From Briefing.com: 5:05PM Solectron (SLR) 5.35 -0.25: -- Update -- On call, company says gross margin improved for third consecutive quarter... DSOs improved slightly to 63 vs 64 in the previous quarter... More on guidance for Q4 (Aug): telecom and PCs remain weak; sales should be flat sequentially.
4:54PM Solectron (SLR) 5.35 -0.25: -- Update -- On its conference call, company says end markets remain difficult. There is an overhang of capacity and visibility remains limited... "OEMs say recovery is being pushed out"... this is the first sequential increase in revenue in five quarters... telecom revenue continues to be weak.
4:41PM GlobeSpan Virata to hold conference call at 5 PM (GSPN) 3.68 -0.18: -- Update -- Co will hold a conference call today at 5:00 PM ET to discuss the issues outlined in their press release. (dial-in: 877-473-5905; replay: 800-642-1687, passcode: #4654028).
4:24PM Solectron beats by a penny; guides down for Q4 (SLR) 5.35 -0.25: Reports Q3 (May) loss of $0.04 per share, $0.01 better than the First Call consensus of ($0.05); revenues fell 23.9% year/year to $3.03 bln vs the $2.89 bln consensus; expects Q4 revs to range from $2.8 billion to $3.1 billion vs the current First Call consensus estimate for revs of $3.2 billion; sees Q4 net loss of $0.03-$0.05 per share vs the current First Call consensus estimate for a net loss of $0.03 per share.
2:53PM Rambus to hold conference call at 5 PM ET (RMBS) 3.75 -0.37: -- Update -- Co will hold a conference call at 5:00 PM ET, where Senior VP and General Counsel John Danforth will review recent legal developments; webcast will be available at www.rambus.com.
2:05PM Nasdaq Composite Intraday : -- Technical -- Relatively quiet/confined trade has dominated for the last several hours after support (mentioned in 10:09 comment) was tested this morning. Intraday, unless the index is able to sustain a push through the 1487/1490 area the door will remain open to a downside extension. Initial supports are at 1467 and 1460/1458 with the June low at 1445.
10:33AM Sector Watch: Semiconductor : Sector rolls south after modest early gains with MXIM -4.8%, LLTC -4.7%, MU -4.3%, LSI -3.8%, KLAC -2.8% and LSCC -2% pacing the way. Thus far the index has held near the chart/psych floor at 400. However, without follow through beyond first 407/408 and then the 411 area it is expected to remain vulnerable. Next minor support is at 395 with secondary floors at 392 and 387. Keep in mind that the 7.7% decline off yesterday's midday high has created an oversold short term posture.
9:24AM Silicon Image defended by Needham (SIMG) 5.98: -- Update -- Needham believes that yesterday's 29% drop in the stock price due to PC industry concerns and AAPL's warning was "a dramatic overreaction"; firm remains confident in SIMG's longer-term potential despite the near-term setback in the PC mkt, and believes that June qtr ests for SIMG remain intact and firm is comfortable with Sept ests. Reiterates Strong Buy rating and $14 price target and strongly encourages investors to add to or begin building new positions.
8:09AM ESS Tech started with Sell by Fulcrum; target price $12 (ESST) 17.87: Fulcrum initiates coverage with a SELL rating due to increasing competition and margin compression. Firm's price target is $12. Believes co could experience competitive pricing pressure as new entrants seek to gain foothold; also says there has been heavy insider selling at ESST over the past six months... ESST trading at $17.50 in pre-market
Applied Materials (AMAT) 19.19 -0.50: Co hosted an analyst reception last night and launched its new 300 mm Oasis single wafer clean system (a new mkt for AMAT); analysts are upbeat about product's opportunities but remain hesistant on stock (-28% over the past 30 days). CSFB sees no near-term catalysts, a neutral risk reward (1pt upside for each pt downside), and lack of visibility into H2 consumption rate, suggesting better entry points are likely ... Bear Stearns views tool as a potential negative for ASYT, BRKS as it could take away their opportunity to sell front end interfaces for Applied tools (as robotics in Oasis are Japanese and Applied specific).
Zoran (ZRAN) 20.30 -1.38: Despite upbeat analyst comment, stock slipped 6.3%. Saying company is well positioned to continue to be primary DVD chip supplier due to high quality technology, Pacific Crest initiated with a Buy rating and price target of $28. Firm noting: strong presence with premium brand manufacturers, particularly in Japan, with approximately 50% market share of non-captive Japanese manufacturers; stock trades at premium to competitors at 22x 2003 earnings and 3x 2003 revenue multiples.
Semi Components : Soundview continues to view underperforming group as attractive and believes investors should buy CRUS, TXN, LSI, ADI and IRF at current levels; notes summer months are always period of weaker demand and firm expects sector recovery as Fall draws nearer. Firm believes H2 semi growth ests are currently even more muted than current demand recovery expectations in end mkts; believes recovery will bring apid improvement in margins and favors names that demonstrate greatest amount of margin leverage.
finance.yahoo.com
I agree Michael the bottom will get here when it gets here. Those P/S's are lower than the stocks I am looking over. They may very well offer significantly higher percentage gains when the Bear is dead.
RtS |
