From Briefing.com: ORCL Oracle (8.98 -0.22) -- Update --On call, company says it sees no significant improvement in tech spending for six months or more assuming a gradual improvement in the economy... On the positive side, company expects a stronger upgrade cycle this fiscal year... stock at 9.30.
ORCL Oracle (8.98 -0.22) -- Update -- On conference call, company guides lower for Q1 (Aug) as it sees EPS of $0.07 vs Multex consensus of $0.09... Q1 should continue to be a tough environment... stock at 9.07.
INTC Intel edges yet lower on charge (22.02 -0.54) -- Update -- NTC -0.77 vs 4 pm ET close to 21.25
INTC Intel to take $100 mln Q2 charge to exit web hosting biz (22.02 -0.54) -- Update -- Company expects to wind down its web hosting service -- cites market trends for decision. The company will continue providing services to existing customers over the next 12 months and will immediately begin working with those customers to ensure a smooth transition. No new customer engagements will be pursued. Expects to take a pre-tax charge of approximately $100 million in the second quarter, primarily affecting cost of sales. This charge was not reflected in the company's mid-quarter update published June 6.
4:57PM Software higher -- PC's/Semiconductors lower : Prices vs 4 pm ET close -- Software names largely retaining gains driven by Oracle's Q2 upside: ORCL +1.17, SEBL +1.55, MERQ +1.85, CHKP +0.49. PC and semiconductor-related names selling off on guidance from AMD and Apple: AMD -1.70, INTC -0.48, NVLS -0.24, AMAT -0.06, AAPL -2.56, DELL -0.50, HPQ -0.27
4:31PM Apple Computer warns for Q3 (AAPL) 20.15 -0.39: Company sees Q3 net earnings of $0.08.-$0.10 per share vs the current Multex consensus estimate of $0.13 per share; sees Q3 revs of $1.4-1.45 bln vs the current consensus estimate for revs of $1.61 bln; cites weakness in the consumer markets for shortfall.
4:27PM Advanced Micro drops on warning (AMD) 10.30 -0.50: -- Update -- AMD -0.80 vs the 4 pm ET close to 9.50.
4:19PM INTC slips 0.5% on AMD warning; DELL, AMAT off after-hours highs :
4:16PM Advanced Micro reduces outlook (AMD) 10.30 -0.50: -- Update -- Company sees Q2 sales in the range of $620-$700 mln vs the current Multex consensus estimate for revs of $845 mln; expects a "substantial operating loss" for Q2.
4:13PM FSI Intl posts narrower than expected loss (FSII) 7.72 -0.69: Reports Q3 loss of $0.32 per share, $0.09 better than the Multex consensus. Revenues fell 40.8% to $28.9 mln vs the $28.2 mln consensus.
4:12PM Oracle Reaction : Large cap names responding to the upside in ORCL's report: INTC +0.28, CSCO +0.39, MSFT +0.78
4:11PM Advanced Micro halted (AMD) 10.30 -0.50:
4:07PM Jabil Circuit beats by a penny, issues guidance (JBL) 19.15 -1.00: -- Update -- Reports Q3 cash EPS of $0.12, $0.01 better than the Multex consensus; revs were $851 million, vs consensus of $841.5 mln. Expects Q4 rev of $920-$980 mln and cash EPS of $0.14-$0.16 (consensus is for $977.5 mln and $0.15), and anticipates full fiscal year rev to be $3.5 bln with cash EPS of $0.45-$0.47 (consensus $3.51 bln and $0.45).
4:07PM ORCL surges 10% in after-hours; SEBL rises 6% in sympathy :
4:03PM Oracle beats on top and bottom lines (ORCL) 8.93 -0.27: Reports Q4 net of $0.14 a share, $0.02 better than the Multex consensus, vs yr-ago EPS of $0.15. Revs fell 15.7% to $2.77 bln (consensus $2.57 bln).
9:10AM Three-Five upgraded at Needham (TFS) 10.07: Needham upgrades to BUY from Hold, saying they are increasingly optimistic that the worst is behind TFS and that the stage is set for possible upside surprises to ests over the next year; expects core Direct View biz to show continued steady sequential growth over the balance of this year and CY03, and firm is cautiously optimistic about LCOS microdisplay plans. Cuts 2002-03 rev/EPS ests; price target is $12-$13.
