Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Broadcom (BRCM) -- Ignore unavailable to you. Want to Upgrade?

To: RetiredNow who wrote (5459)	2/13/2001 9:37:15 PM
From: Stoctrash	Read Replies (4) \| Respond to of 6531

Charles "Chain Saw" Glavin: thestreet.com ""We believe a substantial 2001 is unlikely for Intel," Glavin wrote, downgrading the blue-chip chipmaker to hold from a buy. He also slashed his price target to $33 from $40, which is pretty bad news for Intel, considering it closed above that mark -- at $34.56 -- yesterday. None of the other companies were spared the rod, however. Glavin also had strong words and decisive action for Texas Instruments. He cut the stock to hold from buy, cut its price target to $35 from $45 and essentially said it was overvalued. Yesterday, TI closed at $37.70. But Broadcom, which was cut to hold from buy and given an $80 price target, $95 lower than the previous target, took the harshest criticism. "We are downgrading our rating and price target based on impaired visibility in terms of end market growth and customer demand," he wrote. Glavin said the company's problems included "excess inventories at major networking and cable modem OEMs [original equipment manufacturers], a looming gigabit Ethernet price war, digesting acquisitions and the affects of aggressively courting customers." (hummmm, who's been preaching that???) Just last week, CSFB issued a dire note about the semiconductor industry after some new data from the Semiconductor Industry Association showed that chip sales are falling. That report said sales were down 6% in the Americas in the period from the third quarter to the fourth quarter, and they have dropped 3% worldwide. Normally, sales had increased 5% quarter-over-quarter. At that time, Credit Suisse First Boston said inventory levels have worsened in recent months and could likely take until the end of the second quarter to burn off. Broadcom ended the day down $5.44, or 6.8%, to $75; Texas Instruments was down 29 cents, or 0.8%, to $37.41; and Intel finished down $2.13, or 6.2%, to $32.44.