From Briefing.com: 8:57AM Cymer reaffirms Q3; outlook for Q4 below consensus (CYMI) 22.65: Semiconductor equipment maker announces that Q3 results are expected to be in-line with guidance provided July 22. Expects Q3 revs to be at the high end or slightly above the 5-10% sequential increase projected by company. However, says that visibility has again contracted to less than one quarter, and now expects book-to-bill to be less than one for Q3. With slowing semiconductor demand and reduced industry capital spending, sees Q4 revs below Q3 level. The Multex consensus for Q3 is $78.99 mln and $81.4 mln for Q4.
S&P futures vs fair value: -4.1. Nasdaq futures vs fair value: -8.0. The pre-market indicators are off the lows of the morning but they continue to point to a weaker start to the session. Declines overseas and some negative sector news (selected food, transportation and European semi stocks downgraded) have weighed. The Nasdaq PMI is down 2.43 points.
CTLM Centillium reaffirms Q3 guidance (2.21) Reaffirms Q3 forecast of $23-$25 mln in revenues and a net loss of $0.25-$0.26 (Multex consensus $24 mln and -$0.26).
AMD Advanced Micro cut to Underperform at Gerard Klauer; target $7 (8.04) Gerard Klauer Mattison downgrades to UNDERPERFORM from Neutral and establishes a 12-month target of $7 (based on 0.9x estimated 2003 book value of $8.07 per share).
Solly downgrades select European semi stocks Salomon Smith Barney downgrades BESI, PHG, and STM to In-Line from Buy, saying they have no clear evidence at this stage as to the timing of the semi recovery.
7:59AM Oracle upped to Buy at Wachovia; $12 target (ORCL) 9.63: Wachovia upgrades to BUY from Hold. Expects ORCL's qtr to be roughly in-line with firm's estimates of $2.1 bln with license rev coming in at low end of mgmt guidance of $550-$625 mln. Believes co has continued to exhibit tight financial discipline with a focus on cost controls. Firm feels its Q1 est of $0.06 (which is based on 27% operating margins) is too conservative. Raising Q1 est to $0.07 to reflect 31% operating margins (Multex consensus $0.07).
7:39AM Nokia upgraded at Morgan Stanley (NOK) 13.95: Morgan Stanley in Europe upgrades to OVERWEIGHT from Equal-Weight, saying color/camera phones could drive a stronger replacement mkt and higher avg selling prices over the next 5 qtrs, with NOK being the primary beneficiary; valuation is still demanding, but short-term momentum is likely; however, firm remains cautious on Telecom Equipment industry.
7:32AM IDC cuts 2002-03 PC forecasts : The New York Times reports that Int'l Data Corp is scaling back its forecast on global PC sales, citing growing fears of the effect of a prolonged economic malaise; in a report to be issued today, the firm's researchers said they were lowering PC market forecasts for both 2002 and 2003 to reflect weakening demand among businesses and consumers.
finance.yahoo.com^SOXX+ALTR+AMAT+AMD+BESI+BRCM+CTLM+CYMI+INTC+KLAC+LLTC+LSCC+LSI+MOT+MU+MXIM+NOK+NSM+NVLS+ORCL+PHG+STM+TER+TXN+XLNX+^IXIC+^VIX&d=t
RtS |
