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Technology Stocks : Semi Equipment Analysis
SOXX 301.15-1.2%Dec 31 4:00 PM EST
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To: Donald Wennerstrom who wrote (14089)3/18/2004 2:45:32 PM
From: Donald Wennerstrom  Read Replies (1) of 95657
 
Speaking of difference of opinions - here is another example for today.

<<09:25 ET AMD initiated at SG Cowen; says stock is unattractive 15.35: SG Cowen initiates Advanced Micro (AMD). The firm believes the stock is unattractive based on (1) below-industry growth prospects caused by weak competitive positioning in emerging mkts and notebook processors; and (2) high relative valuation. The co's poor positioning in its processor business limits its growth potential. The firm forecasts a unit CAGR of 13% for AMD during 2003-05 vs 15% for the industry due to poor positioning in emerging mkts (only 10% of rev.).... Briefing.com Note: Morgan Stanley upgraded the stock today to Equal Weight from Underweight>>

Upgrade:

Symbol	Brokerage Firm	Upgrade from:	Upgrade to:
AMD	Morgan Stanley	Underweight 	Equal-weight

<<13:41 ET Floor Talk : March Madness has begun both on CBS and on most trading floors as institutional traders place their bets going into the tournament. Most desks report back that flows are quiet (except for past 45 min) as post-earnings-season vacations dwindle numbers and lack of strong conviction in either direction leaves many accounts on the sidelines. One area of debate we're hearing today is with respect to Semis, and whether the cycle is more important than valuations. As illustrated by the clashing Advanced Micro calls today by Morgan Stanley and SG Cowen, analysts are also split on the subject. Among the few bright spots in the market today are Gold (XAU +2.6%) and Oil Services (+0.8%). We've been hearing increasing concern that the market has taken rising oil prices for granted, and this could be an issue that soon moves to the forefront. One desk also highlights the breakdown in tech safe-haven Microsoft today (hit new 4-month low, see 09:39 comment) as a concern that rest of market may be in store for further downside.>>
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