From Briefing.com: 5:11PM Aeroflex matches estimates; updates guidance (ARXX) 13.48 -0.87: Reports Q3 (Mar) earnings of $0.03 per share, in line with the Multex consensus of $0.03; revenues fell 20.9% year/year to $50.6 mln vs the $50.5 mln consensus; sees Q4 revs in the range of $56.7-$57.2 mln vs the consensus estimate of $55.9 mln.
5:04PM ON Semiconductor files for share sales (ONNN) 5.99 +0.03: Company filed with the SEC today to sell up to 40 mln shares in future follow-on offerings.
4:38PM Axcelis Tech tops estimates; guides higher (ACLS) 14.29 -0.06: Reports Q1 (Mar) loss of $0.18 per share, $0.03 better than the Multex consensus of ($0.21); revenues fell 59.2% year/year to $62.1 mln vs the $50.3 mln consensus; sees Q2 net loss in the range of $0.09 - $0.12 per share vs the consensus estimate for a net loss of $0.19 per share.
4:40PM Simplex Solutions to merge with Cadence Design (SPLX) 12.30 +0.67: Cadence Design and Simplex Solutions to announce planned merger in webcast tonight.
4:39PM ESS Tech beats by 10 cents (ESST) 17.95 +0.28: Reports Q1 EPS of $0.37, ten cents better than the Multex consensus of $0.27; revenues were $79.1 mln vs the $75.2 mln consensus. Guides Q2 revenues to $76-79 mln from prior guidance of $66-70 mln (Multex: $76.2 mln); EPS guided to $0.24-0.28 vs consensus of $0.24.
4:38PM Axcelis Tech tops estimates; guides higher (ACLS) 14.29 -0.06: Reports Q1 (Mar) loss of $0.18 per share, $0.03 better than the Multex consensus of ($0.21); revenues fell 59.2% year/year to $62.1 mln vs the $50.3 mln consensus; sees Q2 net loss in the range of $0.09 - $0.12 per share vs the consensus estimate for a net loss of $0.19 per share.
4:13PM Silicon Storage beats by four cents (SSTI) 9.24 +0.12: Reports Q1 EPS of $0.02, four cents better than the Multex consensus of a loss of $0.02; revenues were $74.6 mln vs the consensus of $67.0 mln. Guides Q2 EPS to breakeven to a $0.01 profit vs breakeven consensus.
4:09PM Intersil beats by a penny (ISIL) 28.89 -0.42: -- Update -- As suggested by the rumored early release (see 15:59 comment), ISIL reports Q1 EPS of $0.14, a penny better than the Multex consensus; revenues were $134.1 mln vs the consensus of $129.6 mln. Guides Q2 and FY02 EPS of $0.15 and $0.65-0.67 vs consensus estimates of $0.15 and $0.64.
4:07PM LSI Logic tops estimates; updates guidance (LSI) 15.12 -0.02: Reports Q1 (Mar) loss of $0.12 per share, $0.02 better than the Multex consensus of ($0.14); reports Q1 revs of $412.5 mln vs the consensus estimate of $413.2 mln; sees second quarter loss of about $0.09 per share vs the consensus estimate of $0.09 per share; sees Q2 revs in the range of $425.4-$437.8 mln vs the consensus estimate of $432.4 mln.
11:02AM No more semis in Durables report : The Census Bureau dropped the semiconductor series from the monthly Durable Orders report, as many large manufacturers refused to participate in the survey. We had previously cautioned that the semi number in this report was based on too small a sample to make it worth watching, but that's now a moot point.
