability to execute in difficult markets and horizontal business strategy. Also, management reiterated guidance and believes the end markets have bottomed and stabilized. While no recovery is expected over the next couple of qtrs, the end markets should begin to improve in late '02/early '03. Also based on positive analyst day, Thomas Weisel and Brean Murray reiterated Strong Buy. However, Kaufman Bros reiterated Accumulate, saying meeting provide little new information. Firm thinks JBL is overvalued at $23, citing lack of near term catalysts and management claims lack of visability over a month... JBL trading down 2.6%.
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