8:47AM Chartered Semi upgraded at Bear Stearns (CHRT) 22.85: Bear Stearns Ripple Effect upgrades to ATTRACTIVE from Neutral, as the stock has declined over 20% from its near-term highs and the recovery seen so far in the IC foundry space is benefitting CHRT as evidenced by firm's expected 40% rev growth in Q2; growth is being led by the communications segment, largely in the wireless sub-segment.
8:37AM Soundview initiates coverage on Int'l Rectifier and Micrel : We are hearing from sources that Soundview has initiated IRF with a STRONG BUY rating and $58 price target due to strong end-mkt growth, significant margin leverage, and valuation. Firm also initiates MCRL with a BUY rating and $27 price target due to expected margin leverage in the later part of 2H02; expects sequential rev gains over the next 2 qtrs to be driven by the wireless handset and industrial end-mkts as customers begin to order components that had previously been drawn from inventory. Also in the power mgmt group, firm likes MXIM and LLTC at present levels.
8:17AM Tower Semicon raises Q2 revenue outlook (TSEM) 6.35: Announces that orders throughout the current quarter are higher than previously expected, and therefore it currently expects sales in Q2 to increase by at least 35% over the first quarter of 2002. In addition, TSEM indicated that it expects a moderate growth rate also throughout the second half of 2002.
8:08AM Numerical Tech downgraded at SG Cowen (NMTC) 11.66: SG Cowen downgrades to BUY from Strong Buy based on pushed-out production deals and increased uncertainty regarding production license timing; 2003 ests appear aggressive given prospect for continued macro pressure and a $10 mln roll-off of INTC rev in 2003 vs 2002. Cuts 2003 rev/EPS ests to $73 mln/$0.35 from $78 mln/$0.41, and cuts price target to $16 from $22.
7:35AM Intel estimates cut at Merrill (INTC) 28.66: Merrill Lynch cuts June qtr rev/EPS ests for INTC to $6.76 bln/$0.17 from $6.96 bln/$0.18 and cuts 2002 EPS est to $0.75 from $0.77, saying that a June improvement may yet materialize but has not turned up yet, and firm says defending a sequential rev increase is getting tougher. Reiterates Near-Term Strong Buy and Long-Term Buy ratings.
finance.yahoo.com
What number are you looking for on the VIX before you think this current downward movement on the SOX and for AMAT will be over Bob?
Your AMAT Chart:
stockcharts.com[h,a]daclyyay[pb50,200!d20,2][vc60][iUl14!Ui14,3]&pref=G
Same chart of the VIX instead:
stockcharts.com[h,a]daclyyay[pb50,200!d20,2][vc60][iUl14!Ui14,3]&pref=G
I am thinking 26 on the VIX. I don't think your expectations for the market and stocks like AMAT are out of line. We are not seeing a sustained follow through of the buying now two weeks ago. This means we should at the very least test the May lows before seeing a bounce in my opinion. After that bounce we probably will go even lower in my opinion. We are going to get a chance to accumulate stocks cheaper.
RtS |
