5:30PM Applied Micro (AMCC) 7.14 -0.37: -- Update -- On call, company says ther are indications that the top customers are working down inventory....Last quarter, the company reported strong orders in January, but that faded somewhat throughout the remainder of Q4 (Mar)...stock at 7.09.
5:24PM Applied Micro (AMCC) 7.14 -0.37: -- Update -- On call, company continues to expect break even at some pointthis fiscal year which just started April 1....More color on Q1 (Jun) outlook: quarter carries more risk, but management says it expects fewer cancellations and push outs...Top 3 customers: Cisco (CSCO) 21%, Nortel (NT) 15%, Fujitsu 10%...stock at 7.11.
5:20PM Applied Micro (AMCC) 7.14 -0.37: -- Update -- On conference call, company guides down for Q1 (Jun) revenue to $30 mln vs Multex consensus of $34.9 mln....Management also says that this forecast carries more risk than the estimate for Q4 (Mar) they provided early in the year...stock at 7.11.
5:11PM Varian Semi (VSEA) 45.49 -0.96: -- Correction -- Earlier we had stated that the co had reported breakeven results and beat consensus by $0.34; in fact, the breakeven result was the GAAP number, and after excluding the after-tax effect of an LRCX warrant, the co reported a pro forma loss of $0.10 and so beat consensus by $0.24.
5:03PM Varian Semi beats by 24 cents, raises rev guidance (VSEA) 45.49 -0.96: Reports Q2 net loss of $0.10, $0.24 better than the Multex consensus; revs were $67.2 mln, vs consensus of $51.5 mln. Co expects Q3 revs of $75-$90 mln, vs consensus of $63.0 mln, and expects to be approximately break-even on a pre-tax basis.
4:56PM Integrated Device comments on fiscal Q1 (IDTI) 30.56 -0.63: -- Update -- On call, says it expects 5-7% sequential revenue improvement and that reaching the mid-point of that guidance requires net turns bookings of $35 mln, which it is on track to do given qtr-to-date trends... thinks gross margins will improve substantially, perhaps 200-300 bp... projects pro forma loss in fiscal Q1 (Jun) of $0.03-0.04 per share; consensus estimate is loss of $0.04
4:44PM Integrated Device guides June qtr revenue higher (IDTI) 30.56 -0.63: -- Update -- On call, says it expects revenues to be up 5-7% sequentially based on higher backlog and recent bookings trends; Multex consensus revenue estimate of $90.23 mln implies sequential growth of 4%... separately, says it is well-positioned to return to profitability in the Sept. quarter and that once fab consolidation is complete, its projected break-even point will be $90 mln in qtrly revenue... IDTI -0.06 at 30.50
4:04PM Integrated Device beats by a penny(IDTI) 30.56 -0.63: Company reports Q4 net loss of $0.06 per share, $0.01 better than the consensus estimate; revenues for the fourth quarter were $86.6 million vs the consensus estimate of $84.6 million.
4:54PM Pericom Semi beats by a penny (PSEM) 13.41 +0.21: Reports Q3 (Mar) net of breakeven, $0.01 better than the Multex consensus of ($0.01); revenues fell 51.6% year/year to $12.5 mln vs the $12.3 mln consensus. Guides Jun qtr revenues to flat to up 3% sequentially, or $12.5-12.9 mln vs $12.8 mln consensus.
12:51AM Micron Tech may be cut by S&P (MU) 30.55 -0.35: S&P placed MU's BB- corporate credit rating on CreditWatch with negative implications, reflecting MU's confirmation that it is discussing a possible acquisition of the memory operations of Hynix Semi valued at about $3.36 bln.
4:44PM Oak Tech beats by two cents (OAKT)15.64 -0.11: Reports Q3 (Mar) earnings of $0.03 per share, $0.02 better than the Multex consensus of $0.01; revenues rose 51.8% year/year to $42.1 mln vs the $39.3 mln consensus. Expects Jun qtr revenues to be slightly better than Mar qtr's $42.1 mln (consensus is $42.4 mln) and expects to remain profitable (consensus is $0.03).
