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Technology Stocks : Semi Equipment Analysis

SOXX 301.15

-1.2%

4:00 PM EST

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To: Donald Wennerstrom who wrote (17974)	8/11/2004 12:29:13 PM
From: Donald Wennerstrom	Read Replies (1) of 95656

<< Nat'l Semi. downgraded following Q1 revenue warning By Tomi Kilgore 08/11/2004 06:46 NEW YORK (CBS.MW) - National Semiconductor was downgraded to "hold" from "buy" at Smith Barney following the chipmaker's warning late Tuesday that fiscal first quarter revenue would fall short of expectations. Analyst Craig Ellis also cut his stock price target to $16 from $26, and his earnings forecasts out to 2006. "In summary, fundamental and psychological factors create a meaningfully diminished catalyst profile at this late stage in the [semiconductor] cycle for National Semiconductor," Ellis said in a note to clients. The company said late Tuesday that it expected sales for the quarter ending August to decline 4 to 5 percent from the sequential fourth quarter due to slower orders and inventory adjustments at its distributors. The stock closed Tuesday up 8 cents at $15.70, but fell $1.49, or 9.5 percent, to $14.21 in after-hours trading.>>

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