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To: StanX Long who wrote (51401)	9/3/2001 10:54:36 AM
From: Math Junkie	Respond to of 70976

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To: StanX Long who wrote (51401)	9/3/2001 11:01:16 AM
From: advocatedevil	Respond to of 70976

"Nikon slashes net profit outlook to nil" TOKYO, Sept 3 (Reuters) - Nikon Corp, one of the world's largest makers of equipment used to etch circuitry onto semiconductors, became the latest victim of a slowdown in the chip industry, issuing a profit warning for the business year to next March. Nikon, which also makes cameras, said it now expects to break even on a group net basis, rather than post a profit of 10 billion yen ($83.9 million). It also slashed the operating profit forecast by 50 percent from its May projection to 15 billion yen. Nikon also said it would let go of 44 percent of its part-time staff, or 800 jobs, in the semiconductor equipment department by March 2002. ``The economic stagnation in the United States and Japan, a slowdown in demand for information-technology related products and a worsening market for semiconductors led to the downward revision,'' Nikon said in a statement. Nikon's announcement comes amid a flood of bad news from Japan's semiconductor industry, which has ratcheted down profit forecasts to match slowing demand for IT-related related products such as personal computers and mobile phones. ``The numbers are not that shocking,'' said Richard Kaye, an analyst at Merrill Lynch. But he said the worst still lies ahead for the maker of the etching equipment, known as steppers, which carry a long lead time between orders and sales. ``The trend for orders from April to December 2001 is absolutely awful and that is going to show up in sales in the next fiscal year, not this fiscal year,'' he said. Nikon forecasts a 29 percent slide in stepper sales from an earlier estimate, triggering a 9.8 percent drop in the forecast for sales to 460 billion yen for this business year. SHARE PLUNGE Expectations for the downward revision, which came after the market closed, sent shares in Nikon tumbling 13.8 percent to 912 yen, compared to a 2.84 decline in the key Nikkei 225 average to 10,409.68 yen, a 17-year low. The shares closed below the oversold line on the relative strength index, but investors were still cautious, traders said. ``Much of Nikon's earnings woes are factored into the price, but I won't consider buying the stock until a recovery in semiconductor equipment investment is secure,'' said Ryuichi Endo, managing director at Japan Investment Trust Management, which oversees 759.5 billion yen of investment trusts. Merril Lynch is slightly more bullish, eyeing fair value of the stock around 1,100 yen, or about 2.2 times its targeted book value of 494 yen. ``There is a short-term buying opportunity back to fair value,'' Kaye said. Other major stepper makers such as Canon Inc also fell, losing 5.59 percent on expectations that it may also have to slash its profit forecasts. biz.yahoo.com AdvocateDevil