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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Donald Wennerstrom who wrote (2911)4/25/2002 10:11:05 PM
From: Return to Sender  Respond to of 95463
 
Looks like expected earnings are rising Don! Thanks for the tables. More from Briefing.com:

5:09PM Microchip guidance roughly in-line (MCHP) 43.95 +0.32: -- Correction -- We previously reported post-split guidance vs pre-split consensus estimates; MCHP is guiding Jun and Sep qtrs to $0.14 and $0.16 on a post-split basis, or $0.21 and $0.24 on a pre-split basis. The comparable First Call estimates are $0.21 and $0.22; Multex estimates are $0.22 and $0.25. MCHP will split 3-2 on May 9.

4:38PM Microchip reports in line Q4 (MCHP) 43.95 +0.32: Reports Q4 EPS of $0.19, in line with the Multex consensus; revs were $148.8 mln, vs consensus of $148.5 mln.

4:47PM Intl Rectifier beats by a penny (IRF) 45.29 +0.08: Reports Q3 (Mar) earnings of $0.19 per share, $0.01 better than the Multex consensus of $0.18; revenues fell 35.3% year/year to $178.6 mln vs the $178.1 mln consensus. Guides Jun qtr revenue growth to 10% sequentially, or roughly $196.5 mln vs the $195.0 mln consensus, and raises FY03 revenue growth guidance to 35% from 25-30%.

4:45PM Integr Silicon Solut tops estimates (ISSI) 13.38 +0.38: Reports Q2 (Mar) loss of $0.34 per share, $0.03 better than the Multex consensus of ($0.37); revenues fell 68.1% year/year to $16.6 mln vs the $16.6 mln consensus.

4:16PM Adaptec matches estimates (ADPT) 14.66 +0.21: Reports Q4 (Mar) earnings of $0.08 per share, in line with the Multex consensus of $0.08; revenues were $108.1 mln vs the $108.2 mln consensus. No guidance in press release.

4:13PM Microsemi misses; guides lower (MSCC) 15.40 -0.45: -- Update -- Reports Q2 (Mar) pro forma EPS of $0.09, a penny worse than the Multex consensus of $0.10; revenues were $55.0 mln vs $53.5 mln consensus. Says book/bill was 1.02, and guides Jun qtr to $56-58 mln and $0.09-0.11, slightly below current consensus estimates of $58.1 mln and $0.14.

4:10PM Flextronics matches estimates (FLEX) 13.47 -0.81: Reports Q4 (Mar) earnings of $0.12 per share, in line with the Multex consensus of $0.12; Q4 revs came in at $3.30 bln vs the consensus estimate of $3.20 bln.

4:09PM JDS Uniphase misses estimates; guides lower (JDSU) 5.03 +0.01: -- Update -- Reports Q3 (Mar) pro forma loss of $0.05, three cents worse than the Multex consensus of a loss of $0.02; revenues were $261.8 mln vs the $255.8 mln consensus. Guides Jun qtr revenues to $210-230 mln with a loss of $0.03-0.04, both numbers below consensus estimates of $250.4 mln and a loss of $0.01.

3:44PM Supportive Fed comments : Market spiking into the close; some trading floors citing comments from Minneapolis Fed Pres Stern, who said that the economic recovery is well underway and that caution is the key to monetary policy; while friendly, these comments are neither new nor significant and it appears that this is simply the only tangible factor that anyone can cite to explain the late rally.

2:45PM Intel 2003 capex hints from Niles (INTC) 29.01 +0.10: -- Update -- Lehman's Dan Niles says that slide 33 of the CFO's presentation revealed capital spending as a percentage of cost of goods sold; based on Niles' assumption that cost of goods sold will drop slightly, the slidesuggests that capex will be up 5-10% at best in 2003; notes that semi equipment stocks rallied earlier on news that INTC will resume building its new Ireland facility, but that this could dampen investors' expectations for INTC's 2003 capex. Seeing downticks in AMAT, NVLS, KLIC after the comments from Niles.

