-- DJ MARKET TALK: Cymer Book-To-Bill Encourages Needham --
Edited by Thomas Granahan
Of DOW JONES NEWSWIRES
(Call Us: 201-938-5299; email: tom.granahan@dowjones.com)
MARKET TALK can be found using N/DJMT
9:04 (Dow Jones) Cymer's (CYMI) mid-quarter update Tuesday didn't do much to
change Needham's 4Q estimates, but the firm says what was significant is
reiteration of a book-to-bill ratio at or above 1-to-1, implying orders should
be $63 million or better, or at least 14% better than last quarter's orders. The
growth in orders supports idea that rising average selling prices should help
company's revenue outperform the industry. Needham keeps strong buy, ups target
to $42 from $36. CYMI closed Tuesday at $33.55. (TG)
8:49 (Dow Jones) Barclays Capital researchers expect the U.S. deficit in
fiscal 2003 will come in around $270 billion. Declining revenues (down 7% in
2002 - largest drop since 1946) and rising spending on military, homeland
security, and tax cuts all mean that the Treasury will experience its first cash
outflow in 12 years. Barclays expects the U.S. to issue a gross of $562 billion
and a net of $156 billion of new marketable debt in 2003. (SV)
8:38 (Dow Jones) MBA purchase index falls 7.2% to 358, refi index falls 8.6%
to 3793. These are applications, so the fall off is not surprising as holidays
approach and focus turns to other things. "Even with the ongoing slowdown in
refi activity, the overall housing market is unlikely to slow much in the near
term," says Drew Matus, economist at Lehman. (DDR/GMM)
8:30 (Dow Jones) Just kidding. Things are looking quiet and tentative as this
hump day gets underway. The news that's drawing the most attention - Intel
(INTC) saying there's no clear-cut turnaround, Kimberly-Clark (KMB) offering
subdued views - isn't all too surprising. There are also no major data - though
big numbers are coming Thursday and Friday - and the volume in the early part of
the week hasn't exactly been robust. Sounds exciting, huh? S&Ps are flat, as is
10-year, and dollar isn't doing much either. Sounds really exciting, huh? (TG)
(END) Dow Jones Newswires
12-11-02 0904ET- - 09 04 AM EST 12-11-02
Symbols:
US;CYMI
11-Dec-2002 14:04:00 GMT
Source DJ - Dow Jones |
