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

To: LemonHead who wrote (33396)	7/20/2001 8:52:43 AM
From: Return to Sender	Read Replies (1) \| Respond to of 69835

ASML CY NVLS MSFT PMCS STM 7:55AM PMC-Sierra (PMCS) 31.31: Bear Stearns downgrades to NEUTRAL from Attractive after company met lowered estimates but shippable backlog shrank to $62 mln from $94 mln and weak turns biz suggests Q3 rev. in the $62-$65 mln range (-30% qtr/qtr); PMCS estimates that customers hold about 2 qtrs of inventory in components, WIP, and finished goods; makes any type of significant recovery during the next 2 qtrs unlikely, sees stock as dead money at best at current prices. 7:59AM Cypress Semi (CY) 23.85: Bear Stearns upgrades to BUY from Attractive with a $35 target; says company's end markets are stabilizing and fundamentals are close to bottoming; cuts FY01 estimate to $0.11 from $0.21, but raises FY02 to $0.35 from $0.33 and introduces FY03 of $1.25. 8:05AM: S&P futures at 1213, trade eight points below fair value while the Nasdaq 100 pre-market indicator is lower by 36.3 points. Pre-market activity carries a negative bias on the heels of MSFT's report last nigh 6:43AM: FTSE -1.42%, DAX -1.68%: European stocks under heavy pressure. Technology underperforming yet again, with phone-equipment stocks leading the way lower following news from Vodafone that it will cut spending on new networks. Software stocks such as S&P have also been pressured by Microsoft's announcement that revenue growth in the current quarter would slow on the back of slumping PC demand. PC concerns have also weighed on semiconductor names such as ASML and STMicrolectronics. Novellus (NVLS) 50.25 +2.72: Hearing from sources at Merrill Lynch that the firm is pricing an $800 mln 144A convertible deal tonight (144A deals are done overseas). Stock trading down to 47.45 after hours. finance.yahoo.com The MSFT news is going to reprice a whole lot of stocks today. RtS