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Technology Stocks : Novellus
NVLS 2.400+2.1%Jul 24 5:00 PM EST
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To: robert b furman who wrote (3383)9/24/2002 9:09:13 AM
From: Proud_Infidel   of 3813
 
8:27AM Novellus estimates cut at BofA (NVLS) 20.77: Banc of America cuts 2002-03 ests based on the assumption of a sharper decline in bookings; believes co will miss their guidance of $200-220 mln in new orders for Q3 (new est is $185 mln), citing cancellations as the likely reason for the shortfall; believes UMC has cancelled 60% of their outstanding orders across the industry, and orders could decline another 20% in Q4 to $150 mln; cuts 2002 est to $0.12 from $0.15 and 2003 to $0.00 from $0.31 (both well below consensus).
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