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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (33067)	6/26/2001 5:29:24 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70375

PRI Automation (PRIA) 15.02 -0.72: -- Update -- Company warns for Q3 (Jun); sees revenues $68 mln vs consensus of $81 mln; cites unprecedented semiconductor industry downturn. Warning not likely to affect other semi equipment stocks as most companies in the group have either already warned or are expected to warn; see press release. After Hours Movers : The same suspects are lower -- communications chips leading the way behind AMCC's earnings warning... AMCC -1.09, PMCS -0.59, VTSS -0.43, BRCM -0.57. ASYT -1.46 also lower on its convertible debt announcement. SFNT -2.50, CTIX -5.39 also getting hammered in the late session. Finisar Corp (FNSR) 15.27 +0.40: Finisar President Jerry Rawls to sell 1.5 mln shrs for about $19.5 mln according to SEC filing; approximate sale date is/was June 19; the filing reports the intent to sell and does not confirm it. Applied Micro (AMCC) 14.20 +0.34: -- Update -- Conference call ends; not much new information other than the CEO's caution against seeing slower cancellations as a positive sign; no guidance offered beyond the June qtr. Stock off 1.10 after hours to 13.10. See Story Stocks shortly for more. Applied Micro (AMCC) 14.20 +0.34: -- Update -- On conference call, company does not provide guidance beyond Q2. CEO says that while backlogs have slowed in absolute dollar terms, they have not subsided and there is simply less backlog to cancel; he cautions analysts against using slower cancellations as a reason for optimism. Notes that customers have not worked off inventories in Q2 to the extent desired. He hopes for a stabilization in AMCC revenues this year, but has no tangible signs of one yet. Applied Micro (AMCC) 14.20 +0.34: -- Update -- Stock reopens for trading down 1 pt at 13.20. Applied Micro (AMCC) 14.20 +0.34: -- Update -- Warning had been widely expected, though the magnitude was nevertheless severe. Just last week, Goldman Sachs cuts its estimates on AMCC to $60 mln in revenues and a loss of a penny; today's guidance is significantly worse. Reflecting the fact that a warning had been largely discounted, however, we are seeing only modest declines in comparable stocks after hours (changes vs close): PMCS -1.4, VTSS -0.4, BRCM -0.7. Applied Micro (AMCC) 14.20 +0.34: -- Update -- Conference call on guidance at 5:00 pm ET; number 719-457-2638, replay 719-457-0820 #531009. Applied Micro (AMCC) 14.20 +0.34: Company warns for Q1, sees revenue of $40-$45 mln vs. First Call consensus of $73 mln and pro forma net income as $0.04-$0.06 per share loss vs. First Call consensus of breakeven; "Current business conditions continue to be very poor. New order activity has remained weak throughout the quarter and our overall backlog has declined. The magnitude of this downturn is greater than we, or our customers anticipated, and the progress in reducing excess inventory in the channel appears to be slower than they originally thought." Watch for sympathetic reaction from sector peers PMCS and BRCM; see press release. KEMET Corp (KEM) 18.24 +0.14: Announces a reduction of manufacturing and support personnel in response to the inventory correction currently being experienced in the electronics industry; effective June 30, the U.S. workforce will be reduced by approximately 675 employees, while the reductions in Mexico will be approximately 1,130 employees; see press release. Nike (NKE) 43.57 -0.98: Before the opening bell, Banc of America Securities reiterates STRONG BUY rating and price target of $48; confident that the company can meet or beat earnings forecast of $0.58 per share when reported latter this week; expects investors to regain confidence as data points improve over 6-12 months. Compaq (CPQ) 13.77 +0.27: CSFB making comments following an announcement from company this morning that it intends to transition away from its proprietary server lines, Alpha and Himalaya, to all Intel (INTC) Itanium based servers by 2004; despite the revenue risks associated with its planned platform transition, brokerage believes Compaq is making the right move in standardizing on Intel's 64-bit architecture; company needs to streamline its costs to compete more effectively against Dell (DELL).