From Briefing.com: 5:52PM Tuesday After Hours price changes vs 4pm ET levels: Applied Materials (AMAT 27.97 +1.33) reported Q2 (Apr) earnings of $0.03 per share, $0.01 better than the Multex consensus; revenues fell 45.9% year/year to $1.16 bln, but were ahead of the consensus estimate of $1.04 bln; new orders of $1.69 billion increased 51% sequentially and 25% from the yr-ago period. On its call, AMAT said revenue should be $1.2-$1.3 bln (consensus $1.19 bln) and that EPS will improve sequentially. EPS was $0.03 in Q2, so it should be at least $0.04 (consensus $0.04) in Q3; related stocks include NVLS, KLAC, LRCX and TER... Hewlett-Packard (HPQ 19.57 -0.93) posted a Q2 pro forma profit of $0.25 per share, $0.01 worse than the Multex consensus estimate; Q2 revs came in at $10.62 bln vs the consensus estimate for revs of $11.14 bln. HPQ's results exclude the impact of Compaq. Separately, HPQ said it is not counting on meaningful improvement in IT spending until 2003 and that it would provide guidance for the combined company at its analyst meeting on June 4; related stocks include DELL, IBM, SUNW, and LXK... Network Appliance (00C0 16.50 -1.54) reported fiscal Q4 (Apr) earnings of $0.04 per share, in line with the Multex consensus of $0.04; revenues fell 9.3% yr/yr to $204.9 mln (consensus $206.1 mln). On its call, NTAP said it expects Q1 revenues in the range of $205-215 mln (Multex consensus $215.83 mln) and pro forma EPS of $0.04-0.05 (consensus $0.04); related stocks include the likes of EMC, HPQ, SUNW, CSCO and IBM...
5:09PM Photronics misses by two cents (PLAB) 33.24 +1.53: Reports Q2 (Apr) earnings of $0.08 per share, $0.02 worse than the Multex consensus of $0.10.
5:05PM Applied Materials (AMAT) 26.64 +1.06: -- Update -- On call, company provides guidance for Q3 (July). Revenue should be $1.2-$1.3 bln vs Multex consensus of $1.19 bln. Gross margin should improve over Q2 (Apr). While not giving a specific EPS number, the company says EPS will improve in Q3. It was $0.03 in Q2, so it should be at least $0.04 per share vs Multex consensus of $0.04....stock at 27.67.
4:52PM Applied Materials (AMAT) 26.64 +1.06: -- Update -- On call, company says book-to-bill was 1.5-to-1....business has improved and it's seeing an increase in DRAM orders....Recovery is being driven by consumer demand....stock at 27.97.
4:38PM Applied Materials (AMAT) 26.64 +1.06: -- Update -- On conference call, company says it is seeing a moderate recovery in semiconductors. "Phase I of the recovery is underway."...stock at 27.64.
4:07PM Applied Materials orders look strong (AMAT) 26.64 +1.06: -- Update -- The $1.69 bln order figure for Q2 compares favorably to estimates that were generally in the $1.3-1.4 bln range; high estimate we found was $1.5-1.6 bln from Salomon Smith Barney.
4:05PM Applied Materials tops estimates by a penny (AMAT) 26.64 +1.06: Reports Q2 (Apr) earnings of $0.03 per share, $0.01 better than the Multex consensus of $0.02; revenues fell 45.9% year/year to $1.16 bln vs the $1.04 bln consensus; new orders of $1.69 billion for the second fiscal quarter of 2002 increased 51% from $1.12 billion for the first fiscal quarter of 2002, and increased 25% from $1.35 billion for the second fiscal quarter of 2001.
4:45PM Intersil completes Elantec acquisition; updates guidance (ISIL) 30.21 +3.61: Company issues guidance to reflect the acquisition of Elantec Semiconductor; sees Q2 earnings of $0.15 per share vs the current consensus estimate of $0.15 per share; expects the acquisition to be neutral to Intersil's third quarter 2002 EPS and accretive to fourth quarter EPS.
