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Technology Stocks : The New QLogic (ANCR)

QLGC 16.07

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Aug 24 5:00 PM EST

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To: George Dawson who wrote (29294)	12/21/2004 1:08:25 PM
From: Greg Hull	of 29386

George, Sorry to hear about the problems of the Oval affecting you. West Allis is probably too far to commute to regularly <g>. Speaking of INTC upgrade, here's ML comments on EMC: EMC Corp: Positive Channel Checks, raising estimates - Merrill Lynch (14.03 ) Merrill Lynch out positive on EMC, raising their estimates to reflect positive channel checks as well as a better-than-expected competitive environment. Firm notes all of their checks on EMC for the month of October were strong (some said very strong), but they heard mixed data points on EMC for the month of November. Still, Q4 taken in its entirety looks to be a strong quarter for EMC. EMC's business versus the competition has been better than what was expected a few months ago as 1) IBM's shipment of its new Shark array (DS8000) slipped a bit (from late Q4 to late Q1 for volume shipments); and 2) Hitachi's sales cycles for its new TagmaStore array have been long. Raising Q4 revenue estimate from $2,313M to $2,376M. Also increasing Q4 EPS estimate from $.12 to $.13. F2005 revenue/EPS estimate move from $9,513M/$.48 to $9,564/$.49. Maintain Neutral due to valuation Hope you enjoy the holidays, too. Greg

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