From Briefing.com: CLTK Celeritek reduces Q3 outlook (7.04) Co reduces revenue expectations beginning in Q3 because Motorola, a primary buyer of Celeritek's power amplifier modules, has decided to discontinue its strategy of dual sourcing power amplifier modules. CLTK now sees Q3 revs of $10-$11 mln (Multex consensus $13.2 mln). CLTK expects the effect on revenues will be more significant beginning in Q4. MOT accounted for 43% of co's revs in 2002.
DELL Dell Computer: Bear Stearns reiterates Outperform rating (29.79) Bear Stearns reiterates their Outperform rating on DELL, saying results should come in at or slightly better than its pre-announcement of $9.1 bln in rev and $0.21 in EPS; while the stock is not cheap relative to peer group, firm sees potential upside to $30-$35.
NSM National Semi estimates raised at Solly (13.50) Salomon Smith Barney raises ests for NSM, saying turns business in the past month or so has improved meaningfully with a broad-based pickup in demand; raises FY03 est to breakeven from ($0.25) and FY04 to $0.45 from $0.15 (both in-line with consensus), and raises price target to $15 from $10.
TSM Taiwan Semi downgraded at Goldman Sachs (8.68) Goldman Sachs out of Asia downgrades TSM to In-Line from Outperform, saying aggressive assumptions suggest there is further downside to the stock; raises price target to $6.60. Firm maintains Neutral stance on the sector, and would reduce holdings in Asian foundry, DRAM, and back-end stocks.
7:42AM Lehman raises IT sector weighting : Lehman increases their IT sector weighting for the first time in nearly a year, to 16% from 6% (vs the S&P 500 at 15%); thinks the major message of the Fed's surprise rate cut is that the new level of real short-term interest rates, -0.75%, is one associated with sustainable stock mkt rallies and profits recoveries.
7:18AM Oracle cut to Hold from Buy at Deutsche -- valuation (ORCL) 9.55: Deutsche Securities downgrades ORCL to Hold from Buy based on valuation, but raises price target to $9.70 from $9; if valuations for the group hold up heading into Q1, firm believes most stocks should pull back on a trading basis due to cautious 2003 guidance and the fact that March will be a seasonally weak qtr; recommends taking profits in SEBL, DCTM, MANU, and VAST; believes biz intelligence sector (COGN, BOBJ) will outperform over next 12 months.
7:17AM Infineon cut to Hold from Buy at Deutsche -- valuation (IFX) 9.51:
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