o LSI Logic reported March EPS of $0.08 (excluding amortization and     
  one-time charges), better than Street consensus and our estimate of
  $0.05. Revenues of $460 million were slightly below our forecast but
  were offset by better-than-expected gross margins and operating
  expense controls.

o Bookings were strong and backlog is at record levels. The
  strength was across multiple markets, including mass storage
  systems, mass storage components, communications, consumer, and 
  high-end computing applications.
 
o The company reiterated its comfort with Street expectations
  for the June quarter, and momentum is expect to continue into
  the second half of the year. We are raising our 1999 EPS estimate
  slightly from $0.96 to $0.99 and 2000 from $1.71 to $1.83. 
  Maintain BUY (1-Highest S-Speculative) rating