From Briefing.com: 5:43PM SanDisk Corp (SNDK) 23.06 +0.24: -- Update -- We have confirmed with Multex that the $85.0 mln revenue estimate cited in our earlier comment was for total revs (as opposed to product revs), which indicates that SNDK's $92.6 mln in total revs beat the consensus est by a significant margin.
5:37PM IBM likes 2H02 prospects (IBM) 84.81 -1.39: -- Update -- In response to analyst question, says that it feels current estimates better reflect what's happening in the IT sector, but considering that business has stabilized in a number of areas, and given consumer spending activity and its discussions with customers, it thinks 2H02 could turn out to be good... call just concluded... IBM +2.28 at 87.09
5:32PM IBM (IBM) 84.81 -1.39: -- Update -- Says it is difficult to make predictions in the current environment, but feels recent changes in revenue and EPS estimates for IBM better reflect the realities of the industry... current First Call consensus FY02 EPS estimate is $4.16 (down from $4.77 30 days ago) while the Multex consensus revenue estimate is $82.983 bln
5:21PM Advanced Micro beats by three cents; guides lower on revenues (AMD) 14.82 +0.47: Reports Q1 net loss of $0.03 per share, $0.03 better than the consensus; Q1 revs came in at $902.1 mln vs the consensus estimate of $891.1 mln; sees Q2 revs in the range of $820-900 mln vs the consensus estimate of $903.1 mln.
5:19PM IBM responds to concerns surrounding EPS growth drivers (IBM) 84.81 -1.39: -- Update -- On call, says it is true that a portion of its past EPS growth came from pension gains, share repurchases, and favorable tax rate... notes that these factors have lessened as growth drivers and says that cash flow is the best impartial measure that cuts through the concerns surrounding the contribution of those items... says EPS growth has increasingly come from operations, supported by cash flow
5:15PM Xicor misses by a penny (XICO) 10.24 +0.02: Reports Q1 pro forma loss of $0.07, $0.01 worse than the Multex consensus; revs came in at $10.0 mln, in line with consensus. Expects Q2 revenue to be $9.0-$10.0 mln, vs consensus of $9.7 mln.
5:14PM Broadcom (BRCM) 38.76 +0.40: -- Update -- On call, company says it's seeing increased demand in the enterprise networking space...stock at 38.20.
5:03PM Spectrian beats by nine cents (SPCT) 16.05 +1.05: Reports Q4 (Mar) loss of $0.54, nine cents better than the Multex consensus; revenues were $27.5 mln vs the consensus of $26.9 mln. No guidance in press release.
5:02PM Broadcom (BRCM) 38.76 +0.40: -- Update -- On call, company affirms guidance for Q2 (Jun). For Q2, company continues to expect mid-single digit revenue growth over Q1 (Mar). Assuming 5% growth, this is sales of $250 mln slightly below Multex consensus of $253.1 mln. Company expects a loss of $(0.07) in Q2 (Jun), in-line with consensus...For Q3 (Sep), company establishes target for revenue growth of low-double digits....stock at 39.30.
5:00PM IBM upbeat about services revenue prospects (IBM) 84.81 -1.39: -- Update -- On call, says that services signings growth precedes revenue growth, and that based on signings in past two quarters, it believes services revenue could grow double-digits by the end of the year
4:59PM Broadcom trading off after hours (BRCM) 38.76 +0.40: -- Update -- Trading down a point after hours, prompting questions given that they beat numbers and offered no guidance; we have heard some cite rising receivables for the sell-off, but we calculate DSOs (days sales outstanding) at 28 days; though up from 23 in the prior qtr, that's still a very good (low) number. We're on the call now, trying to get more color on BRCM.
4:51PM Lam Research (LRCX) 29.53 +0.83: -- Update -- on call, company says demand was much higher this quarter vs last quarter....Book-to-bill was 1.3-to-1 in March....all regions were higher except Japan....stock at 29.80.
4:49PM Lam Research Guides Higher (LRCX) 29.53 +0.83: -- Update -- On conference call, company guides higher for Q4 (Jun). Company sees revenue and loss per share of $170 mln and $(0.08), better than the consenus of $163.5 mln and $(0.12), respectively. Expects new orders of $230 mln...stock at 29.60.