4:40PM Cymer beats estimate by 15 cents, raises guidance(CYMI) 48.54 -0.71: Reports Q1 pro forma EPS of $0.12, $0.15 better than the Multex consensus; revs were $62.0 mln, vs consensus of $59.7 mln. Co expects Q2 rev to increase 15-20% sequentially over Q1 (about $71.3-$74.4 mln), vs consensus of $62.1 mln.
4:31PM Coherent beats by a penny (COHR) 30.96 -1.46: Reports Q2 (Mar) earnings of $0.07 per share, $0.01 better than the Multex consensus of $0.06; revenues fell 23.9% year/year to $98.6 mln vs the $96.0 mln consensus. No guidance in press release.
4:30PM Pixelworks tops estimates; guides lower (PXLW) 9.01 -0.25: Reports Q1 (Mar) earnings of $0.03 per share, $0.01 better than the Multex consensus of $0.02; revenues rose 3.1% year/year to $22.0 mln vs the $21.9 mln consensus; Q2 net sales are expected to be between $24.2 million and $25.3 million vs the consensus estimate of $25.7 million.
4:30PM Newport Corp beats by 2 cents, guides Q2 down (NEWP) 23.45 -0.59: Reports Q1 pro forma loss of $0.02, $0.02 better than the Multex consensus; revs were $43.9 mln, vs consensus of $45.1 mln. Co expects a Q2 loss of $0.03-$0.07 and sales of $38-$42 mln, vs consensus of a loss of $0.02 and $47.5 mln.
4:29PM Kopin beats loss estimate by $0.03 (KOPN) 8.58 -0.26: Reports a Q1 loss of $0.05 per share, $0.03 better than the Multex consensus. Revenues rose 17.4% year/year to $17.6 mln vs the $16.1 mln consensus.
4:17PM PDF Solutions beats by a penny (PDFS) 16.87 +0.73: Reports Q1 (Mar) earnings of $0.06 per share, $0.01 better than the Multex consensus of $0.05; revenues rose 45.6% year/year to $11.5 mln vs the $11.1 mln consensus. No guidance in press release.
4:15PM Fairchild Semi tops estimates (FCS) 29.25 -0.34: Reports Q1 (Mar) loss of $0.01 per share, $0.02 better than the Multex consensus of ($0.03); first quarter sales were $336.9 million vs the consensus estimate of $324.9 mln; Fairchild's overall book-to-bill ratio topped 1.3 and was above 1 to 1 in all major end market segments; "expects revenue growth for the remainder of the year to follow normal seasonal trends, which means at least flat sales sequentially in the third quarter followed by stronger revenue growth in the fourth quarter."
4:13PM Zoran Corp beats by two cents, declares 3-for-2 split (ZRAN) 36.70 -1.74: Reports Q1 pro forma EPS of $0.12, $0.02 better than the Multex consensus; revs were $31.1 mln, vs consensus of $29.2 mln. Co also announces a 3-for-2 stock split for May 22.
4:04PM Applied Micro matches estimates (AMCC) 7.14 -0.37: -- Update -- Reports Q4 (Mar) loss of $0.06, in line with the Multex consensus; revenues fell 75% year/year to $30.1 mln vs the $30.6 mln consensus. No guidance in press release, though CEO says that "end demand for our core and metro transport equipment...overall remains weak."
2:26PM Semiconductor HOLDRs Intraday (SMH) 44.34 -0.59: -- Technical -- Range trade near the session lows for the last few hours. Short term failure to work back through the 44.55/44.62 area leaves the door open for further weakness. If this scenario develops, the initial supports of interest are at 44 and 43.70. The April low comes in thereafter at 42.80.
