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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Donald Wennerstrom who wrote (1595)	1/11/2002 2:42:03 PM
From: Return to Sender	Respond to of 95616

From Briefing.com: 2:00PM : The equity markets have sold off further on remarks from Fed Chairman Greenspan's speech. All in all his commentary has not been much of a surprise. Though he believes it is too early to say that a U.S. economic recovery is in sight he does acknowledge that the "unremittingly negative outlook has now turned mixed." Those initial comments cut in two different directions. For those investors seeking an economic recovery, the remarks are a undoubtedly a disappointment which explains the initial market reaction. Nonetheless, the silver lining is that the Chairman has clearly left the door open to further easing on interest rates which may explain why the initial sell pressure has been held in check to some degree. DJTA -2.5%, DJUA -0.7%, Nasdaq 100 -1.1%, Russell 2000 -0.4%, SOX -1.5%, S&P Midcap 400 -0.5%, XOI -0.4%, NYSE Adv/Dec 1404/1633, Nasdaq Adv/Dec 1523/1947 1:58PM Greenspan Comments : Fed funds futures responding positively to the Greenspan speech; market now sees a 50% probability of a 25 bp easing on Jan 30, up from 28% before the speech. Clearly, the market is liking what it hears from the Chairman. 1:50PM Greenspan Comments : There's nothing too surprising in the Greenspan speech; he notes that the economic outlook has shifted from being unremittingly negative to mixed, but says that significant risks remain and that pricing power is non-existent. There are no clear clues in this speech as to what the Fed will do at month-end, but the Chairman has clearly left the door open to further easing. 11:25AM Cree (CREE) 24.94 -5.70 (-18.6%): -- Update -- In pre-market note, CIBC indicated that it expects today's weakness to create a buying opportunity. Firm said it would be aggressive in the stock in the low to mid $20s. 10:34AM Broadcom (BRCM) 50.23 +0.36 (+0.7%): -- Technical -- Stock has begun to lose steam after breaking above a multi month trading range top and its 200 day exp ma earlier in the week. Will need to hold above resistance (51) to convince traders that the bull case remains intact. Inability to hold this area would be interpreted as a sign of a negative momentum reversal. 8:56AM Benchmark Elec (BHE) 23.30: Needham upgrades to BUY from Hold, expects positive trends in Q1 will continue through 2002, led by increasing revenue from SUNW, EMC, MDT, ALA, and unannounced telecom customers. Firm raises 2002 rev/EPS est to $1.18 bln/$0.90 from $1.12 bln/$0.72, and raises 2003 to $1.4 bln/$1.35 from $1.35 bln/$1.15. 8:55AM Cymer (CYMI) 32.12: Morgan Stanley says CYMI is possibly the best revenue andearnings power story this cycle with the beginning of the "golden age" of DUV lithography; firm ups price target to $50 from $35, but says that with earnings power of $4.00 or more, a $100 stock price target is possible. 8:03AM SanDisk Corp (SNDK) 15.12: Merrill Lynch is cautious on SNDK; if Q1 orders do not improve within the next 2 mos, firm's FY02 ests would be at risk. However, robust digital camera sales in Nov and Dec could cause SNDK to exceed Q4 ests, despite negative pricing pressure due to oversupply. Reiterates Neutral/Buy ratings. 7:45AM Intel (INTC) 34.65: Lehman's Dan Niles raises ests for INTC and believes co will guide capex higher to $7 bln from $6 bln, but has concerns about valuation. Raises Q4 rev/EPS ests to $6.9 bln/$0.12 from $6.8 bln/$0.10, and raises CY02 to $0.67 from $0.62, as P4 constraints drive avg selling prices higher; recommends taking profits into their 1/15 earnings release. 7:02AM Cabot Micro (CCMP) 83.77: After the close last night, Salomon Smith Barney downgrades to OUTPERFORM from Buy based on valuation. While co's long-term growth rate of 30% appears assured, growth rates in sales of copper slurries may begin to taper off over the next couple of qtrs. Lowers Dec qtr est to $0.39 from $0.41 and FY02 est to $1.93 from $2.10; raises price target to $95. finance.yahoo.com