From Briefing.com: 8:46AM Storage Tech upped to Buy at First Albany on better than expected results (STK) 12.95:
8:44AM Soundview storage survey indicates lower growth in 2003 : Soundview says their storage survey indicates that the rate of growth in storage budgets is expected to be lower in 2003 than in 2002, and that spending intentions for Fibre Channel switches are less positive for 2003 than 2002 and point to lower growth in spending on SAN infrastructure next year. Cuts BRCD's ests and price target to $11 from $14 and ELX's ests and target to $15 from $16.
8:34AM Thomas Weisel downgrades select semi equipment names : Thomas Weisel lowers their sector weighting on the Semi Capital Equipment sector to Mkt Weight from Overweight; believes that industry is entering a period of bifurcation as the prolonged downturn has created a chasm between co's that are profitable, have strong balance sheets, and little debt, and co's that are burning cash and are more highly leveraged; unless the industry is bailed out by an unexpected near-term recovery, firm expects this trend to continue. Downgrades KLAC, AMAT, NVLS, AEIS, LRCX, MKSI, TER, and VECO (see upgrades/downgrades for details).
8:27AM Newport upgraded to Neutral at CSFB on valuation; target $10 (NEWP) 9.75:
7:41AM Dupont Photomask posts in-line results; guides Q2 below consensus (DPMI) 18.12: Reports Q1 loss of $0.31 per share, in line with the Multex consensus. Revs rose 8.8% year/year to $84.2 mln vs the $84.0 mln consensus. For Q2, co sees a loss of $0.31 to $0.70 on revs of $75-$85 mln (consensus -$0.25 and $83.07 mln).
7:29AM Photon Dynamics cut to Neutral at Merrill Lynch after earnings miss (PHTN) 22.21:
Negative news for the Nasdaq came from KLA-Tencor (KLAC 30.55) which beat current quarter estimates but guided next quarter's estimates significantly lower. Seriously, though, is it news that yet another semiconductor industry stock is guiding lower for the next quarter? After Intel guided lower on October 15, this should not be affecting the tech sector in general. In fact, KLAC was down over 10% ahead of the report yesterday as traders bet on that loaded coin.
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