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Technology Stocks : Applied Micro Circuits Corp (AMCC) -- Ignore unavailable to you. Want to Upgrade?

To: pass pass who wrote (1535)	6/30/2001 10:26:54 AM
From: John Carragher	Respond to of 1805

Hot Research Applied Micro Circuits Inc. (AMCC-NNM) by Pacific Growth Equities ($14.20, June 26, 2001) After the close of trading on Monday, communications chip maker Applied Micro Circuits revised downward its guidance for the June quarter. Continued softness in the networking industry and cancellations were cited as among the reasons for the shortfall. Not much more outlook or detail beyond this quarter's expected shortfall was offered on the conference call as the company plans to give a more in-depth outlook when it releases earnings on July 18th. We are lowering our revenue estimates for fiscal 2002 (ending June 2002) and fiscal 2003 to $196 million from $332 million and $342 million from $468 million, respectively. We are also lowering our fiscal 2002 and fiscal 2003 earnings per share estimates to a loss of $0.10 per share from $0.09 and $0.12 from $0.25, respectively. We remain confident that Applied Micro Circuits will emerge from the current slowdown more solidly positioned than when it began. The company has introduced several new products, which our industry contacts indicate are being well received, and has a number of new and established design wins that are expected to move to production over the next several quarters. This combination gives us the confidence that Applied Micro Circuits' long-term fundamentals remain intact and that investors who can look through the current market environment should be rewarded by owning this stock over the next several quarters. We maintain our Strong Buy rating. -- Analyst: Sandy Harrison