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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Gottfried who wrote (61942)	3/12/2002 5:24:25 PM
From: Return to Sender	Read Replies (2) \| Respond to of 70976

From Briefing.com: 16:59 ET After Hours Indications The late session tone is modestly positive. S&P futures at 1169, trade one point above fair value while the Nasdaq 100 after hours indicator is higher by 0.2 points. Close Dow +21.11 at 10632.35, S&P -2.68 at 1165.58, Nasdaq -32.37 at 1897.12: Given all of the bad news in the market today, it could have been worse today. The Nasdaq suffered from a flurry of bad news coming from the tech sector.... Nokia (NOK 22.09 -1.41) warned that a sharper than expected decline in network equipment revenue will cause sales to disappoint. Lucent (LU 5.65 -0.61) warned once again. WorldCom (WCOM 7.93 -1.08) said it has received an SEC request for the voluntary production of documents. Merrill Lynch downgraded the stock as a result. That's not all as Goldman Sachs' Rick Sherlund said he believes that although Microsoft's (MSFT 62.54 -1.80) current qtr is probably on track, he expects the company's guidance for the next fiscal year to be conservative and maybe below the Street consensus... The combination of all of these concerns weighed on the Nasdaq all day long. However, the Dow opened sharply lower, but battled back all day long to close in positive territory. Overall, techs were weak while cyclicals and defensive sectors did better. Homebuilders, retailers, building products did well today. Cyclicals have been very strong over the past month as the economic data point to a US recovery. Also, with techs warning left and right, companies with more predictable earnings were in favor today -- food, tobacco, drugs etc. This is especially important for investors, considering we are in the midst of warning season. With volume relatively light, we would not read too much into today's weakness on the Nasdaq. Looking forward, it will be a quiet earnings session tonight and in the pre-market. In fact, warnings may outnumber earning announcements.DJTA -0.7%, DJUA -1.1%, DOT -2.9%, Nasdaq 100 -2.1%, Russell 2000 -0.4%, SOX -2.7%, S&P Midcap 400 -0.4%, XOI +0.9%, NYSE Adv/Dec 1539/1611, Nasdaq Adv/Dec 1480/2056 16:35 ET MCHP Microchip reaffirms guidance (40.43 -1.50) Reports that data from Jan and Feb indicate that the co is tracking towards the upper end of its earlier guidance of net sales for the current quarter of approx. $145 mln (consensus $144.12 mln). Co reaffirms its guidance on EPS at the upper end of the range, or roughly $0.18 (consensus $0.18). "Our current backlog looks better than it has in more than a year, although we will still require substantial turns orders in the next quarter." 15:02 ET Sector Watch: Semiconductor Fresh session lows for the semi index (SOX -4%) is weighing once again on the Nasdaq. Pacing the way on the downside today are: BRCM -6.4%, XLNX -6.7%, TXN -5.3%, ALTR -5.3%, LSCC -5.2% and MU -4.6%. Next supports for the SOX index are at 596, 592 and 587. Initial resistance is at 601 with gains back through 607/608 needed to neutralize the short term negative bias. 12:01 ET CCMP Cabot Micro upended by talk of competitive threat (69.00 -5.10) -- Update -- Hearing from trading floors that stock is turning defensive ahead of Intel's supplier recognition awards tomorrow. One item being cited is a press release issued last night by Intel listing Fujimi as one of 25 companies that will receive Intel's Preferred Quality Supplier award. Market talk is that Fujimi's slurry has become the new standard in copper performance/cost, and that there are concerns a major displacement is taking place. In fiscal 2001, Intel accounted for 14% of CCMP's revenues. 2:51PM Micron Tech (MU) 35.50 -1.45: --Before Open-- Morgan Stanley reiterates Outperform rating and price target of $55 on belief that MU will continue to be second largest DRAM manufacturer in the world in Y02 with market share of slightly more than 20%. 2:34PM Cisco Systems (CSCO) 16.66 -0.76: -- Before Open -- CSCO filed its Q2 10Q yesterday; disclosures include Revenue Deferral and Adjustments line items (rolled up into segment revenues) and investments in 4 startups that CSCO has agreed to purchase. Analysts find no unexpected surprises in 10Q. Thomas Weisel reiterates their Buy rating on their view CSCO's disclosure reflects their conservative accounting practices. Merrill Lynch names CSCO as one of their favorite picks for its enterprise data-networking exposure. CSFB finds that cash growth generation has been consistently greater than or equal to reported net income on a rolling pro forma basis and maintains their Buy rating. 2:17PM IBM (IBM) 108.42 +3.18: -- Before Open -- IBM released its 10K last night; analysts believe it alleviated most investor concerns regarding the nature and magnitude of non-operating items. Merrill Lynch writes "there is no smoking gun in IBM's 10K .. in fact, increased disclosure paints IBM's financial position in a somewhat more positive light;" retains their near-term Neutral rating given weak enterprise spending for all vendors and concerns regarding IBM's ability to grow services double-digit in H2 2002. UBS Warburg believes IBM is fundamentally sound and positioned to gain share in Enterprise computing (and reverse the trend of losing share); maintains their Buy rating and $140 price target. 1:55PM Lehman on Semi Cap Equip : -- Before Open -- Lehman Brothers believes sector fundamentals are on the mend but remains concerned about the sustainability of the upturn given increased customer concentration, weak electronic end mkts, and excess manufacturing capacity. Firm is encouraged that orders will likely increase on a seq. basis in the coming qtrs but notes that shares are trading well above historical trough levels (discounting a robust recovery in H202, something Lehman believes is unlikely to happen). finance.yahoo.com^SOXX+^IXIC&d=t Thanks for the update Gottfried. Looks like a possibly strong open tomorrow if the warnings do not continue but the SOX will see 575 this week in my opinion. EDIT: Just saw the CREE warning that won't help. LU is down more now too. RtS