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

To: Madharry who wrote (8410)	9/11/2000 12:26:25 PM
From: DJBEINO	Read Replies (1) \| Respond to of 9582

H&Q on TSM: * Taiwan Semiconductor (TSM) $30 - $66B mkt cap: Q300E tracking ahead of plan, raising estimates; Reiterate BUY TSMC reported August revenue of NT$16.1b, 10% above our estimate of NT$14.6b, up 129% yoy and 7% over July Revenue upside driven by very high utilization, TSMC continues to work overtime to meet strong customer demand We are raising our Q300E revenue estimate by 5% to NT$46.3b and our Q300E EPS estimate to $0.23 (from $0.22) Demand outlook very strong, order quality high We believe TSM's multiple reflects an exaggerated perception of TSM's cycle risk ADR now trading at 26x consensus CY01E, roughly one third its near term topline growth rate

To: Madharry who wrote (8410)	9/11/2000 4:07:31 PM
From: DJBEINO	Read Replies (1) \| Respond to of 9582

Friday delivered a positive edition of "The Boswell Report," a monthly survey of about 200 U.S. electronics stores published by market researcher Allison Boswell Consulting. According to the Boswell data, PC retail-unit sales in August jumped a surprising 59.6% from July, with average selling prices declining a negligible 0.1% sequentially. Intel-based PCs did even better than the overall average, jumping 67.2% sequentially and 136.1% from a year earlier. "Timing was perfect, with pent-up consumer demand combined with back-to-school causing a tidal wave of sales this month," the report concluded. And August's numbers show "strong indicators that sales will continue to be strong through [the fourth quarter]." Even with all the encouraging evidence, however, investors remained jumpy Friday. Or, as Banc of America Securities chip analyst Richard Whittington put it, the market looked "weak-kneed." In a note to clients Friday, Whittington described (perhaps with a hint of exasperation?) a market that's being twisted and pulled by tech bears. "Let's see," he began, "low interest rates, high profits, strong economy, tech secularity, scared investors, confused investment pros. Great Q3 earnings coming up quick, lots of conferences, big Q4 on the horizon, lots of conferences, big 2001 outlooks, lots of conferences. Is it really so hard to figure this one out?" Whittington might consider switching to decaf, but he does have a point: Most indicators relating to chip demand (which is inextricably linked to PC demand) and the current economic environment, have been more positive than negative. This week's market reaction, he seems to suggest, is counterintuitive. smartmoney.com