4:39PM IBM comments on accounting (IBM) 84.81 -1.39: -- Update -- On call, says it has been astounded by what it has read in past few months with respect to its accounting disclosure... notes it has no interest in rehashing any of it and that it is proud of its accounting and disclosure practices.
4:39PM TranSwitch matches estimates; guides lower (TXCC) 2.89 +0.13: Reports Q1 (Mar) loss of $0.11 per share, in line with the Multex consensus of ($0.11); Q1 revs came in at $4.9 mln vs the consensus estimate of $4.5 mln; sees pro forma diluted loss per share in the range of $0.12-$0.13 per share versus the current consensus estimate for a net loss of $0.11 per share.
4:38PM Conexant beats three cents; reaffirms Jun qtr (CNXT) 13.08 +0.24: Reports Q2 (Mar) loss of $0.34, three cents better than the Multex consensus; revenues rose 5% sequentially to $241.0 mln vs the consensus of $234.4 mln. Company expects Jun qtr revenues to grow 3-5% sequentially, or $248.2-253.0 mln vs the consensus of $249.5 mln; sees loss narrowing 15%, or roughly $0.29, in line with current consensus.
4:27PM SanDisk Corp beats by two cents (SNDK) 23.06 +0.24: -- Update -- Reports Q1 (Mar) loss of $0.24 per share, $0.02 better than the Multex consensus of ($0.26); total revenues were $92.6 million, product revenues were $86.5 mln; unclear which is comparable to the consensus estimate of $85.0 million.
4:27PM ON Semiconductor beats by a nickel; reaffirms Q2 (ONNN) 5.97 +0.02: Reports Q1 (Mar) loss of $0.26 per share, $0.05 better than the Multex consensus of ($0.31); revenues were $269.1 mln vs the consensus of $258.5 mln. Company expects Q2 revenues and EPS of $270-275 mln and a loss of $0.20-0.24, in line with consensus estimates of $270.9 mln and a loss of $0.23.
4:23PM Digital Lightwave misses by a penny (DIGL) 5.92 -0.03: Reports Q1 (Mar) loss of $0.12 per share, $0.01 worse than the Multex consensus of ($0.11); Q1 revs came in at $6.3 mln vs the consensus estimate of $5.1 mln; at March 31, 2002, the company's cash and cash equivalents were $45.3 million; company announces separately that it has secured a three-year, $27.5-million revolving line of credit from Wachovia Bank; line is to "fund potential acquisitions."
4:15PM IBM matches estimates (IBM) 84.81 -1.39: -- Update -- Reports Q1 (Mar) earnings of $0.68 per share, in line with the Multex consensus of $0.68; reports Q1 revs of $18.6 bln vs the consensus of $18.5 bln; Q1 gross profit margin came in at 34.7%.
4:13PM Broadcom beats by two cents (BRCM) 38.60 +0.24: -- Update -- Reports Q1 (Mar) loss of $0.08, two cents better than the Multex consensus; revenues rose 5.3% year/year to $238.8 mln vs the consensus of $236.2 mln. No guidance in press release.
4:09PM IBM reports $0.68 per share, in line with consensus (IBM) :
4:04PM Lam Research beats by five cents (LRCX) 29.53 +0.83: Reports Q3 (Mar) loss of $0.12, five cents better than the Multex consensus of ($0.17); revenues fell 37% year/year to $164.1 mln vs the consensus of $152.6 mln. Company says that orders increased 34% sequentially to $166 mln; offers no formal guidance in press release.
12:30AM Micron slipping amid talk Samsung lowering contract prices to compete for biz 30.22 +0.11:
9:39AM Silicon Image upgraded at Needham (SIMG) 10.00 +0.56: Needham in a pre-open note upgrades to STRONG BUY from Buy and raises price target to $14 from $12 based on the co's ability to execute its new growth initiatives that continue to offer significant upside potential over the next few years; raises Q2 rev/EPS ests to $19.0 mln/($0.04) from $18.2 mln/($0.05).
