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

To: Donald Wennerstrom who wrote (3058)	5/7/2002 6:11:45 PM
From: Return to Sender	Read Replies (1) \| Respond to of 95471

From Briefing.com: 5:50PM QLogic guides higher for June qtr (QLGC) 38.26 -3.74: -- Update -- On call, says it expects overall revenues in fiscal Q1 (Jun) to be up 3-8% on a sequential basis... That implies revenues in the range of $95.07-$99.68 mln (Multex consensus is $92.26 mln)... Separately, expects fiscal Q1 pro forma EPS of $0.20-0.24 (consensus $0.21)... QLGC +3.49 at 41.75 4:35PM QLogic tops consensus by 2 cents (QLGC) 38.26 -3.74: -- Update -- Reports Q4 pro forma EPS of $0.22, $0.02 better than the Multexconsensus; revs were $92.3 mln, vs consensus of $87.8 mln. 5:47PM Cisco Systems (CSCO) 13.08 +0.19: -- Update -- On call, company says it still remains cautious about the economy....Company is watching the manufacturing sector as a key indicator....stock at 14.91. 5:45PM Cisco Systems (CSCO) 13.08 +0.19: -- Update -- On call, company says it expects gross margin for Q4 (July) to be in the low 60% range. It was 63.1% in Q3 (Apr)....Company sees orders to be up 5% sequentially, give or take a percent or two....Book-to-bill was below one. Soft in Feb, in-line for March and April was better than expected. But remember third month always back end loaded....stock at 14.88. 5:42PM Cisco Systems (CSCO) 13.08 +0.19: -- Update -- On call, company says it sees Q4 (July) revenue of "sequentially flat or up slightly (low single digits)." Q3 revenue was $4.82 bln. A 3% growth rate would be $4.96 bln.... Multex consensus for Q4 is $4.99 bln....stock at 14.65. 5:15PM Cisco Systems (CSCO) 13.08 +0.19: -- Update -- On call, company credits the nice bump in gross margin to 63.6%, above its goal of 60% to cost savings, including lower overhead and lower inventory levels...stock at 14.43. 5:13PM Cisco Systems (CSCO) 13.08 +0.19: -- Update -- On conference call, company says it has discontinued its synthetic leases. This should help ease concerns about off-balance sheet financing....DSOs improved to 19 days from 22 days in Q2 (Jan)....company expects to increase share repurchases....stock at 14.38. 4:22PM Cisco Systems beats by two cents (CSCO) 13.08 +0.19: -- Update -- Reports pro forma net income of $0.11 per share, $0.02 better than the consensus estimate; Q3 revs came in at $4.82 bln vs the consensus estimate of $4.85 bln; company says -- "We continue to take market share from our top-ten competitors, with revenue growth of 2% year-over-year versus a drop of 43% for these competitors." 2:50PM Broadcom upgraded to Strong Buy from Buy on price by CIBC (BRCM) 25.76 -4.18: -- Update -- 1:58PM Broadcom defended by Pacific Growth (BRCM) 25.44 -4.50: -- Update -- Pacific Growth considers sell-off in reaction to TXN/MOT deal overdone. Firm believes that Motorola is employing Texas Instruments as a 2nd-source supplier of cable modems, while Broadcom remains as primary supplier to both cable modems and set-top boxes. Pacific Growth estimates that BRCM receives 5-6% of itsrevs from MOT's cable modem biz. Believes that most likely scenario is that BRCM loses about 1-2% of revs as a result of TXN being a 2nd-source supplier. 12:53AM Intel Intraday (INTC) 26.74 +0.96: -- Update -- -- Technical -- Trading towards its best levels of the session on solid relative volume. From current levels, look for initial resistance at 27.00 followed by additional overhead at 27.85. The favorable intraday tone would be placed in question on a breakbelow very near-term support at 26.50. 12:22AM Novellus Intraday (NVLS) 44.80 +0.90: -- Technical -- Stock demonstrating relative strength, trading towards its best levels of the session. Look for initial resistance at 45.00 followed by additional overhead at 45.45. To the downside, watch for modest support at 44.50 followed by an additional floor at 44.15. 9:37AM Texas Instruments tapped to power Motorola cable product (TXN) 28.06 +0.51: Motorola (MOT) selects Texas Instruments to power its newest cable product. Motorola's SURFboard SB4220 cable modem will incorporate TI's complete DOCSIS system solution. 9:34AM Broadcom -- volume alert (BRCM) 28.34 -1.60: Comes under heavy selling pressure in early trading. 9:11AM IBM price target lowered by Solly (IBM) 76.00: -- Update -- Salomon Smith Barney attributes yesterday's 7% decline to market speculation of 1) a restructuring, 2) an EPS restatement, 3) the potential departure of CFO John Joyce to Sun Micro. Firm is lowering price target to $90 from $105 based on a lower 19x target PE, as near-term multiple expansion seems unlikely. Firm says it does not expect an earnings restatement and would surprised to see Joyce leave. 8:45AM Oracle Corp cut to Hold by CIBC -- estimates too high (ORCL) 8.22: CIBC World Mkts downgrades to HOLD from Buy. Following extensive field checks, firm thinks estimates are likely to come down and a potential recovery in the biz is at least a yr away. Firm reduces Q4 est to $0.11 from $0.12 (consensus $0.13). 