2:26PM Agilent Tech rev estimates lowered at Morgan Stanley (A) 33.62 -0.13: Morgan Stanley trims their 2002-03 rev estimates for the co after $4 bln was cut in carrier capex budgets this week; while pure telecom makes up about 20% of rev, firm does not expect a rev miss since semi test and parts of the semi division seem to be tracking ahead of expectations. Lowers FY02 rev est to $6.0 bln from $6.2 bln and FY03 to $7.2 bln from $7.4 bln (both below Multex consensus). Maintains Overweight rating and $42 price target.
12:51AM Micron Tech may be cut by S&P (MU) 30.55 -0.35: S&P placed MU's BB- corporate credit rating on CreditWatch with negative implications, reflecting MU's confirmation that it is discussing a possible acquisition of the memory operations of Hynix Semi valued at about $3.36 bln.
3:43PM Anadigics (ANAD) 11.43 -0.12: This small-cap semi co reported yesterday ahead of its revised guidance on 3/13 (ANAD reported rev. of $19.5 mln with EPS of $(0.37); analysts remain fairly cautious on shares given the volatility of the cable business although Goldman Sachs turns more positive. Firm rates the risk/reward for ANAD (from here) as "looking a lot better" and sees solid upside potential for both the top line and gross margins as seasonality begins to work in the co's favor and new customer platforms get launched. CSFB, like most analysts, remains cautious on the stock for reasons including mkt share lose at Kyocera and technology risk as the sector moves from discrete components to chipsets. Soundview maintains their Hold rating pending better visibility on revenues from new designs.
3:06PM ASM Intl NV (ASMI) 23.19 -1.20: Shares trading over 4% lower despite a positive note out of Soundview following the co's earnings release yesterday (Euro loss of 0.25); firm names ASMI a good play in the upgrade cycle as its 300mln business shows share gains. Soundview notes orders of 108.2 mln Euros rose 15.8% sequentially and expects orders to continue to trend upwards in June qtr. In an earlier Short Story today, Briefing.com erroneously reported that Bear Stearns had a positive research report on ASMI following a meeting with mgmt; Bear had in fact issued a research report on ASML HOLDING, ticker ASML, not ASM INTL, ticker ASMI.
1:58PM Altera (ALTR) 20.94 -0.71: Despite the co's strong report yesterday (00C0 topped consensus by a penny with sales declining 40% to $171.96 mln vs. consensus $168.3 mln), analysts remain cautious in the near-term for valuation reasons and stock stumbles 3%. Bank of America believes ALTR appears positioned for better mkt conditions (with seq. sales growth returning to more sustainable run-rates) but maintains their Mkt Perform rating on the current valuation. UBS Warburg continues to believe the stock is trading at a higher projected growth rate in the communications end mkts (50% of revenues) than they are comfortable with.
11:43AM Lucent Tech (LU) 4.68 +0.19: Stock advancing 4.2% following yesterday's significant gains achieved on upside Q2 earnings report. USB Piper Jaffray upgraded to MARKET PERFORM from Underperform. While the industry dynamics are still extremely weak and the risk of further estimate cuts substantial, firm does not see specific negative catalysts for Lucent, and as a result expects LU shares to perform in line with the rest of the group from here. Also, SoundView Technology reiterated Buy, and considers a move above the $5 level in near-term likely and above $6 probable toward year-end.
11:30AM LM Ericsson (ERICY) 2.49 -0.25: Yesterday, company matched Q1 EPS estimates, but warned that it expects a full year loss. ERICY took a hit on this news, and the stock continues to fall today (-9%) following several analyst comments... RBC Capital Mkts downgraded to SECTOR PERFORM from Outperform rating with price target of $3 as firm believes the shares will remain near current levels until the company returns to profitability; says ERICY remains an attractive long-term value play. Deutsche Securities downgraded to MARKET PERFORM from Buy. Also, WR Hambrecht and Wachovia reiterated Market Perform.
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