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Technology Stocks : Semi Equipment Analysis

SOXX 309.40

+1.0%

Dec 5 4:00 PM EST

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To: marc ultra who wrote (48750)	8/26/2010 12:35:22 AM
From: marc ultra	1 Recommendation Read Replies (2) of 95531

Another positive marker for semis. Excuse me if I'm getting extremely bullish again at these levels and think the Dan Niles and other dreary outlooks are not consistent with the fundamentals. Everything with the possible exception of the old PC related chip area seems to be zooming along just fine. Semtech, an analog chip player had an unusual amount of attention on them because they reported now just as a bunch of analysts have gotten more negative. So we have a very current outlook about a month after most others. Earnings and guidance were all very strong. Tablets and smart phones were particularly strong as were other areas. Not surprising PC's may not be spectacular. And BTW I remain very bullish on the market though I certainly can't rule out a final retest of the correction lows of S&P 1010 or so in the Oct-Nov time frame just as we did in 1998. I think market fundamentals are so strong now that I'll just ride that retest down if it should happen but I don't want to be out of the market right now trying to get too cute with timing. Some continued second half economic weakness is fine as as we continue to have slow to moderate growth with adequate earnings, compelling valuation, an extremely accommodative Fed, interest rates offering zero competition to stocks and very negative sentiment. Here's Eric Savitz's blurb on Semtech and the CC was also very positive: Semtech Q2 Beats Street Estimates; Q3 Outlook Tops Street By ERIC SAVITZ Semtech (SMTC) this afternoon posted better-than-expected results for its fiscal Q2 ended August 1. For the quarter, the company reported revenue of $113.2 million and non-GAAP profits of 42 cents a share; the Street had expected the analog chip maker to report $110.6 million and 38 cents. For FY Q3, the company sees sales up 6%-10% sequentially, which implies $120 million to $124.5 million, ahead of the Street at $115.9 million. Semtech sees profits for the quarter on a non-GAAP basis of 45-47 cents a share, ahead of the consensus at 41 cents. SMTC in late trading is up 44 cents, or 2.6%, to $17.35.

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