4:19PM Computer Assoc beats by four cents; updates guidance (CA) 19.10 +1.19: Reports Q4 (Mar) net of breakeven, $0.04 better than the Multex consensus of ($0.04); revenues rose 5.8% year/year to $772.0 mln vs the $773.3 mln consensus; expects annual fiscal 2003 revenues to be in the range of $3.20 to $3.26 billion (consensus $3.27 bln), and diluted operating earnings per share in the range of $0.10 to $0.13 (consensus $0.01 per share).
4:17PM Brocade reopens; moves higher (BRCD) 24.08 +2.30: -- Update -- Stock reopens for trading; trades up to 24.85 after guidance released (see 14:37/15:39 comments). One slight clarification: the slides referenced earlier were in a webcast, not at the conference.
4:14PM Hewlett-Packard misses by a penny (HPQ) 20.50 +0.52: Company reports Q2 earnings of $0.25, $0.01 worse than the Multex consensus estimate; Q2 revs came in at $10.62 bln vs the consensus estimate for revs of $11.14 bln; these headline numbers exclude the impact of Compaq.
4:10PM Network Appliance matches estimates (NTAP) 18.04 +0.71: Reports Q4 (Apr) earnings of $0.04 per share, in line with the Multex consensus of $0.04; revenues fell 9.3% year/year to $204.9 mln vs the $206.1 mln consensus.
4:10PM BEA Systems beats by a penny (BEAS) 11.07 +1.09: -- Update -- Reports Q1 pro forma EPS of $0.06, $0.01 better than the Multex consensus; revs were $224.8 mln, vs consensus of $222.5 mln.
3:26PM Brocade (BRCD) 23.90 +2.12: Shares shrug off recent downward pressure (credited to anxieties regarding CSCO's entry into the storage networking space with today's SN 5428 product announcement) and bounce almost 10% on defensive notes from Goldman Sachs and Thomas Weisel. Goldman points out that CSCO is very new to the storage space and stresses that perceptions are worse than reality (with the storage mkt inherently more difficult to enter). Thomas Weisel rates CSCO's product a "low-end solution with limited performance" and sees little real term impact expected for BRCD."
3:19PM Flextronics (FLEX) 15.38 +1.29: This morning, FLEX announced a $1.5 bln 3-year outsourcing agreement with Casio Computer Co. to produce a wide range of consumer electronics. Over 50% of the revs are expected to be generated from existing FLEX facilities in Southern China. Prudential views this deal as strategically important as it gives FLEX a relationship with a key Japanese OEM and an in-country facility to position itself for the largest opportunity in Japan. Although no additional financial terms were disclosed, firm views the minimal capital investment (<$100mln) and use of existing FLEX capacity as clear positives; reiterates Buy rating. The news of deal have been well-received by the market, as evidenced by FLEX's shares soaring +9.2%.
3:02PM Retek (RETK) 27.51 +3.25: After fluctuating between $20-32 over the past 5 months, CSFB sees shares stabilizing/trading higher on positive Q2 checks; firm believes RETK's Q2 is tracking to their $60.6 mln total revenue (13% seq growth) and $0.10 EPS ests and expects a $1 mln deal has already closed with one of the top European retailers. CSFB also expects RETK to put increasing emphasis on tier 2 in an effort to slow the growing success of JDAS. Firm rates valuation as attractive and maintains their Buy rating and $35 price target .. shares spike over 13% on call.
3:04PM Semiconductor Sector : -- Technical -- SOX index up an impressive 6.5% with an hour remaining. Currently trading at 541, index has cleared its 200-day simple moving average at 533 earlier in the session. From current levels, look for initial resistance at 544 followed by additional overhead at 555. To the downside, watch for initial support at 538 followed by subsequent support points at 533 and 526.
