OK.. Shot my wad here at $12.15
Yes, I was a buyer. Feels good to not be a capitulator.
Lets hope I am right.
My target was $13 and am amazed that we hit that.
My take:
7/23/02 Lam announced earnings. Lam did slightly better than analysts predicted but the expectation for the future was not good for the short term.
Highlights:
Q4 Net loss of $31M or $0.24/share. That includes a nontaxable loss of $26M on equity derivative contracts in Lam stock and a restructuring reserve recovery of $4.1M. Last quarter, excluding a one-time gain, Lam lost $0.12/share. Excluding the special charges, June's net loss was 6¢ per share, slightly better than consensus estimates for a loss of 7¢.
Revenue came in at $180 million, slightly above expectations for $174 million. Sales were up 10% from the previous quarter, but remain 51% below last year's levels
For next quarter, president Steve Newberry projected revenue will be $190 million to $200 million, with earnings per share between 1 cent and 3 cents. That compares with current analyst projections of $215 million and 2 cents, according to First Call/Thomson Financial
Net loss of employees in Q4 of 200 to a net head count of 2,500. In 2001, they had a staff of 3,150.
So, Lam expects revenue growth to continue, but the total revenue will be about 12% less than expected. Stock sells off as if the fall from $30 didn't already factor this in.
Hopefully, this is the piano player being taken out in a final capitulation. Of course, the bears say we will never use a semiconductor again.
Kirk out |
