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

To: Donald Wennerstrom who wrote (2047)	2/20/2002 8:57:59 AM
From: Return to Sender	Respond to of 95757

8:45AM : The pre-market indicators were on the defensive in early dealings amid the AOL downgrade and reports of accounting investigation of CA. However, while they are currently off the best levels of the morning, they are now holding on to a firmer bias. Currently the S&P 500 futures are trading 3 points above fair value, the Nasdaq 100 futures are 9 points above fair value while the Nasdaq 100 PMI is up 10.22. The CPI data was in line and has had relatively little market impact. 7:41AM Genesis Microchip names new CFO following Sage acquisition (GNSS) 40.25: Following completion of Sage Inc acquisition, co announces that Pete Mangan has been promoted to Chief Financial Officer replacing Eric Erdman, who will assume an advisory role. 7:24AM Fairchild Semi raises revenue outlook (FCS) 24.34: Based on improving order rates, co now expects Q1 revenues to be roughly flat from fourth quarter levels. FCS previously guided Q1 revenues to be down 3% to 5% sequentially. "Our bookings have been running stronger than we previously expected through the first seven weeks of the quarter," said Pond. "Normally orders in the first quarter don't accelerate until mid-February, but we've actually had fairly good bookings since the third week of January." 7:36AM Oracle Corp upgraded by BofA (ORCL) 14.79: Banc of America upgrades to BUY from Mkt Perform due to valuation; firm says that estimates reflect the current environment, and that an improvement in the economy could lead to database and EPS growth of 25-30%; further, investors have already discounted risks of CFO Henley leaving and that May license est may be slightly high. Price target is $20. 7:34AM QUALCOMM patents upheld overseas (QCOM) 37.32: Announces that the patent offices in Europe, Korea and Japan have upheld the validity of four of QUALCOMM's patents covering important features of CDMA systems. 7:17AM Computer Assoc investigated by authorities -- NY Times, Newsday (CA) 25.31: Co states that it has not contacted by the authorities regarding any investigation and does not know what, if anything, is being investigated. The comment is in response to a Newsday report that The U.S. attorney for the Eastern District and the FBI have launched a preliminary investigation of whether CA violated federal criminal fraud laws through its accounting practices. Separately, The NY Times reports that prosecutors in Brooklyn have opened a preliminary inquiry into whether co deliberately overstated its profits to inflate its stock price and enrich its senior executives, citing two people close to the investigation. 7:08AM Sprint FON's finances makes commercial-paper borrowing more difficult -- WSJ (FON) 12.90: WSJ reports that concerns about Sprint's finances is making it more difficult for co to access the short-term commercial-paper market. If shut out of the commercial-paper market, co could have to find other means of obtaining financing. Some analysts believe this could lead to a downgrade of co's credit rating, which might put even more pressure on the already battered stock. 7:00AM General Electric to provide more disclosure -- WSJ (GE) 36.40: The Wall Street Journal reports that GE will change the way it makes disclosures in its financial reports, including providing more detail about specific businesses in its GE Capital financial-services unit. 6:43AM AOL downgraded by Lehman; lower growth projections (AOL) 25.52: Lehman Brothers analyst Holly Becker downgrades to MKT PERFORM from Buy based on firm's new, lower growth projections for the AOL division. Firm's analysis suggests that the mkt is currently valuing the AOL division at 21x EBITDA -- a rich multiple given its challenges. AOL division concerns include 1) a slowing narrowband business; 2) a costly broadband transition; 3) online advertising; and 4) European expansion. Lehman now projecting EBITDA growth for the AOL division in 2002 of -0.9% vs prior est of +5.2%, followed by +4% growth in 2003 (previous est +17.2%). finance.yahoo.com

To: Donald Wennerstrom who wrote (2047)	2/20/2002 10:29:38 AM
From: Kirk ©	Read Replies (1) \| Respond to of 95757

Agilent (A) I'd again like to make my case for Agilent to be added to your list of stocks you follow. I also think it should be on the List that Cary has of quality companies. One thing missing from Cary's list is biotechnology which Agilent would address. IF new computers that replace those made with AMAT equipment turn out to be genetic... Agilent will have a head start on the testers as well. Anyway, Agilent is up 10% or so today after announcing earnings. Key statements I heard during the conference call: *Book-to-bill increased from 0.8 to 1.03. Good gains in market share in semiconductor test. ``I think more important than beating the numbers is the fact their book-to-bill turned positive for the first time in 6 quarters,'' said ABN AMRO analyst William Potter, referring to the level of orders, at $1.47 billion, rising above sales shipped, at $1.43 billion. President and Chief Executive Ned Barnholt said sales and orders for semiconductors and semiconductor test equipment used by personal computer makers among others, had been the first to fade in the downturn and were the first to perk up. ``We think we've come off the bottom. We're still skeptical to say business has recovered,'' he said in a telephone interview. Telecommunications customers would start recovering late this year and early next, he predicted. Cancellations by Agilent's customers, which had risen as the downturn gathered speed, fell to $80 million from $250 million the previous quarter, but Barnholt did not see many customers who had delayed orders for more than six months returning yet. Agilent said it was on track to cut its work force by 18 percent by mid-2002, in line with a program announced in 2001, and would return to profit sometime in its third quarter. It also said it was taking market share. stockcharts.com[h,a]dhclyymy[d20010601,20021231][pc20,50!d20,2!f][pc20!c50!i!d20,2!b100!b200!f][vc60][iut!Uo14!La12,26,9!Lh14,3!Lc20] $30 will take some work as this PnF indicates stockcharts.com Note that $26 was 50% retrace of the run from the bottom