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

To: Kirk © who wrote (1958)	2/13/2002 10:15:13 PM
From: robert b furman	Read Replies (2) \| Respond to of 95738

To thread, Pretty oversold here. I'm thinking a little slide tomorrow and then pay day for the options boys with expiry on friday. The put call ratio has been very high these last 3 weeks - can you imagine the premium being made with this last - 2 wave ride up. BIG PAYDAY !!- probably retraced a bit tomorrow and finished off and put in the bank on friday. BWDIK Bob

To: Kirk © who wrote (1958)	2/13/2002 10:59:23 PM
From: Return to Sender	Read Replies (1) \| Respond to of 95738

From Briefing.com: 7:41PM Hewlett-Packard (HWP) 21.25 +0.27: Tonight's fiscal Q1 earnings report was a matter of formality for Hewlett-Packard, which issued a positive pre-announcement for the period on Feb. 4. At that time, HWP acknowledged that, on a sequential basis, it expected revenues to be up moderately, gross margins to increase measurably, expenses to be approx. flat, and EPS to be substantially above the $0.16 First Call consensus estimate. True to its word, HWP's revenues were up 5% to $11.4 bln, gross margins improved to 26.9% from 25.7%, operating expenses were 20.6% of net revenue versus 21.4% last quarter, and pro forma EPS was $0.29, four cents better than the revised consensus estimate. Reported GAAP EPS was $0.25 per diluted share. The company's Imaging and Printing Systems accounted for 44% of total revenue, and per usual, delivered the bulk of the earnings from operations of HWP's five reporting segments. Carly Fiorina made a point of mentioning on the ensuing conference call that too much of HWP's profitability comes from the Imaging and Printing Systems business; and highlighted that fact as one of the reasons why it would behoove the company to merge with Compaq (CPQ). While she was doing that, disenchanted board member, Walter B. Hewlett, issued a statement that said HWP's strong Q1 results were just further confirmation why it doesn't need to acquire CPQ-- which he sees as a company with a struggling commodity computing business that accounts for approx. 65% of its revenues. Fiorina, of course, couldn't disagree more with Hewlett's view of the matter. The standoff between the two will be resolved shortly, pending further FTC deliberation and a shareholder vote on March 19. In the meantime, HWP expects overall market conditions to remain somewhat unpredictable, citing its uncertainty as to whether the strong consumer technology spending uptick witnessed in Q1 can continue and the fact that enterprise IT spending remains slow. Accordingly, HWP is forecasting Q2 revenues to be down modestly on a sequential basis and gross margins and expenses to be approx. flat with Q1. That guidance, frankly, is on the conservative side of things, but then again, so is most guidance these days. In sum, HWP's outlook isn't much to get excited about from either a bullish or bearish standpoint.-- Patrick J. O'Hare, Briefing.com 5:35PM Hewlett-Packard comments on merger date (HWP) 20.98 +0.21: -- Update -- In response to question, company clarifies that it is still waiting on FTC deliberation and shareholder vote ( scheduled for March 19) with respect to CPQ merger... from a planning point of view, HWP is assuming an operational date of April 1 for the combined company... HWP +0.12 at 21.10 5:28PM Hewlett-Packard likes channel inv. position (HWP) 20.98 +0.21: -- Update -- On call, says channel inventories are where HWP wants them to be and, in fact, they may be a little light... reiterates its view that it doesn't expect much of a recovery in enterprise spending until 2H02; sense is that customers are waiting for more substantive signs of recovery before they loosen their purse strings... HWP +0.12 at 21.10 5:07PM Hewlett-Packard comments on inventories (HWP) 20.98 +0.21: -- Update -- On call, says the bulk of the $746 mln decline in inventory came in imaging and printing systems business (approx. $650 mln of total), but declines seen virtually across all categories... indicates that inventory levels are likely to increase going forward to prevent product shortages, particulary in imaging and printing systems... HWP +0.09 at 21.07 4:53PM Hewlett-Packard not counting on strong cons. demand (HWP) 20.98 +0.21: -- Update -- On call, says its European performance was the strongest on a sequential basis with revenues up 12% versus a 1% sequential gain for U.S. and Asia-Pacific; Latin America was weakest with 6% sequential decline... notes that it is not counting on strong Q1 consumer demand continuing... HWP -0.23 at 20.75 4:49PM Hewlett-Packard (HWP) 20.98 +0.21: -- Update -- On call, says too much of its profitability comes from imaging and printing systems business... needs more scale to compete for, and win, the big deals that are out there; stresses that this is where Compaq (CPQ) comes in as a merger would allow HP to achieve more in the commercial PC space and make the combined company the leader in storage... HWP -0.01 at 20.97 4:05PM Hewlett-Packard tops estimates; updates guidance (HWP) 20.98 +0.21: -- Update -- Company reports Q1 earnings of $0.29 per share; $0.04 better than the consensus estimate; reports Q1 revenues of $11.4 bln versus the consensus estimate of $11.4 bln; expects Q2 revenues to be "down modestly on a sequential basis, and gross margins and expenses to be approximately flat with the first quarter" -- the current consensus estimate for Q2 revenues is $11.06 bln. finance.yahoo.com