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To: Donald Wennerstrom who wrote (2364)	3/22/2002 10:04:43 AM
From: willcousa	Respond to of 95536

Have a great trip and many thanks for your leadership here.

To: Donald Wennerstrom who wrote (2364)	3/22/2002 6:07:50 PM
From: Return to Sender	Respond to of 95536

From Briefing.com: 2:30PM : Semiconductor stocks are modestly lower at this point in the session. The Philadelphia Semiconductor Index or SOX is off 0.5% following developments from two names in the group last night. Specifically, semiconductor equipment company Applied Materials (AMAT) said in a meeting with analysts that it believes a recovery is in progress. Notably, it expects capacity utilization rates at its foundries to increase to 80% by year-end, up from 50%-60%. While the analyst meeting didn't provide much else in the way of guidance, the company did surprise investors with a its announcement of a 2-for-1 stock split... Separately, investors are also considering an earnings report from semiconductor company Micron Technology (MU). The company reported a second quarter net loss of $0.05 per share, exceeding the Multex consensus estimate by two cents. Revenues came in at $646 million, however, which was light of the Multex consensus estimate of $691.3 million. Note that on its conference call, Micron management spoke of solid demand in the current quarter from OEM customers. 2:29PM RF Micro Device: Robertson Stephens thinks qtr is tracking slightly ahead of schedule (RFMD) 19.05 +0.56: Robertson Stephens sees quarter tracking at about $92 mln in revenues. The current Multex consensus revenue estimate is $91.7 mln. 12:35AM NVIDIA Corp Intraday Technical (NVDA) 49.54 +0.55: -- Update -- Some signs of life in recent trade but still drifting below the morning high (49.87). Intraday posture above a chart barrier at 48.95/48.85 leaves the door open to further rally attempts. If a break is seen, next resistance is at 50.3/50.9 (200 day ema/bottom of the March 20 gap). The top of the gap and the 38% retrace of the March decline come in at 51.34/51.57. 9:05AM Solectron price target cut by ABN AMRO (SLR) 8.25: While the Street cut ests for SLR almost across the board after the co missed ests and warned for Q3 last night, worth noting is that ABN AMRO lowers their price target well below the current price, to $6-$7 from $8-$9, due to inefficient execution, a slowdown in its end-mkts, and integration issues. 7:41AM Micron Tech raises estimates, says near-term upside limited (MU) 34.51: Banc of America raises 2002-03 ests for MU following the co's roughly in-line earnings report last night; ups 2002 est to ($0.07) from ($0.68) and 2003 to $1.36 from $0.81; however, despite an improved earnings outlook, firm believes that DRAM prices are likely to drift lower over the next few months due to increasing DRAM supply and lower seasonal PC demand, thus limiting the stock's upside in the near term. 7:36AM NVIDIA Corp defended by Merrill Lynch (NVDA) 48.99: Merrill Lynch is defending NVDA against concerns that ests do not reflect INTC's product ramp nor mkt share gains made by competitor ATYT; firm believes that neither co's actions should be treated as "new news", and that recent checks indicate that NVDA will have no problem hitting their April qtr target; downside is limited at 27x Jan 2003 est, and firm reiterates near-term Buy rating and $85 price target. 7:11AM Palm Inc upgraded by JP Morgan based on strong execution (PALM) 3.17: JP Morgan upgrades to Long-term BUY from Mkt Perform following last night's earnings report. In terms of other stocks in the space, this is one occasion where company specific execution appears to have won through. Notes that PALM intends to return to profitability by Q4, two qtrs ahead of firm's expectations. JPM expects stk to outperform both RIMM and HAND in the short-term. Firm has a 12-month target of $4.50. 12:05PM : The major averages are now off their worst levels following a weak start to the session. Sell pressure has been limited today on a session marked by light volume. Market internals are actually slightly positive as advancing volume is edging out declining volume on both the NYSE and the Nasdaq. Also note that the semiconductor sector is now modestly higher following developments from two names in the group last night. Specifically, semiconductor equipment company Applied Materials (AMAT) said in a meeting with analysts that it believes a recovery is in progress. Notably, it expects capacity utilization rates at its foundries to increase to 80% by year-end, up from 50%-60%. While the analyst meeting didn't provide much else in the way of guidance, the company did surprise investors with a its announcement of a 2-for-1 stock split... Separately, investors are also considering an earnings report from semiconductor company Micron Technology (MU). The company reported a second quarter net loss of $0.05 per share, exceeding the Multex consensus estimate by two cents. Revenues came in at $646 million, however, which was light of the Multex consensus estimate of $691.3 million. Note that on its conference call, Micron management spoke of solid demand in the current quarter from OEM customers... Outside of the semiconductor sector, another earnings report that investors are mulling over is the from contract manufacturer Solectron (SLR). The company reported second quarter earnings of $0.01 per share, missing the consensus by a penny. In addition, management guided lower for the third quarter -- Solectron now sees third quarter revenues in the range of $2.7-$3.1 billion versus the current consensus estimate of $3.37 billion. In the wake of last night's report, several Street analysts have reduced their estimates for the company. 2:01PM Applied Materials (AMAT) 52.31 +0.29: Despite some profit-taking early in the session, AMAT shares are slightly up following the co's analyst meeting yesterday and announcement of a 2 for 1 stock split, effective 4/16. Analysts remain fairly upbeat on the chip maker's recovery. CSFB writes "our checks confirm orders are on track for 10-15% seq growth, implying bookings of $1.2-1.3 bln;" firm believes strength is not broad-based and primarily focused in foundry and memory; notes that sustainability of bookings uptick off a depressed Q4 remains a concern. Merrill Lynch estimates that both earnings and revenues will be on the high end of previous guidance. QuickLogic (QUIK) 4.95 +0.18: Friedman Billings Ramsey upgraded to BUY from Accumulate. Believes MarQ is trending well for the programmable players and the upturn should accelerate into 2H02. Firm adjusted FY02 est to ($0.66) from ($0.68) and FY03 to ($0.23) from ($0.36). Maintains $7 price target. RF Micro Device (RFMD) 19.01 +0.52: Robertson Stephens sees quarter tracking at about $92 mln in revenues. The current Multex consensus revenue estimate is $91.7 mln. Applied Materials (AMAT) 51.53 -0.49: Stock down slightly following the co's analyst meeting yesterday and announcement of a 2 for 1 stock split, effective 4/16. Analysts remain fairly upbeat on the chip maker's recovery. CSFB wrote "our checks confirm orders are on track for 10-15% seq growth, implying bookings of $1.2-1.3 bln;" firm believes strength is not broad-based and primarily focused in foundry and memory; notes that sustainability of bookings uptick off a depressed Q4 remains a concern. Merrill Lynch estimates that both earnings and revenues will be on the high end of previous guidance. finance.yahoo.com^SOXX+^IXIC&d=t Have a great time Don. We will look forward to hearing from you when you get back! RtS