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Technology Stocks : Semi Equipment Analysis
SOXX 346.30-4.1%Jan 30 4:00 PM EST
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To: robert b furman who wrote (14425)4/12/2004 5:29:56 PM
From: Return to Sender  Read Replies (1) of 95823
 
I don't think the Dow Theory cares what kind of energy we use for transportation. Originally it was all railroads and we know they did not run on gasoline or fossil fuels of any kind when the Dow Theory was created.

Set that aside and ponder for a minute that the Dow Transports managed to form a bottom after 9/11 that eventually led to matching highs for both the DJIA and the Transports until February.

All that time oil prices were high. Why did the transports fail to set a new high in February? It probably is not as simple as just continued high oil prices. And it's no accident that all the major averages except the Russell 2000 have failed to set new highs since February or longer as well.

On NVLS this is what Briefing.com had on expectations and actual earnings:

4:07PM Novellus beats by $0.02, ex items (NVLS) 34.64 +0.27: Reports Q1 (Mar) earnings of $0.12 per share, excluding charge related to $2.5 mln pre-tax litigation settlement, $0.02 better than the Reuters Research consensus of $0.10; revenues rose 10.3% year/year to $262.9 mln vs the $252.0 mln consensus. Shipments were $311.0 mln, up $82.9 mln, or 36.3%, from $228.1 mln reported in prior quarter.

RtS
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