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Technology Stocks : Teradyne -- Ignore unavailable to you. Want to Upgrade?

To: odysseus who wrote (1027)	7/13/2000 4:22:06 PM
From: Maverick	Respond to of 1184

ML said MOT contract not factored in est 11:31 ET Teradyne (TER) 70 -3 (-4.1%): According to Merrill Lynch, company was in bidding with LTX Corp (LTXX) for a Motorola (MOT) contract; firm says LTXX did win, but that revenues from this contract were not factored into estimates.

To: odysseus who wrote (1027)	7/13/2000 4:24:32 PM
From: Maverick	Respond to of 1184

TER announces major win for new Tiger fr BRCM.ML is very comfy w/ 2000 & 2001 est Teradyne announces major win for new Tiger Teradyne announced that Broadcom has chosen its new version of the ultra-popular Catalyst tester called Tiger to test the new 10 gigabit 4 channel CMOS transciever chip from Broadcom. This is just one more example of Teradyne’s leadership as the high-end communications IC tester company. On a more somber note, speculation that Teradyne lost a prominent order to smaller competitors put the stock under pressure yesterday. We are following up on this speculation but note that Teradyne has had incredible momentum in gaining share at subcontract test houses, the previous strong hold of these competitors, such that we remain very comfortable with our estimates of $3.05 and $3.95 for 2000 and 2001 respectively.

To: odysseus who wrote (1027)	7/13/2000 4:32:45 PM
From: Maverick	Respond to of 1184

ML expects upside suprise,backlog $1.65 B Price FY00E FY99 First Call CY00E CY01E 7/5/00 Q3 EPS Q3 EPS Consensus P/E P/E $73.13 $0.75 $0.20 $0.74 24.0 18.5 Teradyne is the leading global manufacturer of automatic test equipment (ATE) serving the electronics industry. Semiconductor test equipment represents roughly 65% of sales. Teradyne holds 25% worldwide market share. Teradyne is the only company with a dominant (top 1 or 2) position in all three semiconductor test segments; Logic, Memory, Mixed-Signal. Teradyne is also a leading manufacturer of backlplanes, high performance connectors for electronic systems, printed circuit boards and software test products. Expected Reporting Date: July 18, 2000 after the close. • We expect the company to exceed our earnings projections of $0.75. There is potential upside of $0.05. • We expect the company to highlight its continued dominance of the mix-signal test area. • The hotly debated quarterly bookings will be the key. We are projecting new orders at $1,050 million, up slightly from last quarters $1,024 million. Backlog likely in the $1,650 million range versus $1,356 million last quarter.

To: odysseus who wrote (1027)	7/13/2000 7:12:40 PM
From: Maverick	Respond to of 1184

ML:TER said MOT biz very strong.Demand > Supply.Reits BUY Teradyne (TER, $72 1/4, D-1-1-9) Comfortable with JuneQ EPS (Brett Hodess 415-676-3546), 7/13/00 From Merrill Lynch's Tech Bits and Bytes, afternoon edition 1-1-9 means short term BUY, Long-term BUY, no dividend • TER said business with Motorola has never been stronger. Motorola has been buying multiple products from the high-end to the low-end of TER’s product line. TER is unaware of any major program that it has not won at Motorola and if its competitor, LTX, has won something, we believe it is a smaller program. Management also indicated that in the last 4 weeks demand has strengthened putting some constraints on its supplier base. • We remain comfortable with our JunQ EPS estimate of $0.75 as well as our FY 00E and 01E EPS. Reiterate Buy rating.

To: odysseus who wrote (1027)	7/14/2000 2:54:19 PM
From: Maverick	Read Replies (1) \| Respond to of 1184

BoA sees orders of $900-$940 M well above $800 M est 13:27 ET Teradyne (TER) 74 1/8 +1 7/8 (+2.6%): Banc of America bullish on company ahead of earnings; firm sees TER reporting orders of $900-$940 mln, which would be well above the approximately $800 mln currently expected by Wall Street.

To: odysseus who wrote (1027)	7/18/2000 6:11:41 PM
From: Maverick	Respond to of 1184

