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Technology Stocks : Intel Corporation (INTC) -- Ignore unavailable to you. Want to Upgrade?

To: Paul Engel who wrote (128426)	2/27/2001 4:59:05 PM
From: kash johal	Read Replies (2) \| Respond to of 186894

Paul, More warnings: The fab over-capacity issue is about to come into the open once TSMC and UMC follow CSM's announcements: Hope folks are not holding the equipment guys!!! A slew of warnings in after hours By Nicole Maestri, CBS.MarketWatch.com Last Update: 4:48 PM ET Feb 27, 2001 NEW YORK (CBS.MW) -- Investors were quickly greeted by a host of earnings warnings in Tuesday's after-hours session. FRONT PAGE NEWS Nasdaq hamstrung by another tech fallout A slew of warnings greets after hours JDS Uniphase to cut 10% of workforce Air coming out of Nike shares Bush to propose $2 trillion debt reduction Avanex, which makes photonic processor that help increase the speed and capacity of fiber-optic networks, downwardly revised its third-quarter and fiscal year outlook. Shares were halted after closing down 13.7 percent to $23.94. Shares of Chartered Semiconductor were halted before the company lowered first-quarter numbers, saying it had been hit by the weakening economic environment and market conditions. And Altera remained halted as it lowered its revenue targets amid a reduction in capital spending by service providers. Fiber-optic shares, which tumbled in the regular session after JDS Uniphase said it was cutting 10 percent of its work force, hovered around their close in after-hours trading. Read full story. Shares of JDS Uniphase (JDSU: news, msgs, alerts) , Sycamore Networks (SCMR: news, msgs, alerts) , Applied Micro Circuit (AMCC: news, msgs, alerts) , Broadcom (BRCM: news, msgs, alerts) and Corning (GLW: news, msgs, alerts) , which almost all posted double-digit losses before the closing bell, traded near their closing prices. In the broader markets, the Nasdaq resumed it downward trajectory after a two-day reprieve and the Dow Industrials headed lower as investors fretted over another batch of economic data showing the economy is slowing and wondered if the Fed would indeed opt to cut rates. Read Market Snapshot. Avanex Corp. After the closing bell, Avanex Corp. (AVNX: news, msgs, alerts) downwardly revised its outlook for the third quarter and fiscal year 2001. The Fremont, Calif.-based company said it expects third-quarter sales of $41 million and earnings per share between 2 cents and 4 cents. For the 2001 fiscal year, the company expects revenue of roughly $169 million with earnings per share between 15 cents and 16 cents. According to the consensus of analysts surveyed by First Call/Thomson Financial, the company is expected to earn 6 cents per share for its third quarter. For the year, Avanex is expected to earn $192 million, according to the single analyst polled by First Call. In a statement, CEO Walter Alessandrini said orders for its mature product line have been hit by lower spending on older phone systems even though international orders are increasing Chartered Semiconductor Chartered Semiconductor (CHRT: news, msgs, alerts) revised its top and bottom line expectations lower for the first quarter due to economic conditions. In the first quarter, a loss of 22 cents to 24 cents a share is expected on sequential revenue decline of 35 percent. Chartered had expected a per-share profit of 4 cents to 6 cents on a sequential decline in revenue of 15 percent to 20 percent. Chartered said it believes that revenue will be up in the second half vs. the first half of the year, but that "the uncertain near-term environment makes it particularly difficult to forecast the demand profile for the remainder of 2001," according to a statement. Chartered shares closed down $1.19, or 3.7 percent, at $31.06 Altera Corp. Altera (ALTR: news, msgs, alerts) said it expects revenue in the first quarter to be down approximately 20 percent to $368 million. "The industry-wide inventory correction began in the fourth quarter and now reduced end market consumption is exacerbating the impact of that correction," said CEO John Daane in a statement. Shares closed down 8.1 percent at $23.38 in Nasdaq trading