Semiconductor Equipment . . . The North American Semiconductor Equipment Industry reported a monthly book-to-bill ratio of 0.93 for June, up from a revised 0.90 ratio in May. Moors and Cabot's estimate for June was 0.92, so this report appears to be a bit better than expected. However, bookings of $720 million came in just below revised May 2003 level of $724 million and 39% below the $1.17 billion in orders reported in the year-ago period.
Cymer downgraded at Lehman to Equal-Weight from Overweight, citing valuation as well as their belief that investors may not have factored in potentially weak 2nd half 2003 orders and profits. The firm firm sees a more attractive entry point under $30. The firm cuts target to $30 from $37.
Semiconductors . . . DSP Group reported 2nd quarter earnings of $0.26 per share, excluding net $0.07 in ex items, $0.07 better than the Reuters Research consensus of $0.19. Revenues rose 20.8% year/year to $38.5 million versus the $38.0 million consensus.
Genesis Microchip CEO resigns effective immediately. The company's CFO will serve as interim CEO until such time as Mr. Donegan's successor is determined. "I strongly disagree with the memorandum opinion recently issued in the litigation between the company and Silicon Image pending in the United States District Court for the Eastern District of Virginia. However, in the best interest of the company and its stockholders, I have resigned effective immediately."
Boxmakers . . . Lexmark reported net earnings of $101.7 million, or 77 cents a share, up from 67 cents a share in the year-earlier period, but a penny a share shy of the forecast. The printer maker indicated that third-quarter earnings would be 63 to 73 cents a share, below analyst projections of 80 cents, due to concerns over softness in corporate and consumer spending and pricing pressures. Revenue for the latest quarter rose 6 percent to $1.12 billion, matching expectations, and is expected to see percentage growth in the "low to mid-single digits" in the third quarter.
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