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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 665.67

-0.9%

4:00 PM EST

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To: Johnny Canuck who wrote (36756)	4/15/2002 10:35:04 AM
From: Johnny Canuck	Read Replies (1) of 68067

09:04 ET TXCC TranSwitch downgraded at CIBC (2.48) CIBC downgrades to BUY from Strong Buy due to the belief that revenue at service provider-driven Comm IC co's will not return to the rate of end-user consumption until mid-2003 and that the long-term growth rate for communication ASSP providers is at most 15-20%. Cuts 2002 rev/EPS ests to $21.5 mln/($0.40) from $31.4 mln/($0.35) and 2003 rev est to $41.0 mln from $78.0 mln; cuts price target to $3.25 from $7.00. [Harry: Not much of a downside reaction. The cash level is giving it support. The assertion in the analyst report assumes that all inventory in the channel has been used. I am not sure the company has said this. As a result, short term the grow rate he is referring to (15 percent) is too low.] 08:48 ET CNXT Conexant started at Strong Buy by SoundView (10.87) Hearing from sources that SoundView initiated coverage of CNXT with a STRONG BUY and $16 target; says channel checks suggest upside to the March qtr, and believes company is already 100% booked for June qtr against internal plan; says upcoming spin-off of wireless division (will be merged with AHAA) will be a catalyst. [Harry: CNXT is KOPN biggest customer. If true that means KOPN should have a good Q, despite the AHAA miss pre-announced.] 08:41 ET GLW Corning Inc CEO to retire (6.85) -- Update -- CEO John W. Loose, 60, has announced plans to retire from the company on April 25. Corning's Board of Directors has named Chairman James R. Houghton, 66, to the additional position of CEO. 08:34 ET GLW Corning boosts EPS guidance; lowers revenue forecast (6.85) Co expects to post a Q1 loss of approx. $0.10 a share, compared to current consensus of $0.17. On the top-line, GLW sees sales of roughly $900 mln, which would be below $929.3 mln Multex consensus. "Although our sales are close to our expectations, we are continuing to see lowered capital spending announcements by telecommunications carriers." GLW plans further cost cutting.

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