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To: Return to Sender who wrote (36591)	3/27/2002 2:48:15 PM
From: Return to Sender	Respond to of 68151

From Briefing.com: 2:00PM : The confined trading activity near the highs for the Dow and near unchanged for the Nasdaq continues this afternoon amid low volume. The storage sector benefited from several favorable pre-market developments but company specific news for Adaptec (ADPT +13.6%) has triggered a strong upside extension in more recent trade. The company announced licensing and OEM agreements with IBM that it expects will lead to approximately $200 mln in new revenue opportunities over the next 3 years. Have highlighted the top performers on a sector basis (gold, energy, storage, defense) but also seeing solid gains in banking, healthcare, computer-hardware, utility, broker/dealer and cyclicals. Market internals are favorable by roughly a 5 to 4 margin. DOT -0.2%, SOX -1%, XOI +1.6%, NYSE Adv/Dec 2057/1009, Nasdaq Adv/Dec 1731/1539 1:03PM Adaptec signs $200 mln deal with IBM (ADPT) 12.36 +1.57: -- Update -- Co announces licensing and OEM agreements with IBM that it expects will lead to approximately $200 mln in new rev opportunities for ADPT over the next 3 years. According to the agreements, ADPT will supply RAID products to IBM for its xSeries servers and license IBM's ServeRAID technology for use in its PCI RAID and external RAID products. 9:07AM Vishay Intertech rating, price target upped at TWP (VSH) 20.09: Thomas Weisel upgrades to BUY from Mkt Perform and raises price target to $25 from $17, based on: 1) core businesses seem to have finally bottomed, 2) semi biz (55% of sales) is leading the recovery and is seeing sequential rev growth due to shrinking channel inventories and moderating price declines, 3) core passives biz is bottoming with unit demand rising but prices still under pressure, and 4) compelling valuation. 8:34AM Taiwan Semi and United Micro upped at Merrill Lynch : Merrill Lynch upgrades TSM and UMC to Near-Term STRONG BUY from Buy, saying that TSM (more leveraged to PCs) and UMC (non-PC leverage) are likely to experience meaningful improvement in their revs and margins in Q2, but the relative improvement at UMC may be greater in the next 3-6 months given its lower avg selling prices and utilization at the leading edge. 8:14AM EMC, Brocade upped at RBC : RBC Capital Markets upgrades EMC and BRCD to OUTPERFORM from Sector Perform, saying the DELL-EMC relationship is already generating material sales. For EMC, further cost cuts in 2002 should improve operating leverage and March qtr results may not be as bad as current valuation suggests; price target is $18. For BRCD, the co is winning nearly all of the switch rev from the DELL-EMC biz since it has the only certified 2-gig switch, and SW12000 visibility is improving for both April and July qtrs; price target is $45. 8:07AM Teradyne sees rebound in backplane circuit boards (TER) 38.05: A Boston Herald article quotes the Teradyne CEO as saying that the company has seen "some signs indicating it's coming back, but no explosion" in reference to TER's backplane circuit board and connector business, which accounts for roughly 1/3 of TER's revenues; article cites signs of stabilization from customers such as CSCO, EMC, and NT. 7:45AM Storage stocks rise on Merrill comments : BRCD (+4.5%), EMLX (+2%), QLGC (+0.7%) climb in pre-market after being reinstated with near-term Buy ratings at Merrill Lynch (see 07:32 comment). 7:37AM ESS Tech increases Q1 guidance; Q2 also looking stronger (ESST) 21.00: As reported yesterday, ESST raising guidance again for the second time in less than a month. For Q1, co sees EPS of more than $0.27 a share vs previous guidance of $0.22-$0.25 (consensus $0.24). ESST sees revenues exceeding $75 mln vs previous guidance of $68-$70 mln. Says Q2 is also looking stronger than previously expected. "We believe the market for DVD players is larger and growing faster than previously estimated and that our market share is continuing to grow." 7:32AM Merrill Lynch reinitiates coverage of storage networking sector : Merrill Lynch reinitiates coverage of the storage networking sector with some bullish comments; believes that when the economy turns, the leverage gained from cost cutting will cause margins to increase, and will likely cause stocks to raise as momentum takes hold. Firm assigns the following ratings: QLGC, NTAP, EMLX, BRCD, ADPT as Near-Term BUY, and MCDT and INRG as Near-Term NEUTRAL. 6:57AM EMC Corp may consider additional job cuts -- WSJ (EMC) 10.70: The Wall Street Journal reports that analysts expect EMC to consider another round of layoffs. After company eliminated 4,000 jobs last year and outlined plans to reduce payroll by about another 1,100 by mid-yr, some watchers expect an additional cut of as much as 10%, or 1,900 positions. 6:42AM ATI Tech graphics chip selected by H-P (ATYT) 13.05: Announces that its Mobility Radeon graphics processor has been selected for Hewlett-Packard's Intel Pentium 4-M powered Omnibook xt6200 and vt200 notebook PCs. finance.yahoo.com^SOXX+^IXIC&d=t RtS