2:42PM Intersil down on potential design loss to Broadcom (ISIL) 28.01 -0.87: UBS Warburg out with a note suggesting ISIL may have lost a design win to competitor Broadcom (BRCM +0.23); says Motorola successfully demonstrated a Wireless LAN/Broadband Cable combination modem this week in Germany; believes this product is based on Broadcom silicon which is a clear negative for ISIL.

1:20PM Intel analyst meeting highlights (INTC) 29.15 +0.24: We are hearing that during their Analyst Meeting, co says they expect rev in 2002 to be higher than 2001, and that the recovery in communications industry is trailing the recovery in corp IT hardware spending; in addition, the co continues to believe they are gaining share against SUNW in servers, they are seeing 35% cost savings using 300mm wafers vs 200mm (good for margins), and that they see no change to their 2002 capex guidance of $5.5 bln. Separately, the co said they are will restart construction of a $2 bln manufacturing plant in Ireland (AMAT, KLAC, NVLS popped on the news).

LSI Logic (LSI 15.12) gets a Merrill Lynch downgrade to Near-Term REDUCE/SELL from Neutral as firm sees little to sustain the stock price despite the improvement in business conditions....Novellus (NVLS 48.40) is added to the Focus One list at Merrill.

3:58PM Sanmina-SCI (SANM) 11.17 +0.14: Shares respond favorably to the co's news today it has agreed to acquire 3 facilities from SI: one final assembly and test operation in Florida and 2 manufacturing facilities in Europe (facilities manufacture wireline comm switching products); no fincl details have been disclosed by either co; deal is expected to close during SANM's Sept qtr. Thomas Weisel is positive on the deal and expects the transaction to be moderately accretive prior to insourcing of components; believes SANM will be able to source boards, backplanes, enclosures and cable assemblies internally, resulting in better utilization of fabs and significantly higher value added content than it a pure assembly operation.

2:57PM LSI Logic (LSI) 13.76 -1.36: After holding steading in the $15-18 range amid widespread sector losses, LSI plunges 9% today following the co's earnings report last night (co. topped ests by $0.02 with a loss of $0.12 and sees a Q2 loss in-line with consensus est of about $0.09) and Merrill Lynch's downgrade this morning to near-term REDUCE/SELL from Neutral (see In-Play for details). The rest of the analyst community is upbeat on shares: Robertson Stephens reiterates their Buy rating and $22 price target citing that the co's strong new product roadmap and structural cost reductions will drive operating margins back to the prior peak or higher by the end of FY 2003. Soundview rates LSI a Strong Buy and believes with bookings up for the third qtr in a row, June looks to be up between 3-6%.

1:49PM Micron Tech (MU) 27.63 +0.33: Shares getting a much-needed boost (+1%) on a bullish note from Prudential following this month's Nasdaq sell-off and news yesterday S&P placed MU's BB- corporate credit rating on CreditWatch. Firm's recent checks suggest the May qtr is on track with stable pricing, low inventories, and increasing content per box; stresses servers and notebooks continue to be good drivers for the seasonally weak qtr. Prudential adds that "the Hynix deal makes sense to us on a number of fronts and we believe all direct participants want to make this happen;" rates shares a bargain at at this stage of the cycle and reiterates their Buy rating and $55 price target.

1:33PM Cisco Systems (CSCO) 14.60 +0.17: Lehman Brothers is optimistic about CSCO's qtr in their Q3 preview today and shares bounce back 1% from a 5-day slide. Firm suggests that, against a challenging macro backdrop, CSCO may deliver flattish sales broadly in line with their est of $4.84 bln with EPS of at least $0.09 (consensus); rates visibility as limited but believes guidance of flat to up slightly (+0% to +3%) for fiscal year end qtr is achievable. Lehman expects investors will be somewhat encouraged by CSCO holding its own in a tough environment and maintains their Strong Buy rating; co. is scheduled to report 5/7.

finance.yahoo.com


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