10:20AM Sector Watch: Semiconductor : -- Technical -- Group rotates into positive territory and from an intrday perspective, continued posture above support at 292.60/292 leaves the door open for a run at the top of the now five day trading range at 295.44. If a sustained break is seen, the next resistance is at its 50/100 day sma (297.40/297.70). Range top for the Semi HOLDRs (SMH 23.16) is at 23.25.
9:31AM Oracle: downbeat chatter out of channel -- Thomas Weisel (ORCL) 12.24 -0.15: -- Update -- Thomas Weisel says its channel checks suggest that co's FebQ still depends on the final two weeks of the month (typically 50% of sales close in the last two wks). While firm's checks did not indicate that the qtr would miss mgmt's guidance, commentary on the overall selling environment continues to be cautious.
8:02AM Oracle CFO sees Q3 revs slightly positive -- Reuters (ORCL) 12.40: A Reuters article cites CFO Jeff Henley saying "This quarter, the February quarter will be a slightly positive revenue, we have to wait and see but I think there's a good chance of that," during a lunch in Sydney, Australia. Oracle's previous guidance was for revs to be flat to up 4 percent with earnings of $0.09 to $0.10 per share.
9:24AM Microtune gets favorable ruling on Broadcom patent dispute (TUNE) 1.19: TUNE announces that it obtained a favorable ruling on Friday in its patent infringement lawsuit against BRCM, as Federal Judge Paul Brown denied all of the summary judgment motions filed by BRCM.
8:24AM LSI Logic reaffirms Q1 guidance (LSI) 4.25: Co says it "expects to meet its 2003 first quarter guidance of revenues in the range of $370 million to $390 million." The co anticipates reporting a net loss, ex items, of about $0.18-$0.20 per diluted share -- Multex consensus estimates call for revs of $379.6 mln and a net loss of $0.19 per share respectively.
7:52AM Semtech guidance may be weak - First Albany (SMTC) 13.37: First Albany believes that SMTC's FY04 guidance is likely to be weak tomorrow due to weakness in most of the co's end markets, increasing competition, and loss of mkt share in the desktop power mgmt mkt; firm estimates that their $198 mln rev est could be as much as $10-$15 mln too high and EPS may be closer to $0.40-$0.45 per share (FY04 consensus $203 mln and $0.52); maintains Neutral rating and would be a seller of the shares in the mid- to upper-teens.
7:36AM Leading chipmakers to support Cisco wireless chip technology - FT (CSCO) 14.67: The Financial Times reports that CSCO will announce today that leading chipmakers such as INTC, TXN, ISIL, and AGR.A have agreed to adopt its Compatible Extensions wireless chip technology; CSCO is offering free licences to include the technology on chips, and IBM and HPQ have agreed to support it.
4:42AM QLogic is the subject of negative NY Times story (QLGC) 35.68: Article identifies several risks to the QLogic story, including competition from a new generation of technology. "They'll have to try to compete against the Intels and the Broadcoms of the world, and they don't have a prayer," says USB Piper Jaffray analyst Ashok Kumar. "It's a disaster waiting to happen." According to article, QLGC also faces the risk that one of its largest customers (Fujitsu) will exit the disk-drive biz. "You have technology transition risk, and you have customer risk," Kumar said. "These are clear and present dangers."
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