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Technology Stocks : Semi Equipment Analysis

SOXX 316.33

+1.3%

Dec 10 4:00 PM EST

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To: The Ox who wrote (10332)	6/26/2003 5:44:04 PM
From: Return to Sender	Read Replies (2) of 95559

Semiconductor Equipment . . . Taiwan Semiconductor Manufacturing has announced a filing with the SEC for a global offering of 79 million ADSs with all of the securities being sold by shareholders. Goldman Sachs and Merrill Lynch are handling the stock sale with the underwriters having the option to purchase 11.8 million ADSs in case of significant demand. The 79 million ADSs are the equivalent to 395 million common shares. Semiconductors . . . Sandisk has filed a complaint of declaratory relief with the U.S. District Court for Northern California against Infineon Technologies AG. The complaint seeks a declaratory judgment that SanDisk does not infringe U.S. Patent No. 5,726,601 (the "'601 patent") and that the '601 patent is invalid. SanDisk believes that its products do not infringe the '601 patent, as alleged in a letter received from Infineon. Co believes Infineon's correspondence was motivated by Infineon's announced intention to become a flash supplier. ATI Tech surprised on the upside with its May quarter results and August quarter guidance. May-Quarter revenues of $342 million (up 7.4% Quarter over Quarter) beat estimates of $300 million and consensus of $305 million (down 4.2% Quarter over Quarter). Adjusted EPS at $0.07 beat our and consensus estimate of $0.04. It was a better than expected improvement in gross margin contributed to the earnings upside -- gross margin increased 4 points to 32.9%. The positive surprise in revenue vs guidance was mainly due to an improvement in desktop ASPs, which were up about 20% Quarter over Quarter at the chip level. The increase was driven by a significant portion of shipments of new products during the quarter (Radeon 9800, 9600, & 9200 desktop GPUs). ATI gained market share from NVIDIA on the desktop side and expect the share gain to continue in 2nd half 2003. ATI guided for August quarter revenues in the $335-$365mn range (mid-point up 2.3% Quarter over Quarter), better than consensus estimate of $321 million. Expect a significant ramp in desktop integrated products in the November Quarter, after shipments of the new IGP family begin in August. Expect ATI's desktop IGP to be very competitive, and forecast its share to increase to 10% in 4th quarter from virtually 0% today. RobBlack.com MarketWrap: robblack.com

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