7:51AM Intel capex speculation premature-- Goldman Sachs (INTC) 29.59: Goldman Sachs believes that mkt speculation that INTC will cut its 2003 capex (see yesterday's 2:23 comment) is being blown out of proportion; says INTC has been quite clear in the past that the co uses a multivariate model to determine its capex: 1) technology transitions, 2) forecast economic environment, and 3) forecast PC demand as the main drivers, and given that 2 of the 3 main inputs of the model for 2003 won't be determined for 6 months, firm believes one cannot reasonably make calls on INTC's 2003 capex plans one way or the other this far out.
8:55AM : Cash market likely to start the session on a positive note as the S&P futures, +4.80, are 3.80 points above fair value while the Nasdaq 100 Pre-Market Indicator is up 5.02 points... Less than a half hour ago, the futures indications were pointing to a slightly negative start, but a stronger than expected Durable Orders report for April, highlighted by a 1.9% increase in non-defense capital goods orders-- a proxy for business investment-- helped turn the tide... Separately, market drawing support from a string of encouraging earnings reports from the retail sector...
WSM, BKS, MW, CLE and CPWM all beat consensus earnings estimates and raised guidance... For more detail, be sure to visit Briefing.com's In Play, Earnings Calendar, and Guidance pages.
8:43AM Datum Inc. to be acquired by Symmetricom (DATM) 11.41: Enters agreement to be acquired by Symmetricom (SYMM 6.10) for $112 mln in stock. Under terms of the agreement, each share of Datum common stock outstanding would be exchanged for 2.7609 shares of SYMM, valuing DATM at $16.84 per share, based on SYMM's closing price.
7:28AM Ciena posts disappointing revs; lowers guidance (CIEN) 6.44: Reports a Q2 GAAP loss of $1.86 per share, including charges related to excess inventory. Revenues declined 79.5% to $87.1 mln (Multex consensus $95.21 mln). For Q3, co sees revenues flat to down sequentially (consensus call for a 2% increase to $97.03 mln).
7:25AM Nokia rivals start to catch up-- WSJ (NOK) 14.90: The Wall Street Journal reports that the Gartner Group's latest figures show that competitors are beginning to make up some ground against NOK, whose sales of phones fell 3% to 32.5 mln units, while sales of handsets from second-place MOT rose 10% to 14.5 mln; the report also said global mobile phone sales fell in Q1 as solid growth in North America wasn't enough to offset sluggish demand in Western Europe and Latin America. Last week, Strategy Analytics released a report that also concluded that MOT, Samsung, and SI had all made up ground on NOK.
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