From Breifing.com: Investors tried to stage a rally shortly after the open but gave up when it became apparent there was insufficient interest to sustain the forward momentum. Indices finished marginally below Monday's close with tech shares a bit more volatile. While the Dow slipped 0.19% to 9737.79, the S&P 0.05% to 1045.57 and the Nasdaq 0.56% to 1930.75, tech shares on average lost 1.1%. Decliners outnumbered advancers almost 3:1, with decliners dropping on average 2.3% and advancers rising 2.2%.
Short-term sentiment is cautious. Expect more downside volatility as investors consolidate gains and close out positions for the tax year. It will take several more days of this mild downward pressure to flush the negative sentiment out of the system before shares are set for a mild snap back.--Ping Yu, Briefing.com
Optical networking provider Sycamore Networks (SCMR 5.00 -0.36) met the Reuters Research 1Q04 (Oct) consensus estimate calling for a net loss of $0.04 per share, but missed the consensus revenue estimate of $8.7 mln. The top-line, instead, came in at $8.4 mln (up 42% from year ago levels). The revenue shortfall has led to the stock's sell-off, and contributed to shares of related companies' ALA, CIEN, and LU's weaknesses.
Stock of another technology company, however, has found buying interest off its Q2 (Sept) report. Computer Sciences (CSC 41.30 +0.51) topped the Reuters Research consensus EPS estimate by a penny - coming in at $0.60, excluding a $0.03 charge - on revenues that rose 32%, to $3.59 bln. The quarter's strong revenue growth was led by CSC's US federal government activities.
4:10PM Coherent reports (COHR) 22.76 -0.30: Reports Q4 (Sep) loss of $0.29 per share, which excludes multiple ex items, the Reuters Research consensus is ($0.38); revenues rose 2.3% year/year to $101.5 mln vs the $103.9 mln consensus. Reuters Research told us before the close that analysts were not comfortable with their estimates and were not on what basis the company would report. Needham actually suspended its FY04 estimates because they were not sure if the charges COHR announced in its Oct 22 guidance were going to be ongoing or not. In touch with Reuters for further clarification.
4:08PM Sycamore reports in line, ex items, misses on revs (SCMR) 5.28 -0.24: Reports Q1 (Oct) pro forma net loss of $0.04 per share, ex items, in line with the Reuters Research consensus of ($0.04); revenues rose 42.4% year/year to $8.4 mln vs the $8.7 mln R.R. consensus and the $9.0 mln First Call consensus.
3:38PM Sycamore Earnings Preview (SCMR) 5.53: Sycamore Networks is scheduled to report Q1 results after the close, with Reuters Research consensus standing at ($0.04) in EPS and revs of $8.7 mln. In its Nov 10 downgrade to Equal-Weight (based on valuation), Lehman said they expect inventories to move noticeably higher q/q (as mgmt said was possible on its July qtr earnings call) because they believe SCMR is in the middle of trials with the U.S. govt for the GIGBE network project; firm's sense is that the current SCMR valuation assumes the co has won the Optical Digital Cross Connect contract, and that this could generate $75-$100 mln over two years, so rising inventories related to GIGBE trials should not surprise the investment community.
biz.yahoo.com
Don, thanks for the table data. I tried to post some Briefing.com data here last night and thank you but SI would not let me do it.
RtS |