8:43AM SAP AG downgraded at Soundview (SAP) 29.30: We are hearing from sources that Soundview is downgrading SAP to HOLD from Buy based on weak application spending, the pending acquisition of NavisionDamgaard by MSFT, optimistic mgmt guidance, and premium valuation; recent inputs from the Gartner Group and industry contacts suggest that app deployments continue to be stretched out, with little new project activity; believes SAP will be increasingly challenged to maintain its aggressive 15% 2002 revenue growth target. Lowers FY02-03 rev and EPS ests. 8:40AM Bear Stearns on DRAM : Bear Stearns Ripple Effect says that there is a high probability that the DRAM spot price will likely break the $2.50 mark and possibly break $2.00; with spot market volume transaction slowing further, meaningful price rebound is not likely until at least 3Q03; also, spot market traders are reporting that DRAM transaction volume has slowed significantly and PC OEM customers are showing no signs of large purchases. 8:15AM Hewlett-Packard upgraded at Morgan Stanley (HPQ) 18.22: Morgan Stanley upgrades to OVERWEIGHT from Equal-Weight, saying that even in the downside scenario the current valuation looks attractive; with merger uncertainty gone, HPQ's longer-term rewards outweigh its potential near- to medium-term risks; and even though the enterprise environmentremains weak, HPQ's well-placed integration plans and first-class printing franchise should bear fruit by FY03. Price target is $23. Agilent is another stock that has been on the defensive, losing roughly 27% over the last two months. In this case the issue is probing a solid support zone in the 28/27.70 area. This marks the 200 day sma, the 50% retracement of the Sep 01/Mar 02 rally and a chart barrier. The key here is to continue to build an aggressive short term pattern and sustain gains through the 30 area. Failure would leave the door open for a downside extension. Initial support is at 27.20 with a secondary level at 26.88 (bottom of the Feb 20 gap). 2:58PM Silicon Labs (SLAB) 24.45 -0.05: Salomon Smith Barney resumes coverage with an Outperform rating and $42 price target (down from $31) and shares tread water amidst today's Nasdaq sell-off. Firm names SLAB a "top mixed signal semi design co." with a proven strategy of introducing low-cost, highly integrated ICs, namely the new Aero GSM transceiver; believes this first-of-a-kind CMOS device should complement share gains in wireline ICs resulting in strong forward sales and EPS growth. Salomon notes that concerns include a gradual deterioration in some of the end mkts and potential margin stagnation but stresses SLAB's small size and ability to gain share should mitigate these issues. 1:58PM Broadcom (BRCM) 25.57 -4.37: Stock drops off close to 15% on news of a TXN/MOT deal (to work on a new cable modem) despite a positive affirmation from Goldman Sachs. Firm emphasizes that MOT's partnership with TXN should not have a material impact on BRCM's revs and would use any resulting weakness in shares as a buying opportunity. Goldman also attended the NCTA cable show and was impressed with several of the latest silicon solutions from BRCM; notes that the general trend in modems appears to be to embeding 802.11b and 10/100 switching and saw this demonstrated by multiple customers using BRCM silicon. Pacific Growth Equities also defends BRCM today. 1:33PM IBM (IBM) 76.80 +0.80: Shares have sold-off close to 10% since Thurs. on the sharp Nasdaq decline and co. noise about additional lay-offs/restructuring; shares climb slightly higher today after a low opening on a cautious pre-open note from Morgan Stanley. Firm suggests IBM stock may see additional downside and maintains their Equal-weight rating. Morgan would like to see either an additional pull-back in the stock or a change in fundamentals that suggest additional upside to their residual income model; firm finds it difficult to get to upside over $80/share. Morgan Stanley notes IBM hosts its analyst meeting next Wed 5/15 at 3 PM EST. 11:45AM Adaptec (ADPT) 13.19 +0.19: Stock trading slightly higher as Thomas Weisel initiated coverage with an Attractive rating and price target of $22, saying valuation appears attractive given growth opportunities. Expects growth of 20% top-line, 25% bottom line over next 3-5 years, thus valuation does not fully reflect iSCSI and other opportunities in firm's view. Firm would become buyers as catalysts approach in second half, all else being equal. ESS Tech (ESST) 14.70 +1.71: Co's board of directors authorizes the repurchase of up to 3 mln common shares. "Separately, we are aware of a report recently issued by the Center for Financial Research and Analysis, Inc. (CFRA) which is extremely misleading. The report implies that ESS may be hiding expenses to inflate its operating profits by having its former subsidiary, Vialta, Inc., pay for these expenses. This is absolutely false." finance.yahoo.com^SOXX+^IXIC&d=t Good numbers from CSCO sparking a nice after hours rally. RtS

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