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Technology Stocks : Applied Materials No-Politics Thread (AMAT)
AMAT 226.05+1.3%Nov 14 9:30 AM EST
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To: robert b furman who wrote (2043)8/2/2002 9:09:24 PM
From: Proud_Infidel  Read Replies (3) of 25522
 
FWIW:

In a research note out Friday, Morgan Stanley analyst Mark Edelstone said July likely will be the first time in 16 months that the global semiconductor industry posts positive year-over-year revenue growth. But that's not much comfort in the current market.

Citing expectations of weaker-than-expected GDP next year, Edelstone throttled down estimates for revenue growth. He cut his outlook to 15% to 20% growth in 2003 for the chip industry, from earlier projections of a sales increase of 20% to 25%.

He also raised the specter that chip sales could finish the current year in the red: "If end demand (particularly for PCs) doesn't improve or consumer spending begins to waver, we believe that our 2002 growth forecast for 0% to 5% will prove to be too high, and there could be additional risk to our new 2003 estimate."

Worse, Edelstone predicted more companies are on track to miss earnings estimates, given that earlier predictions or a more robust recovery now look unrealistic. "We believe that the back-end loaded nature of the third quarter has combined with weaker economic data points to promote a further increase in earnings risk," he wrote.

thestreet.com
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