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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: Proud_Infidel who wrote (2616)8/23/2002 1:00:08 PM
From: Jeffrey D  Read Replies (2) of 25522
 
In his research report Friday, Banc Of America's FitzGerald said he cut his estimates on Applied Materials, Therma-Wave, Axcelis, Asyst, and Varian Semiconductor to reflect more conservative capital-expenditure forecasts.
The analyst, who has been bearish on the chip-equipment sector for some time, said he expects capital spending to stall globally for the next 12 months.
He said that spending cuts by foundries such as Taiwan Semiconductor Manufacturing Co. (TSM) will hit Applied Materials "hard." Applied Materials is one of the largest suppliers of chip equipment.
"We think Applied Materials' system shipments will stall out in the 250-300 units range for the next three to four quarters," wrote the analyst. "At the end of March we estimate that management was projecting 450 systems to be shipped in the fourth quarter of fiscal year 2002."
FitzGerald now expects Applied Materials to generate revenue of $5.47 billion and earnings of 27 cents a share in fiscal 2003. He previously forecasted revenue of $6.22 billion and earnings of 46 cents a share.
-Donna Fuscaldo; Dow Jones Newswires; 201-938-5253; donna.fuscaldo@dowjones.com

(END) DOW JONES NEWS 08-23-02
12:42 PM
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