Well, now you know. News summary post.
Warning this am was previously leaked to
analyst houses that subsequently sold the stock in advance of the
earning. This is from AlexBrown 3/6/97 cut to buy from strong buy,
the same AlexBrown that on 1/17/97 upped Atmel to strong buy from buy.
This stock is traders' baby, and AlexBrown is the mama so far this year.
The upgrade, 1/17/97 (from Reuters)
-- Alex. Brown analyst Greg Mischou raised his rating on Atmel Corp to
strong buy from buy, his office said.
-- The analyst raised his 1997 earnings estimate slightly to $2.45 per
share from $2.40 and established a 1998 estimate for $2.95 per share, the
office said.
-- Mischou boosted his target price to $53 from $43.
-- E. Auchard, Wall Street bureau, 212-859-1736
REUTER
Yesterday's news before market or early market:
-- Analyst not available to comment.
-- Additional details not immediately available.
-- Shares fell 2-1/8 to 30-1/2 in early activity.
((-- Wall Street desk, 212-859-1730))
REUTER
Today's news: 3/7/97:
Atmel (ATML.O) sees Q1 revs down from 1996 Q4
SAN JOSE, Calif., March 7 (Reuter) - Atmel Corp said Friday it expects
revenues for the first quarter to be as much as 10 percent lower than the
$281.1 million in the 1996 fourth quarter.
As a result, the company said it expects its profits to be impacted during
the first quarter.
In the 1996 first quarter Atmel earned $0.45 a share on revenues of $240.1
million.
Atmel attributed the outlook to the recent strengthening of the dollar,
pricing pressure in its non-volatile business, and delays in the qualification
of the new Flash products.
"Our business is improving in Asia, but the U.S. and European markets are
not as strong. Bookings are trending up gradually and design win activity
for new products is continuing to increase.
"However, we were not able to deliver new products fast enough and
complete the customer qualifications to enable us to meet our revenue
goals," the company said in a release.
Atmel said it would release first quarter results on April 10.
For the fourth quarter of 1996 Atmel reported net income of $53.6
million or $0.53 per share, on revenues of $281.1 million, versus net
income of $38.1 million, or $0.38 per share, on revenues of $200.3 million
in the 1995 fourth quarter.
REUTER |
