From Briefing.com: 4:34PM Microchip announces 3-for-2 stock split (MCHP) 42.73 -0.56: According to the company, the stock split is being implemented to increase trading liquidity and to place the stock in a more attractive trading range for retail investors. The stock split will be effective for stockholders of record after the market closes on April 22, 2002.
4:15PM Powerwave Tech soundly beats EPS/revenue consensus (PWAV) 13.36 -0.31: Reports Q1 (Mar) earnings of $0.04 per share, $0.03 better than the Multex consensus of $0.01; revenues rose 42.6% year/year to $104.1 mln vs the $84.6 mln consensus. Company offers no specific guidance; says Q1 sales of 3G products grew 50% sequentially, and that Nortel (NT) accounted for 36% of revenues, while Cingular, LU, and NOK each accounted for over 10%.
4:12PM MIPS Tech misses Q3 earnings estimate (MIPS) 6.62 -0.38: Reports Q3 net loss of $0.04, $0.01 worse than the Multex consensus; revs were $12.7 mln, vs consensus of $12.9 mln.
4:08PM Elantec Semi exceeds by $0.01; boosts Q3 outlook (ELNT) 43.70 -0.60: Reports Q2 net of $0.12 a share, $0.01 better than the Multex consensus, vs yr-ago EPS of $0.20. Revenues declined 17% to $25.4 mln (consensus $23.91 mln). For Q3, co sees EPS of $0.13-$0.14 (consensus $0.12).
4:06PM Cree matches guidance (CREE) 11.61 -1.04: Reports Q3 net of $0.00, in line with the Multex consensus. Revenues fell 37.5% to $33.38 mln, in line with co guidance of$32-$34 mln
8:12AM Morgan Stanley portfolio change: sell Cymer, buy Concord EFS : Morgan Stanley suggests that investors in the Growth Strategic Equity Portfolio take profits in CYMI and reallocate into CEFT; firm is more cautious on CYMI given its recent rally, and sees a more favorable near-term risk-reward in CEFT, which is a compelling secular growth story and one of firm's top stock ideas in the Computer Services industry.
3:48PM Teradyne (TER) 35.90 +0.90: TER is down nearly 10% in the last week, underperforming the group on concerns surrounding the co's March qtr. Deutsche Securties believes the pullback presents a buying opportunity ahead of what they believe will be a strong qtr with results outpacing expectations. Firm has modeled revenue at the mid-range of guidance ($200-$250 mln), but believes there is potential top-line upside at the high end of range: orders are expected up 15-20% q/q ($240-$250 mln). Firm expects TER to be significantly more bullish on semi tests and would continue to be buyers of the stock in the mid-$30's.
2:34PM ChipPAC (CHPC) 9.32 -0.33: This darling of the semi equip group is the recipient of yet another bullish analyst call; Merrill Lynch lauds the co. as a "better executor than its peers," with greater leverage towards advanced technology, a lower cost structure (China), and a valuation at a 35% discount to its comps (on a > 2003 P/E basis). Firm credits CHPC's positive Q1 pre-announcement on 4/4 to ASP strength (on the leading edge laminate based products) and demand from both IDMs and fabless customers. Shares have moved up 20% higher YTD compared to broader group's downward movement on positive co. announcements and analyst calls (00C0 upgraded CHPC to BUY from Hold on 2/1).
1:45PM Motorola (MOT) 13.74 -0.11: Lehman Brothers turns more positive on MOT today, in spite of its bearish sector call on telecom this morning (firm believes Asia's 2002 infrastructure mkt could trend down at least 10% vs. previous flattish est). Lehman now believes MOT's bias is to the upside on restructuring momentum in semis, phones and removal of infra business; views co. as restructuring play and looks for in-line Q1 2002 EPS and upward EPS in H2 2002 or 2003. Firm stipulates risks remain in revenue growth; continues to prefer NOK given exposure to healthier handset trends and leverage to infra market share gains.
12:22PM Rambus (RMBS) 7.30 -0.20: Yesterday after the close, company beat Q2 EPS estimates by $0.02 and posted in line revenues. However, stock is trading down 2.7% today as analyst were not impressed... JP Morgan reiterated Market Underperform due to a secular decline in business fundamentals, rich valuation and continued litigation risks. Morgan Stanley reiterated Underweight, given the stable earnings power and uncertainty in its various legal proceedings. Firm believes DRAM pricing and end-market demand will likely remain volatile over next couple of Qs, but with half of the royalties being fixed, expects RMBS's revenue to remain relatively stable in upcoming Qs.
10:29AM EMCORE (EMKR) 9.37 +0.17: After the close yesterday, company said Q2 revenues should exceed the 15%-20% sequential quarterly growth previously projected and announced organizational restructuring. Today, Prudential reiterated Buy rating and price target of $17 as firm believes the organizational changes which have resulted in a 20% workforce reduction is prudent and should help company manage more effectively. At current prices, firm thinks EMRK is a good value play for long-term investors... EMKR trading up 1.9%.
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