9:29AM Motorola upped to Buy from Hold at SoundView (MOT) 15.00:
12:23PM Nokia (NOK) 20.59 +0.24: Nokia may surprise to the upside when it reports tomorrow morning in the pre-market. Motorola (MOT 15.96 +0.96), which has had more than its fair share of troubles over the last couple of years, actually reported a decent quarter last night. For Motorola, a good quarter recently has been not guiding lower. Bit it beat estimates by four cents and affirmed EPS guidance for Q2. Sales are set to come in a bit below consensus, but overall it's good news. Importantly, Motorola continues to expect to return to profitability in Q3 and be profitable for the full year 2002. This analyst was pretty skeptical about those goals earlier this year and remains so to some extent, but it's enocuraging....RF Micro (RFMD 20.87 +0.64) reported last night. It also had a pretty good quarter as it beat estimates by a penny and revenue was a good bit higher than expected. Keep in mind that RFMD is a supplier to Nokia with about 50% of its sales made to the cell phone giant....Finally, Powerwave (PWAV 15.31 +0.67) reported last week solidly ahead of expectations and guided higher. Nokia is a 10%+ customer of Powerwave.... Weighing on Nokia shares last week was talk that a large block of its stock was up for sale by an institution and a Dresdner report of faulty displays on several of its popular mobile telephone models. Nokia calls the latter totally erroneous. Also, Nokia has been weak lately as it guided lower for Q1 about five weeks ago. Hopefully, that lowered the bar enough for an upside surprise given the strong reports from companies tied to the same markets. Regardless, keep an eye on it tomorrow morning. -- Robert J. Reid, Briefing.com
2:40PM Linear Tech (LLTC) 43.58 -0.30: Analysts endorse LLTC and their belief in a bottom in the analog semi industry following the co's earnings release yesterday (co. beat consensus est. of $0.15 by a penny) but remain divided on LLTC's valuation. Morgan Stanley remains attracted to name given the sustainability of LLTC's premium business model, mgmt's strong record of execution, and the increasing likelihood of additional positive EPS revisions despite the stock's rich valuation; expects LLTC's visibility to continue to improve (book/bill was >1.0 and backlog increased q/q). CSFB continues to believe LLTC represents a solid investment for the next cycle but remains cautious on the current valuation and recommends investors be price sensitive.
11:54AM Intel (INTC) 30.82 +1.31: After close yesterday, company matched earnings and revenue estimates for Q1, as well as reaffirmed Q2 revenue numbers. The stock is benefiting (+4.4%) from the positive news and numerous analyst comments... Morgan Stanley reiterated Overweight rating and price target of $45. CIBC Wrld Mkts reiterated Strong Buy and upped price target to $42 from $36 given the more positive outlook; UBS Warburg, Salomon Smth Brny, Prudential, Wells Fargo, and Dresdner Klnwrt Wass reiterated Buy ratings; CSFB resumed Buy rating; Wedbush Morgan reiterated Hold.
10:37AM Motorola (MOT) 15.85 +0.85: MOT trading up 5.7% today, benefiting from yesterday's upside Q1 earnings report, reaffirmation of Q2 earnings, and mostly positive analyst comments... SoundView Technology upgraded to BUY from Hold; Lehman Brothers upgraded to BUY from Market Perform; UBS Warburg and Wells Fargo reiterated Buy ratings. On a more neutral note, Wachovia reiterated Market Perform and CIBC Wrld Mkts reiterated Hold.
9:54AM Silicon Image (SIMG) 10.11 +0.67: Yesterday, company topped Q1 earnings and revenue consensus, and today, the stock is benefiting (+7.1%) from this positive report. Adding to SIMG's upside is a Needham & Co upgrade to STRONG BUY from Buy with price target raised to $14 from $12 based on company's ability to execute to its new growth initiatives that firm believes continue to offer significant upside potential over the next few years. Furthermore, firm thinks upside potential exists to estimates given the growth opportunity in several of SIMG's end markets. Also, CSFB resumed Buy rating and price target of $14.
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