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To: Johnny Canuck who wrote (34327)	9/20/2001 11:04:05 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68350

09:35 ET XBox Launch Concerns : Early weakness in NVIDIA (NVDA 29.88 -1.67) amid concerns that XBox could be released in reduced quantities. According to a Reuters article, Microsoft has previously said it would ship 600,000 to 800,000 consoles when it launches XBox on Nov. 8; talk now that XBox could launch with only about 300,000 units available. Traders following CSFB upgrade of JDSU (+4.9%) into telecom/optical stocks: NUFO (+3.2%), ONIS (+1.4%), SONS (+0.5%)... 09:13 ET INRANGE (INRG) 5.90: Warns that quarterly results for the period ending September 30 will be below previous guidance due to the business impact of last week's terrorist events. Reduces Q3 earnings outlook to ($0.02)-$0.02 vs $0.05 consensus; puts revenues at $55-$63 mln (mean $73 mln). Parent company SPX Corp (SPW) also stated that Q3 results are at risk with the unpredictability of the industrial markets in the current environment potentially impacting results for the rest of the year. [Harry's comment: QLGC supplies Inrange] 09:03 ET Tidewater (TDW) 25.79: Company now expects Q2 earnings to come in a range of $0.58-$0.63 per share vs the First Call estimate of $0.73; cited a decrease in vessel utilization in Gulf of Mexico natural gas drilling as reason for lowered guidance. 08:45 ET Solly Cutting Storage Estimates : Salomon Smith Barney cutting estimates in the Storage Sector in preparation for a tough SeptQ: EMC SeptQ goes to ($0.03) from $0.01, FY01 to $0.20 from $0.27, FY02 to $0.21 from $0.35... EMLX SeptQ to $0.07 from $0.09, FY02 to $0.34 from $0.40... INRG SeptQ to $0.00 from $0.05, FY01 $0.09 from $0.19, FY02 to $0.16 from $0.25... QLGC SeptQ to $0.18 from $0.21, FY02 to $0.79 from $0.89... VRTS SeptQ to $0.09 from $0.16, FY01 $0.61 from $0.73, FY02 $0.76 from $0.90. 08:32 ET Economic Data : Housing Starts fell 6.9% to 1.527 mln in August vs the 1.633 mln consensus; this was much weaker than expected and suggests that the housing sector was weakening even before last week. Jobless claims plunged 49K to 387K, but this was almost certainly a result of the tragedy last week and the fact that many workers didn't bother to file claims. 08:29 ET More Capex Cuts : ABN AMRO reducing its 2002 capex forecast to -27% from -10%; maintains 2001 capex of -23%. In firm's opinion, wireless remains the most stable, with optical systems under the most pressure. For SeptQ, firm less confident that any of the companies in its universe will meet or exceed estimates. 07:10 ET JDS Uniphase (JDSU) 5.70: CSFB upgrades to BUY from Hold based on risk-reward. Using historical trough valuation levels for semiconductor vendors in 1990-91, firm believes JDSU may find a floor in the $3.80 area, just 30% below current levels; with $1.8 bln in cash and little debt, firm expects JDSU to survive to participate in the recovery. Sees no near-term catalyst to business and thinks stock could stay at current levels for 12-18 months, but concerned that investors may miss the first 50%-100% in upside, which tends to occur rapidly and ahead of concrete supporting data. Price target $9. [Explains the jump in opticals yesterday]