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Technology Stocks : Semi Equipment Analysis

SOXX 306.14

+0.4%

4:00 PM EST

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To: Gottfried who wrote (8898)	3/5/2003 10:49:09 PM
From: Return to Sender	Read Replies (1) of 95632

Semiconductors . . . An FTC official has ruled that Rambus is entitled to an administrative trial challenging U.S. antitrust claims over the company's patents. It is a negative that the judge's decision to limit the defenses that Rambus can offer because of its failure to keep documents about its attendance at industry standard-setting meetings. The FTC contends that Rambus destroyed the documents to hide its efforts to obtain patents on what became the industry chip standard. The judge denied a request by FTC staff lawyers to skip the trial and move directly to the punishment phase of the case. Sterling analyst believes negative FTC leaning already priced into RMBS stock. Ultimately, FTC rulings get resolved in Federal court where Rambus has precedent with their Appellate court victory earlier this year. Genesis Microchip upped to Outperform at RBC. Price target goes to $18 from $16. The upgrade from Underperform follows company's positive earnings guidance. RBC sees early signs that an industry shakeout is underway, and believes the long-term Genesis growth story is improving significantly. The $18 target is based on a forward multiple of 25x calendar yr 2004 estimate of $0.72 (up from firm's previous estimate of $0.65). Piper sees downside for Genesis Microchip to $8-$10. Although the company raised their March quarter revenue guidance to $54 million from $52 million, USB Piper Jaffray recommends that investors lighten up on their positions by selling into the near-term strength. The firm notes that the stock trades at a 25% premium over the market multiple, and believes GNSS shares have downside to $8-$10 as ASP declines accelerate due to intense competition in 2nd half 2003. Morgan Stanley says that Maxim Integrated's CEO indicated at yesterday's conference that bookings quarter-to-date have increased 17% vs. firm's expectations for about 10% bookings growth in the quarter. Boxmakers . . . The Wall Street Journal's "Heard on the Street" column says that some analysts and money managers think Hewlett Packard's 1st earnings gain from its PC business may not be as impressive as it appears; by reclassifying certain R&D and corporate governance costs, HPQ's PC unit and a few other divisions looked quite a bit healthier than they otherwise would have. Cray (maker of supercomputers) boosted its revenue forecast for the year to at least $220 million, from an earlier forecast of $200 million, and expects earnings to be at the high end of its earlier expectations. 2020insight.com Thanks so much for the great chart Gottfried. RtS

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