From Briefing.com: 7:41AM Integrated Circuit beats by a penny (ICST) 32.14: Reports Q4 (Jun) earnings of $0.23 per share, $0.01 better than the Reuters Research consensus of $0.22; revenues rose 10.8% year/year to $61.1 mln vs the $60.8 mln consensus.
7:24AM Copper Mountain selected as preferred provider by DSL.net (CMTN) 10.75:
7:12AM Veeco Instruments reports in line, guides next quarter (VECO) 20.50: Reports Q2 (Jun) earnings of $0.03 per share, in line with the Reuters Research consensus of $0.03; revenues fell 5% year/year to $73.5 mln vs the $66.2 mln consensus. Co guiding Q3 EPS of between $0.03 and $0.06 per share and revs of $67-$70 mln vs. Reuters Research consensus earnings of $0.07 per share and revs of $70.2 mln
7:04AM Nokia, STM and TXN form alliance (NOK) 15.45: The Wall Street Journal reports Nokia is teaming up with STMicroelectronics, Texas Instruments and ARM Holdings to set standards for semiconductors used in mobile devices. The newly formed Mobile Processor Interface Alliance is an attempt to head off dominance in the mobile device sector that Intel and Microsoft now hold in the personal computer market.
From Briefing.com last night: Advanced Micro Devices (AMD) 7.33 +0.17: The Co announced that it reached an agreement with Dawning Information Industry Corp. Ltd. of China to include Dawning's plans to use the AMD Opteron processor in an effort to construct the fastest supercomputer in China. The expected speeds of the proposed Dawning 400A supercomputer will be at 10 trillion operations per second or 10 Tflops. In addition, it will also be expected to be the first supercomputer made in China which would rank amongst the most powerful in the world.
Anadigics (ANAD) 3.52 +0.05: Before the open, reported Q2 (Jun) loss of $0.39 per share, excluding a $0.06 charge, $0.03 worse than the Reuters Research consensus of ($0.36); revenues fell 21.7% year/year to $18.0 mln vs the $16.2 mln consensus.
Broadcom (BRCM) 22.14 -0.62: USB Piper Jaffray downgraded to Underperform from Market Perform... Firm's checks indicate that Intel's upcoming chipsets have been designed in at both Dell and HP across the entire 2004 server platform. Piper estimates that SeverWorks contribution, direct and indirect, could drop from $450 mln in 2003 to $250 mln in 2004 with a more dramatic impact to earnings. Firm believes stock is fairly valued at a mkt multiple on CY04 estimates or $15.
NVIDIA (NVDA) 20.41 -0.65: After the close, company said it expects to report total revenues of $455-460 mln for Q2, "within the guidance provided by the Company on its last quarterly conference call"... R.R. consensus is $460 mln.. Gross margins are expected to be slightly lower than the Co's original guidance as a result of higher than anticipated product costs.
OmniVision (OVTI) 39.70 +2.41: Needham increased price target to $48 from $25 and reiterated its Buy rating on the stock. Needham also increased Q1 est to $0.19 from $0.16, FY04 to $0.90 from $0.70 (consensus $0.84), and FY05 to $1.60 from $1.04 (consensus $1.18). The target is based on stock trading at 30x estimated FY05 earnings.
Amkor (AMKR) 17.60 +0.54: After the close, reported Q2 (Jun) loss of $0.12 per share, excluding a $0.19 charge for debt retirement, in line with the Reuters Research consensus of ($0.12); revenues rose 7.8% year/year to $378 mln vs the $377.5 mln consensus. Co. sees Q3 EPS in the range of a loss of $0.02 to a gain of $0.02, R.R. consensus is breakeven (0.00), and Q3 sequential revenue increase of 8-10% over Q2 revenues of $378 mln.
Cree (CREE) 16.09 +0.63: Friedman Billings Ramsey reiterated its Underperform rating on CREE ahead of tomorrow's results; firm continues to be concerned about rising competitor LED capacity (particularly in Asia), and also believes the number of shareholder lawsuits, the suit by former Chairman Eric Hunter, and the informal SEC inquiry will weight heavily on the stock until all are resolved; in addition, firm suspects that Street expectations will be modified to reflect rising legal expenses in the coming quarters.
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