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

To: Return to Sender who wrote (2969)	4/30/2002 8:51:11 PM
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From Briefing.com: 6:39PM EMCORE (EMKR) 8.85 +0.83: Reports Q2 (Mar) loss of $0.50 per share, $0.04 worse than the Multex consensus of ($0.46); revenues fell 48.4% year/year to $23.1 mln vs the $21.2 mln consensus. 5:16PM Alliance Semi tops estimates (ALSC) 10.66 +0.30: Reports Q4 (Mar) loss of $0.03 per share, $0.08 better than the Multex consensus of ($0.11); Q4 revs came in at $4.4 million. 4:38PM Alpha misses by a penny (AHAA) 12.25 +0.45: Reports a Q4 loss of $0.12 a share, $0.01 worse than consensus, vs a yr-ago profit of $0.08. Sales declined 48% to $28.2 mln (consensus $28.04 mln). For Q1, co expects a loss of $0.09-$0.10 (consensus -$0.07); sees sequential rev growth of 8-12% (consensus 9.7%). 4:10PM Centillium beats by seven cents (CTLM) 11.62 -0.73: Reports Q1 loss of $0.25, seven cents better than the Multex consensus of ($0.32); revenues were $22.6 mln vs the $21.5 mln consensus. Offers no guidance in press release, but says it is "encouraged" by DSL subscriber growth in its key markets. 1:19PM Lattice Semi Intraday (LSCC) 11.64 -0.21: -- Technical -- Stock failing to participate in today's broad-based rally, trading towards its worst levels of the session. From current levels, look for initial support at 11.55 followed by additional support at 11.25 and a final floor at its 52-week low of 10.94. The intraday tone would improve if it could reclaim territory above intraday resistance at 11.75. 12:22AM Applied Materials Intraday (AMAT) 24.92 +0.98: -- Technical -- Shares are trading towards their session high behind broader buy interest in technology. Look for near-term resistance at 25.20 which approximates its 50-day simple moving average. On a break higher, watch for subsequent overhead at congestion in the area of 25.90/26.10. The favorable intraday tone would deteriorate on a failure to hold very near-term support at 24.70. 10:58AM Micron Tech: Merrill Lynch comments on Hynix situation (MU) 25.40 -1.05: --Update-- Merrill Lynch believes that decision by Hynix board of directors to vote against Micron's bid could be a near-term negative for DRAM pricing, as firm had expected Micron mgmt to take some portion of Hynix's capacity offline in an effort to stem Hynix's losses and bring global supply further down. If Hynix remains independent, 4-5% of global supply would stay online. Merrill's Korean analyst points out that it's still possible for a deal to occur if Hynix creditors covert debt to equity and take control of the co, but that this process would be both complex and lengthy. Firm sees Hynix's actions having little intermediate to long-term impact on a DRAM biz that is not investing sufficiently to keep up with demand. 10:13AM KLA-Tencor Intraday (KLAC) 58.77 +0.85: -- Technical -- Some buy side interest develops again with KLAC just taking out the initial recovery high off last week's low at 58.73. Sustained break could trigger some follow through interest. Next resistances are at 59.50 and 60. Intraday support at 57.75. 10:08AM Nasdaq Composite Intraday : -- Technical -- Modest gains thus far this morning with the next resistance of interest at 1672/1674. Secondary levels are at 1685 and 1697/1700. The key support on an intraday basis is at 1657/1654. 10:10AM Genesis Microchip (GNSS) 23.18 +2.90: Shares of Genesis Microchip are headed in an unfamiliar direction this morning -- higher. The catalyst is the company's better-than-expected fourth quarter results released last night. Specifically, Genesis reported fourth quarter earnings of $0.32 per share, exceeding the consensus by two cents. At the same time, revenues came in at $56.1 million, edging out consensus expectations for sales of $55.6 million. Importantly, the company maintained share at approximately 70% during the quarter and increased total units shipped on a sequential basis. Looking forward, management essentially reiterated prior projections -- it guided to $60 million in revenues for the first quarter, and sees total sales in the range $250 to $270 million for fiscal 2003. So all in all, Genesis' headline numbers looked solid. The one issue that did arise on its conference call was a 6% drop in its blended average selling prices (ASP's). A less favorable product mix contributed to the decline though management was quick to point out that the rate of decline had improved versus the prior quarter. While Genesis expects lower gross margins near term due to new-product yield issues, it also projects a large ramp in the second half of calendar 2002 aided by LCD-glass capacity additions. From a fundamental perspective, the shares trade at 20.9x trailing earnings and 18.4x current estimates for fiscal 2003. This suggests a strong case for the upside outweighing any downside and helps explain the strong 15% advance in the shares this morning. -- Mike Ashbaugh, Briefing.com 2:35PM NVIDIA (NVDA) 34.44 -0.99: After yesterday's upward guidance and slight upward earnings restatement, Prudential believes NVDA remains extremely cheap and reiterates their Buy rating and $62 price target. Morgan Stanley believes that many investors will be comfortable establishing positions in NVDA and rates the stock as one of the most attractive and undervalued stocks in their universe. 1:56PM TriQuint Semi (TQNT) 10.12 +0.43: Shares jump 4% on news yesterday TQNT entered into an agreement to acquire IFX's GaAs semi business for $45-72 mln; deal is expected to close July 1, 2002. Analysts great deal enthusiastically: Wachovia believes this agreement establishes an important European front for the co. and helps to accelerate TQNT's entry into the GSM mkt; firm continues converage with a Buy. Bear Stearns admit there is significant technology overlap between the 2 cos, but believes TQNT is likely to benefit most from IFX's GSM technology. CIBC believes the transaction should not impact current Q2 ests ($0.02) vs $0.03. 12:37PM Power Integrations (POWI) 21.16 +1.67: Stock getting a boost from a First Albany initiation with a Buy and a price target is $26. Firm noting that company's growth is driven by new products that are expected to expand its market penetration beyond the 10-25 watt power range that Power Integrations has historically addressed; strong patent portfolio provides POWI with a significant cost advantage over other integrated AC/DC solutions... POWI up 8.6%. 9:17AM GlobeSpan Virata downgraded by Frost (GSPN) 8.65: -- Update -- Trading down 1 pt pre-market; Frost Securities downgrades to MKT PERFORM from Strong Buy. Morgan Stanley says numbers were disappointing; FY02 EPS estimate cut to $0.04 from $0.12 and FY03 revenue estimate goes to $490 mln from $635 mln, but firm says stock has overshot and looks undervalued. finance.yahoo.com RtS

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