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Technology Stocks : Applied Micro Circuits Corp (AMCC) -- Ignore unavailable to you. Want to Upgrade?

To: SJS who wrote (525)	6/8/2000 4:30:00 PM
From: The Ox	Read Replies (2) \| Respond to of 1805

Thanks. I just ran across this article: Vitesse, AMCC push optical-networking devices at Supercomm show semibiznews.com

To: SJS who wrote (525)	6/8/2000 8:10:00 PM
From: William F. Wager, Jr.	Respond to of 1805

Applied Micro soothes investors By Lisa Sanders, CBS.MarketWatch.com Last Update: 11:46 AM ET Jun 8, 2000 NewsWatch Latest headlines DALLAS (CBS.MW) -- Applied Micro Circuits sought to assure the investment community Wednesday at the Frost Securities Tech Conference that its non-Nortel business is growing faster than expected, more than enough to offset temporary declines in its Nortel business. At the close of business Wednesday, Applied Micro (AMCC: news, msgs) had lost 25 percent of its value in two days after the company said that Nortel sequential growth is expected to be around 10 percent, down from 34 percent in the prior period and lower than the expectation of 15 percent growth. Applied Micro recovered from its hangover Thursday, adding 5.4 percent, or 5 1/4, to close at 102 1/8. ?Number one, I think this will be an outstanding quarter,? said Bill Bendush, Applied Micro?s chief financial officer. Fifteen analysts surveyed by First Call expects the company to earn 17 cents a share in the June quarter. ?We?re comfortable with estimates, and we expect 20 percent sequential growth. Non-Nortel growth is offsetting the outlook for the Nortel business. Our bookings are solid, overall business conditions are solid,? he added. Bendush attributed the Nortel (NT: news, msgs) revenue decline to product transition, and said it?s a temporary issue. Applied Micro?s technologies are used in 10 Nortel programs. ?Nortel is continuing to do well,? he said. Bendush went on to note that Lucent will be one of the company?s fastest-growing customers this year along with Alcatel and JDS Uniphase. Applied Micro is a semiconductor company focused on communications markets. Bendush said the company differentiates itself from competitors in its concentration on optical networks, high bandwidth, and silicon process technologies instead of gallium arsenide. In an analyst note Wednesday, Frost?s Cody Acree reiterated a ?strong buy? on Applied Micro and said investors should take advantage of the weakness in the stock. ?On the positive side, AMCC?s non-Nortel sales are greatly exceeding expectations with strength in shipments to Lucent, Sycamore Networks, Alcatel, Cisco, and JDS Uniphase,? Acree wrote. ?This portion of AMCC?s sales are likely to increase in excess of 35 percent sequentially which will more than completely offset the near-term softness in Nortel shipments.?