1:34PM The Economy : Our economic thesis throughout this year has been that an economic recovery is at hand, but that it is likely to be frustratingly sluggish due to a slow rebound in business investment (also known as capital spending). Today's Durable Orders report supports that view. Total orders have picked up since September, consistent with the view that a replenishment of very low inventories is helping to drag the manufacturing sector and the entire economy out of recession. But it's critical to understand that inventory rebuilding will only help in the short-term, and that the key to sustained strong growth is renewed business investment. Capital spending saw a bubble that pretty much tracked the Nasdaq bubble, with investment as a percentage of GDP rising to extraordinary levels by 2000. What that suggested is that there were far more capital assets out there - office buildings, factories, equipment, software - than needed. The sharp decline in the capacity utilization rate, which fell well below its 1990 recession trough, supported that conclusion. While it's true that some of these assets - a PC for example - have a short useful life, most do not and are still proving to be quite valuable to their original purchasers or to those seeking them in secondary markets. If this theory was wrong, we would expect to see the capital goods orders component of the Durable Orders report showing a marked pickup. Despite a rebound in total orders, non-defense capital orders are going nowhere. They are down 18.4% year/year and 5.4% since August. Other than the quick snapback from the September plunge, there is no hint of growth in capital orders. The best one could say is that they might be bottoming. Q1 will see strong GDP growth, perhaps more than 5%, but that's due primarily to inventories; final sales, which provide a better feel for underlying growth, are seen rising a tepid 2%. Beyond Q1, the strength of the recovery will hinge on investment, and right now investment does not look to be picking up. That doesn't mean we'll have a double-dip recession given that consumer spending remains healthy, but we are likely to see a sluggish recovery that will make it tough to achieve strong growth in corporate profits this year. - Greg Jones, Briefing.com
2:50PM Integrated Device (IDTI) 28.80 -5.76: Stock falling close to 6% on today's sector weakness despite IDTI's solid earnings report last night (co. beat by a penny and guided June qtr revenue to up 5-7% sequentially). Analyst continue to view IDTI as a turnaround play and chime in with positive recommendations: Morgan Stanley believes IDTI is seeing the beginning of a recovery in customer demand and expects this trend to drive higher revenues. SG Cowen writes the "combination of earnings leverage, product transition, dramatic expense reductions make IDTI on of our favorite plays on cyclical recovery." CSFB reiterates their BUY rating and $38 price target based on a long-term growth rate of 20%.
1:22PM Lattice Semi (LSCC) 11.54 -0.66: Stock continues on its sharp 40% 5-day slide, slipping another 8% following the co's in-line earnings release last night and lowered Q2 guidance (to revs of approx $59 mln vs. est $67.6 mln). Analysts retain their cautious stance: yesterday, Merrill Lynch downgraded LSCC to near-term NEUTRAL from near-term Buy (see In-Play for details). Bank of America maintains their Mkt Perform rating on mounting competitive pressures: ests that LSCC's share of the overall PLD mkt in 2001 dropped roughly 3% from 2000, partly attributed to XLNX and ALTR. Morgan Stanley is more positive for valuation reasons; believes the YTD sell-off in LSCC stock has made the valuation attractive and sees LSCC benefiting from the integration of the AGR.A FPGA business.
12:25PM Zoran Corp (ZRAN) 38.58 +2.18: After exceeding Q1 earnings numbers and declaring a 3-for-2 stock split last night, ZRAN is trading 6% higher today. Upbeat analyst comments also provide a lift... Needham & Co reiterated Buy and upped price target to $50 from $45; CE Unterberg Towbin reiterated short-term Buy/long-term Buy rating and price target of $45; SoundView Technology reiterated Buy, noting that company continues to see good momentum in DVD, Zoran is benefiting as their customers gain share, and company is seeing continued design win momentum with launch of new camera chip.
11:50AM Applied Micro (AMCC) 6.86 -0.28: Merrill Lynch downgraded to long-term BUY from long-term Strong Buy after AMCC reported revenues of $30 mln, which were down 25% on a sequential basis and below firm's $35 mln estimate; posted operating loss of $0.06, slightly below firm's estimate. Long term, AMCC dominates the high speed component market and with $1 bln in cash, firm believes it is well positioned to emerge from the downturn as a dominant competitor. However, at the current cost structure, firm expects company to lose money for the next 6-8 quarters. Merrill believes AMCC is fairly valued and sees little downside risk from current levels and is maintaining intermediate term Neutral rating... Also, CSFB resumed Hold rating and price target of $9.
11:38AM Fairchild Semi (FCS) 29.93 +0.68: Yesterday, company beat Q1 earnings numbers and raised Q2 revenue guidance. The stock is trading to the upside (+2.3%). Providing support, Robert W. Baird upgraded to MARKET OUTPERFORM from Market Perform and upped price target to $40 from $33. Also, Deutsche Securities reiterated Buy rating and price target of $35.
9:48AM Intersil (ISIL) 30.26 +0.95: WR Hambrecht initiated coverage with a Buy rating and price target of $41.50 as firm thinks ISIL is undervalued at current levels. Firm notes that, with recent acquisition of Elantec, Intersil holds the #1 position in WLAN, power management, optical storage and flat panel display device market segments... Thomas Weisel reiterated Buy rating and price target of $40, saying positive Radio Shack and Agere datapoints and strong Fairchild results bode well for ISIL, which is scheduled to report after close. Firm expects solid March quarter results with positive outlook... ISIL trading up 3.2%.
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