From Briefing.com: AOL's disappointing guidance is leading the news, with a Barclays profit warning and a Merrill reduction in its model portfolio equity weighting also weighing on the broad market. The tech news is mostly positive - TXN and CTXS guiding up, B of A sees CSCO quarter tracking above guidance.
RFMD RF Micro Device upgraded at WR Hambrecht (12.79) WR Hambrecht upgrades to Buy from Hold based on a more positive outlook on 2003 handset growth of 10-15% in conjunction with the co's growth prospects in WLAN and CDMA. Price target is $17.
7:48AM Numerical Tech cut to Mkt Perform at Adams Harkness following CEO resignation (NMTC) 5.49:
7:45AM Ciena: optical switching market may be picking up - Deutsche (CIEN) 6.62: Deutsche Securities says that recent conversations with industry contacts suggest that there is a significant amount of mkt activity around optical switching products, which is incrementally positive for CIEN; RFPs seem to be underway at VZ, FON, British Telecom, DT, Telecom Italia, FTE, and Telefonica, and firm expects many of these deals to be awarded over the next several months. Maintains Hold on CIEN due to valuation.
7:40AM Oak Tech upgraded at Adams Harkness (OAKT) 3.30: Adams Harkness upgrades to Buy from Mkt Perform based on the co's prospects within the emerging digital TV and imaging mkts, anticipated restructuring within its optical division, and the increased valuations within the multimedia IC group overall.
7:11AM AOL Time Warner faces risks in broadband strategy - WSJ (AOL) 16.57: -- Update -- The Wall Street Journal's "Heard on the Street column" reports that AOL faces significant risks in its new broadband strategy, as competitor ELNK's so-far unprofitable broadband rollout indicates; in addition, AOL's existing dial-up customers will continue to face competition from low-priced offerings from co's such as UNTD; AOL is expected to reveal the strategy today.
7:06AM AOL Time Warner sees 15-25% EBITDA decline for online unit in 2003 (AOL) 16.57: Company sees full year EBITDA growth at the low end of the 5-9% range with revenues in the 5-8% range. America Online division reaffirms its 2002 guidance of $8.8-9.0 bln in revenues and $1.7-1.8 bln EBITDA; but sets 2003 guidance for the unit of flat revenues but a 15-25% decline in EBITDA due to a decline in high margin advertising and commerce revenues.
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