From Briefing.com: EMC EMC Corp CEO sees no signs of IT pick-up yet --Reuters (6.74). Reuters reports that co's CEO told reporters in Tokyo that he saw no signs yet of a pick-up in corporate spending on information technology. "There are no real tangible signs that it's improving. There's a lot of conventional wisdom that believes it could improve some time in later 2003, but we'll see."
Fechtor on wireless Research firm Fechtor Detwiler says that it sees a handset inventory build-up in North America with manufacturers offering subsidies in response; also says that there is no retail premium left on added handset functionality.
AMD Advanced Micro trades lower on convertible offering (6.52) Hearing that Salomon Smith Barney will be doing a $300 mln AMD convertible offering, with notes due in 2007.
GNSS Genesis Microchip downgraded by RBC (17.60) RBC Capital Markets downgrades to UNDERPERFORM from Sector Perform; cites uncertainty as to where ASP declines will level off, the impact of potential new entrants, and the fact that stock is above its $16 target.
7:56AM Microsoft downgraded at Raymond James on valuation (MSFT) 55.85: Raymond James downgrades to Mkt Perform from Outperform due to valuation; at current prices, firm believes continued upside potential may be limited by the following factors that could pressure on MSFT's earnings outlook for the coming year: continued tough IT spending environment, slow PC growth, and a lack of major new product releases in FY03; in addition, firm notes that mgmt is not currently receptive to a dividend. Sees fair value at $55.
7:45AM Texas Instruments: wireless strength to be offset by weakness in other units - BofA (TXN) 17.00: Banc of America says that following a meeting with TXN mgmt, they do not foresee material upside to their Q4 ests, which call for an overall sales decline of 9% and EPS of $0.02; wireless sales are evidently on pace for another qtr of high-single-digit growth in Q4, yet weakness in other areas (e.g. ASICs) and a seasonal decline in the calculator biz should more than offset the strength in wireless. Firm also says they are hesitant to aggressively recommend the stock at roughly 60x 2003 EPS est.
7:38AM CSFB cuts sector rating for wireless equipment to Underweight : CSFB lowers their sector rating on the wireless equipment group to Underweight from Marketweight, citing increased competition from Asian brands, tough comps next year, continuing weakness in infrastructure spending, and the belief that valuations already reflect Q4 seasonality.
7:03AM General Electric: analysts see $1-$2 bln charge - WSJ (GE) 23.60: The Wall Street Journal reports that a number of analysts says GE may announce a substantial charge in the neighborhood of $1-$2 bln during an investor meeting Thursday; charge could be used to boost reserves in GE's struggling Employers Reinsurance Corp unit and for restructuring efforts at units such as aircraft engines, which are facing rocky times; several analysts are also forecasting that GE might have to infuse anywhere from $2-$5 bln of equity into GE Capital to help preserve the unit's triple-A debt rating.
6:59AM Intersil cut to Hold at UBS (ISIL) 19.86: UBS Warburg downgrades to HOLD from Buy based on an array of potentially destabilizing uncertainties facing the company exiting 2002. Among these concerns are the potential for seasonal MarQ softness and Broadcom's early lead design wins for next-gen 802.11g solution.
finance.yahoo.com^SOXX+ALTR+AMAT+AMD+BRCM+EMC+GE+GNSS+INTC+ISIL+KLAC+LLTC+LSCC+LSI+MOT+MSFT+MU+MXIM+NSM+NVLS+TER+TXN+XLNX+^VIX+^IXIC+^SPX+SMH&d=t
RtS |
