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Technology Stocks : Corvis Corporation (CORV) -- Ignore unavailable to you. Want to Upgrade?

To: Secret_Agent_Man who wrote (378)	3/7/2001 4:01:16 PM
From: Secret_Agent_Man	Respond to of 2772

More decent news for CORV. It's not great, but good is okay with me. In a research note dated March 6, Credit Suisse First Boston analyst James Parmelee lowered his revenue and earnings estimates for New Focus Inc., following the company’s pre-announcement after the close of the market on Monday. Parmelee indicated that order cancellations and push-outs have affected New Focus’s component and test and measurement divisions. In addition, the author cites two customers -- Corning Inc. and Nortel Networks Corp. -- for causing weakness in the company’s passive components business. Despite lowering his projections, Parmelee maintains a Buy rating based “upon a favorable relative valuation and a longer-term positive outlook on the demand fundamentals for optical components.” Parmelee reduced his first quarter revenue estimate to $38.5 million from $46 million, and noted that management’s previous guidance was for sales between $38 million and $41 million. The author also lowered his 2001 revenue estimate to $160 million versus his previous $240 million projection. This new forecast incorporates management’s revised guidance for 2001 revenues to be between $170 million and $190 million. Beyond the first quarter, Parmelee now anticipates a 10.4 percent sequential sales decline in the second quarter, “with positive sequential growth resuming in Q3:01”. As a result, the author is reducing his fiscal 2002 estimate to $235 million in revenues, down from $345 million, and is also lowering 2002 EPS expectations to 25 cents from 45 cents. Based on customer checks, Parmelee believes that Corvis Corp. and Alcatel SA are tracking to plan, and that Ciena Corp. is tracking above plan. from lightreading.com