2:41PM Novellus remains dominant in copper-- Prudential (NVLS) 51.55 +2.15: Prudential believes that NVLS remains the dominant supplier of copper electroplaters with continued strong traction, contrary to speculation that the co is losing share in electroplating; firm estimates copper electroplating mkt could become a multi-bln dollar per year opportunity (from 2001 mkt of about $200 mln) as copper becomes the de facto interconnect material. Reiterates Buy rating and price target of $67.
2:19PM Solectron ratings cut by Moody's (SLR) 8.30 +0.50: Moody's downgrades SLR's senior notes (among other securities) to Ba3 from Ba1 based on the continued erosion in the co's operating performance, the co's high debt to cash flow ratio, and continued uncertainty over the strength and trajectory of a recovery in its customers' end markets.
1:35PM ESS Tech (ESST) 18.31 +2.11: Shares soar over 13% on a bullish note out of Pacific Crest; firm projects that this small cap semi co's Apr shipment is in line with their volume expectations for the qtr. Firm believes that ESST is well positioned for a strong year but stipulates that (based on their model), co must continue ramping DVD chip volume shipments and manage projected ASP declines to meet their June qtr revenue expectations. Pac Crest rates ESST a Buy, adding that its valuation is discounted to its pure-play competitors.
1:29PM Cisco Systems (CSCO) 16.30 +0.60: Company officially announced today the availability of Cisco SN 5428 Storage Router, which supports IP, FC, and iSCSI storage technologies; Merrill Lynch believes this is the only product in the market today that can support these protocols simultaneously; believes this announcement further highlights CSCO's strategy to extend its networking expertise into the storage world. Firm expects CSCO to continue building momentum in storage space both through new product introductions and strategic acquisitions. While firm does not expect CSCO to generate material revs from the SN 5428 in the near term, thinks storage is a Y03 story at CSCO; expects company to gain notable share next year...Shares are up 3.8% on the news.
11:36AM Intel Intraday (INTC) 29.90 +1.38: -- Update -- -- Technical -- After gapping higher the stock has remained in a range near its 50 day sma (29.92) and its 200 day sma/50 day ema (29.5). Sustained posture above the latter level over the very short term leaves it positioned for follow through upticks. Initial resistances are at 30.40 and 30.75 with a strong ceiling near 31.4.
11:06AM Cabot Micro (CCMP) 51.90 +4.86: Encouraging comments from CIBC Wrld Mkts have aided CCMP's 10%+ advance today. Firm initiated coverage with a Strong Buy rating and price target of $85, noting that this dominant supplier of chemical mechanical planarization slurry abrasive materials holds market-share of over 80%. Firm says that, following sustained profitability and 50%+ gross margins through the recent downturn, qtr/qtr leverage in earnings should re-accelerate into 2H02, driven by recovering wafer-starts and the migration to copper volume production at leading IC manufacturers; with '03 and '04 slated to mark mainstream copper adoption, and design wins likely to dominate given process know how and R&D critical mass.
10:25AM Brooks Automation: cautious comments by Deutsche Bank (BRKS) 36.92 +2.27: Sources are telling us that Deutsche Bank is cautious on BRKS following the co's conference call, saying that the stock looks more positive in the long-term than it does in the near-term.
9:03AM Intersil may be pressured by Texas Instruments win (ISIL) 26.60: We are hearing Street talk that ISIL shares may come under pressure after rival TXN announced that they have entered into a broad collaboration with D-Link to integrate TXN's 802.11 technology into the 2.4GHz D-LinkAir retail wireless network products. (ISIL will also be added to the S&P 400 tonight.)
8:25AM Kulicke & Soffa upgraded by SoundView (KLIC) 18.30: Hearing from sources that SoundView upgrades KLIC to BUY from Hold with a $25 target; cites improving unit volumes, average selling prices, and profitability; upgrade comes aheadof mid-quarter update scheduled for Friday.
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