may as well pile on....09:11 ET Adams Harkness downgrades semi equipment stocks : In addition to Banc of America's semi equipment downgrades (7:32), Adams Harkness also downgrades ATMI, KLAC, KLIC, NEWP, and VECO to Reduce from Mkt Perform; firm says a second half disappointment is quite possible given that inventories are building and demand remains tenuous, and firm thinks that the stocks will struggle to move significantly higher from their current levels as stock prices shift to earnings-driven valuations on 2004-05 earnings.
07:32 ET BofA downgrades semi equipment stocks : Banc of America downgrades AMAT, KLAC, NVLS, and LRCX to Neutral from Buy, and downgrades CMOS to Sell from Neutral; firm is not optimistic that the earnings power of the semi-equipment group going into 2004 can sustain the current rally, as slower growth, heightened competition, and lack of new applications suggest that industry profitability will fall short of the 1990's cycles. |
