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Technology Stocks : Semi Equipment Analysis

SOXX 285.23

-3.7%

Dec 17 4:00 PM EST

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To: Gottfried who wrote (4934)	8/19/2002 9:03:40 AM
From: Return to Sender	Read Replies (1) of 95596

From Briefing.com: 8:45AM Emulex upgraded to Hold from Sell at Legg Mason on valuation (ELX) 15.50: 8:30AM Deutsche Securities cautious on semi equipment group : Deutsche Securities sees a number of issues continuing to weigh on the semi equipment group for at least the next several months; key issues are: 1) a high likelihood that many co's miss Q3 order guidance; 2) checks suggest continued deterioration in Q4 forecasts provided by large equipment co's; 3) believes 2003 will be the year of 300mm, but likely not until 2H03; and 4) valuation analysis suggests there could easily be 30% downside in many names. Trims LTXX 2002 est to ($0.82) from ($0.72) and 2003 to $0.11 from $0.40 (both above consensus). 8:29AM S&P futures vs fair value: +1.0. Nasdaq futures vs fair value: +1.5. The pre-market tone is still favorable but the indicators have edged back off the best levels of the morning. Estimate cuts noted for several issues (NKE, LRCX, NVLS) and for the S&P 500; certification process still in the news as several are rejected. 8:12AM BofA cuts estimates for Lam Research, Novellus : Banc of America cuts ests for LRCX and NVLS, saying the recent capex cuts at Taiwanese foundries will hit the co's hard; cuts LRCX 2003 est to $0.00 from $0.11 and 2004 to $0.40 from $0.50, both below consensus; (est cuts not available for NVLS); says floor for LRCX is about $12-$13 and about $23-$25 for NVLS. 8:04AM Vitesse Semi cut to Buy at CIBC (VTSS) 1.31: CIBC World Mkts downgrades to BUY from Strong Buy as firm is more cautious on balance sheet issues. Attractive valuation at 1.2x firm value to CY03 sales is lowest in the group. Price target goes to $3 from $6. 7:58AM UBS cuts S&P 500 earnings estimates : UBS Warburg cuts their S&P 500 operating EPS ests for 2002 to $49.00 from $51.00 and 2003 to $54.00 from $58.50; believes that profit growth in the 00's will be significantly weaker than in the 1990's due to: constrained consumers, more conservative corporate accounting, and the belief that technological innovation will not be as much of a driver of earnings growth in the 00's as it was in the 1990's. 7:34AM Advanced Micro: Hewlett-Packard to use Athlon chip in new biz PC line (AMD) 9.93: The Wall Street Journal reports that HPQ is introducing a low-priced PC for business customers that uses an AMD Athlon microprocessor; the new PC will mainly be targeted at small and medium-size businesses in the U.S., but HPQ may pursue the large business segment with Athlon machines in the future. 7:27AM AOL Time Warner: investigators focus on round-trip deals (AOL) 12.56: -- Update -- The Wall Street Journal reports that federal prosecutors and SEC lawyers are reviewing dozens of transactions that appear to involve round-trip transactions; people with knowledge of the probe said that most of the transactions being looked at were structured by former AOL exec David Colburn. 6:58AM Planar Systems guides below consensus (PLNR) 18.50: Expects to post 2003 earnings of approx. $1.00 per share (Multex consensus $1.16). PLNR puts sales at approx. $230 mln (consensus $256.51 mln). finance.yahoo.com^SOXX+ALTR+AMAT+AMD+AOL+BRCM+ELX+INTC+KLAC+LLTC+LRCX+LSCC+LSI+LTXX+MOT+MU+MXIM+NSM+NVLS+PLNR+TER+TXN+VTSS+XLNX+^VIX+^IXIC&d=t

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