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Technology Stocks : Semi Equipment Analysis

SOXX 302.00

+2.6%

Nov 10 4:00 PM EST

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To: Donald Wennerstrom who wrote (30680)	5/25/2006 7:47:04 PM
From: Donald Wennerstrom	Read Replies (2) of 95391

Here is a little "color" on the semi area with respect to price action. <<Semis: SOX Reflects Macro & Corp Governance Woes Thursday May 25 2006 13:35:04 EDT Ridgeland, MS, MAY 25, 2006 (EventX/Knobias.com via COMTEX) -- Semiconductor (SOX -0.5%) companies are underperforming the Nasdaq (+0.7%) by a wide margin today. JP Morgan suggested the underperformance in the group may be due to fears of a demand decline or inventory buildup. Another negative that gets new legs on a daily basis is suspicious option grants. In the JP Morgan Tech Conference, the firm found more negatives than positives for the industry. Declining lead times this summer should be interpreted as a precursor to an inventory correction. (fly on the wall)(-) MRVL: JPM said Marvel looked oversold, but shares are lagging after the WSJ reported on a Merrill Lynch report that named Marvel Tech and Maxim Integrated Prod. (MXIM) in a report on option grants. Both firms "generated 'excess' returns following option grants from 1997 to 2002." --- Stifel Nicolaus reit their Buy rating for MRVL, convinced the options concerns are unfounded, presenting a buying opportunity for investors. --- Marvel Tech director John Cioffi sold 15K MRVL shares on May 23 at $53.02/share. (-) MXIM: UBS (Buy) and Piper Jaffray (Outperform) reiterated their positive ratings on Maxim after its upbeat analyst day. + MCHP +0.1%: JPM said Microchip Tech should outperform. + KLAC +1.6%: KLA Tencor, an early option timing casualty is recovering a small portion of its recent loss. + MU: Smith Barney upped Q3 EPS estimate to 14c from 10c, citing higher DRAM average selling prices, MU is Buy rated at Citigroup.>>

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