12:28PM Photon Dynamics (PHTN) 31.85 +0.25: This is a company that makes test and inspection equipment that identify and characterize defects in flat panel displays (FPDs) at early stages of the manufacturing process. Research shows that LCDs use about 74% less electricity and space, than their cathode ray tube (CRT) predecessors, while reducing both eye-strain and heat load. The company likes to point out that with more than 50 million CRTs in California, the state could save up to $1 billion a year or almost 5 billion kilowatt hours of its total electricity use if only half of its CRTs were replaced with LCDs. Separately, growth in the mobile electronic devices market has driven demand for FPDs, which offer many advantages over CRTs for mobile applications. FPDs offer reduced size and weight in addition to the power consumption and heat emission advantages previously mentioned. The one drawback to FPD technology is that it's currently more expensive than CRTs with comparable viewing areas. Nonetheless, it's also worth noting that FPD desktop monitor penetration remains at relatively low levels. So as the replacement of CRTs with FPDs continues, businesses targeting the FPD market should experience strong demand regardless of economic conditions. In terms of near-term catalysts, demand for 17" flat panels is inducing manufacturers to upgrade technology to the next glass substrate size known as Generation 5 Glass. Importantly, the profit margins on the 17" testing equipment are reported to exceed 50% versus the current margins of about 30% for the 15" equipment. At current levels, the shares trade at 16.3x projections for fiscal 2003 which is towards the low end of its five-year high/low valuation bands. -- Mike Ashbaugh, Briefing.com
10:08AM ESS Technology (ESST) 18.65 +0.90: Shares of ESS Technology are bidding up after the company guided higher this morning. Management now expects second quarter earnings to exceed $0.34 per share which compares favorably with its prior guidance for earnings in the range of $0.24 to $0.28 per share. On the topline, the company expects second quarter revenues of $84 million which also exceeds its previous guidance for sales in the range of $76-$79 million. It also represents growth in the ballpark of 30% on a year-over-year basis. As a designer of integrated digital system processor chips for multimedia applications, management attributes the upside to growth in its DVD market share as well as the continued strong demand for DVD players worldwide. At current levels, ESST trades at 18.6x trailing earnings and roughly 14.9x projections for fiscal 2002 (i.e. projecting forward just two quarters). It's also worth noting that the company carries no long-term debt and more than $4.00 per share in cash and marketable investments on its balance sheet. Backing out its cash position, the company's trailing P/E becomes 14.6x while its multiple for fiscal 2002 is right around 11.7x. With annualized growth approaching 30% and operating margins in excess of 20%, it's difficult to see substantial downside from current levels. From a technical perspective, a look at its six-month chart illustrates the shares' recent relative strength. With the Nasdaq touching new lows just last week, ESST continues to hold its early May lows. Also note that the shares cleared their 50-day simple moving average at 16.90 last week, followed by their 200-day simple moving average at 17.60 just yesterday. -- Mike Ashbaugh, Briefing.com
3:57PM Integrated Circuit (ICST) 21.04 +0.57: CSFB recommends buying shares (in the high-teens, low $20 range) ahead of co's June qtr report (in mid-July); stesses ICST is on track to meet their street-high ests of $54.6 mln and $0.18. Firm believes co will exit the qtr with a book:bill slightly above parity with its backlog going into the Sept qtr slightly higher than its backlog entering the June-qtr; does not see risk to their Sept qtr ests of $56.2 mln (about 3% growth) and $0.19; reiterates their Buy rating and $26 price target.
12:53PM Texas Instruments (TXN) 26.74 +0.10: In morning note, Wachovia initiated with a Buy rating and price target of $31, citing customer base exceeding 30,000, attractive catalog business, and strong customer relationships; leading semiconductor player in communications space, with growth driven by DSP and analog products; diversification in areas such as digital consumer and industrial; dominant position in wireless handset market; new product launches which could propel growth.
12:42PM Cypress Semi (CY) 18.05 +0.13: Stock trading modestly higher for the third consecutive session, getting a lift from Wachovia initiation with a Buy rating and price target of $22, seeing attractive way to play next up cycle in semiconductor industry. Firm believes CY represents compelling investment due to immense operating leverage, stemming from owning its own fabs, and reasonable valuation.
10:18AM Photon Dynamics (PHTN) 32.63 +1.03: Stock continues to recoup (+3.3%) some of last week's losses, getting a lift today from SoundView Tech upgrade to STRONG BUY from Buy. While chip inventories for flat panels could be in oversupply, firm thinks panel production remains constrained, and therefore, believes co. continues to see strong demand for its flat panel production test equipment. Firm's checks indicate new order growth in 20%-30% range on average for at least next two qtrs, driven by more upside surprises out of Korea and early ramps from Taiwan.
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