TER'Tiger Roars:BRCM,UTAC,MCHP bought Catalyst Tiger electronicnews.com CAPITAL EQUIPMENT: July 17, 2000 Teradyne’s Tiger Roars By Paul Kallender It was a busy Semicon West for Teradyne Inc. last week as it took the wraps off a series of semiconductor test platforms and applications, and announced purchasing agreements with Broadcom Corp., Microchip Technology Inc. and United Test Assembly Center (UTAC). In the first of a trilogy of sales announced at the Semicon West 2000 tradeshow, the Boston-based test equipment maker unveiled its Catalyst Tiger test system, a pepped-up version of the company's Catalyst system-on-a-chip (SOC) tester family. The Tiger, according to Teradyne, offers high-throughput digital and extended analog performance testing above 1GHz for highly integrated SOC devices used in graphics, networking and chipsets. It can also work at digital speeds ranging from 300MHz to 1.6Gbit/sec. "The whole point of the Tiger's role is to increase the state-of-the-art (testing equipment) for SOC, high speed and high bandwidth as people move toward greater bandwidth on the Internet," said Craig Pynn, Teradyne's manager of corporate marketing. Irvine, Calif.-based Broadcom will use the tester for its first 10Gbit/sec. four-channel CMOS transceiver. "The new Catalyst Tiger achieves the SOC data rate and test economics that our 10Gbit transceiver demands," said Vahid Manian, Broadcom's vice president of operations, in a statement. Also, Singapore-based UTAC said today that it will buy into the Tiger as well as "multiple" Catalyst systems, according to Teradyne. UTAC said the systems will help the company with its assault on the SOC and mixed signal device market, for which the company is a subcontractor. "Catalyst has enabled us to win key customers in the broadband communications market," said UTAC's Albert Ng, vice president of sales and marketing. "With the addition of Tiger, we are positioned to support our growing customer base in the performance SOC market." Lastly, Chandler, Ariz.-based Microchip, a maker of microcontroller devices, signed a three-year volume purchase agreement for the Integra J750 tester, which the company first purchased in April 1998. Microchip has purchased more than 100 of the testers to date, and Teradyne claims to have sold more than 300 of the units worldwide. The company did not reveal financial details of the deal. Of the systems Teradyne announced today, it is making the biggest boasts for its J973EP, which the company claims is the first VLSI test system to enable shifting, in real-time, between structural and functional testing. Until now, semiconductor manufacturers have needed to purchase multiple test platforms to implement both structural and functional testing, Teradyne said. Deliveries of the system, targeted at major players such as Advanced Micro Devices Inc., will not begin until the first quarter of 2001. The tester will cost about $1 million. Teradyne also exhibited its Flash 750, which is aimed at volume programming requirements for flash memories used in the mobile products such as phones, PDAs and MP3 and its Integra J750. Lastly, the company says it is offering a Bluetooth chipset on Catalyst with its MicroWAVE6000. The company did not say when these four products will be available and has yet to reveal prices, however testers generally ship for about $1.5 million, said Pynn, depending on specification. Teradyne plans to release its second-quarter earnings results Tuesday.

To: odysseus who wrote (1027)	7/19/2000 1:06:32 PM
From: Maverick	Read Replies (1) \| Respond to of 1184

Pru:if stock drops to $60s, we would be buyers Going back to Teradyne, Robertson Stephens downgraded Teradyne to a "buy" from a "strong buy," due to the lower-than-expected bookings for the quarter. Prudential Securities lowered its price target on the stock $94 from $100. Analyst Shekhar Pramanick said, however, that "if the stock drops to $60s, we would be buyers."

To: odysseus who wrote (1027)	7/19/2000 4:28:24 PM
From: Maverick	Read Replies (1) \| Respond to of 1184

TER CEO:booking will be seq up,increasing shipment in Q3, mem biz coming back Teradyne CEO Chamillard on 2nd-Qtr, 3rd-Qtr Orders: Comment 7/19/00 10:57:00 AM Source: Bloomberg News Boston, July 19 (Bloomberg) -- Teradyne Inc. Chief Executive George Chamillard comments in an interview on second-quarter orders and sales and orders this quarter at the biggest maker of semiconductor-testing tools. Teradyne's orders fell to $826.4 million, after two previous periods of at least 40 percent growth. The company had predicted bookings of $1 billion. On investor reaction to the decline in orders: ''This is as frustrating as can be. You put out earnings well above estimates, you grow shipments to a record level, profits up sequentially 25 percent. Everything's a record. You come in with the second-highest bookings quarter ever, and everybody trashes you. I think it's simple. Look at what we had in orders. We had some real big spikes at the end of Q1. If you took the bookings in the last week of Q1 and moved them into Q2, number would have been sequentially up every quarter. That's great news, and that's the story. You do the right thing, make the right operational move and get it booked. You end up with a tremendous spike in Q1 and then a drop in Q2, and you get hammered.'' On lower orders from subcontractors that test chips: ''We certainly didn't get a follow-on of the same strength from testing houses we had in Q1, but I don't know. The test houses, they're the closest-in view that anybody has. I think they're going to get some (tools) in place, see what capacity really is, and if demand for semiconductors continues to hold up, the test houses will have to be back at it (buying tools).'' On the outlook for third quarter: ''Certainly against (second quarter), bookings have a good shoot at being sequentially up next quarter for sure. Do I see a record $1 billion? I don't know. We've told everyone we've been increasing shipments at about $100 million a quarter for several quarters in a row. I think we're going to do it again in Q3.'' On rising demand for memory testers: ''We're seeing the memory business coming back. Memory has been down for a long time, and we had probably the best bookings we've had in over two years. We'll introduce a new memory test at the end of the year, and staying alive and staying well in the basic (dynamic random access memory) business is critical for us to exploit that when we introduce it.''