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

To: Donald Wennerstrom who wrote (3643)	6/24/2002 11:11:56 AM
From: Return to Sender	Read Replies (1) \| Respond to of 95546

The latest from Briefing.com: 10:57AM Applied Materials Intraday (AMAT) 18.84 +0.08: -- Technical -- Stock demonstrating relative strength, trading in positive territory. From current levels, look for initial resistance at a congested area between 19.00/19.10 followed by subsequent overhead at 19.40. The intraday outlook would deteriorate on a failure to hold very near-term support at 18.60. 10:33AM Nasdaq Composite Intraday : -- Technical -- Index has held on its first test of notable support at 1419/1423 -- this area brackets its September 21, 2001 reaction low at 1423 as well as its October 8, 1998 reaction low at 1419. To the upside, look for initial resistance at 1436 followed by additional overhead at 1442/1444 and 1454. If support at 1419/1423 should fail to hold, watch for subsequent support points at 1410/1411 and 1400. 9:53AM Technical Levels : Despite the overextended posture that the five week slide has created, without a sustained move back at least through 9290/9300 Dow, 994/995 S&P 500 and 1450/1460 Nasdaq the door will remain open to additional weakness. Next supports are at 9180/9160 Dow, 974/972, 965, 955 S&P and 1420, 1387 (Sep low) Nasdaq Composite. 9:29AM Atmel upgraded at Needham (ATML) 5.83: Needham upgrades to BUY from Hold based on valuation; also, co's expense control and financial health should position it favorably following the current industry downturn. Price target is $10. 8:55AM Intl Rectifier upgraded at Weisel, RW Baird (IRF) 27.50: Thomas Weisel upgrades to BUY from Attractive, citing better visibility, channel checks indicating positive trends in power mgmt, expectations for modestly improving inventory levels, and valuation; price target is $47. Separately, RW Baird upgrades to STRONG BUY from Mkt Outperform, saying the shares represent a compelling value at current levels as the outlook for IRF's business remains strong; cuts price target to $45 from $60. 8:40AM Cisco Systems profiled in Sunday NY Times (CSCO) 13.74: A Sunday NY Times article says Cisco is in a mid-life crisis, and notes its slowing markets and the possibility that its acquisition strategy has run its course; overall, however, this is primarily a profile of CEO John Chambers and contains no new information on the company. 8:36AM Emulex begins trading on NYSE today (ELX) : 8:36AM SG Cowen sees some value in select semis : SG Cowen says that some semi valuations are starting to become interesting, with many formerly hot chip co's now trading near cash levels; although there are no near-term catalysts, firm believes there could be significant upside to AMCC, GSPN, TUNE, ISSI, OAKT, IDTI, CRUS, TQNT, and ZRAN. 8:21AM Photronics upped to Buy at BofA (PLAB) 17.02: Banc of America Sec upgrades to BUY from Mkt Perform. Thinks recent decline in stk more than discounts the issues overhanging the stock. Firm also cutting estimates on PLAB; FY02 goes to $0.42 from $0.51 and FY03 to $0.89 from $1.45. 7:49AM IBM estimates cut at Goldman (IBM) 68.75: Goldman Sachs cuts IBM's ests based on the negative effects of the IT spending slowdown as well as new ests for IBM's 2003 pension return offset by the positive effects of the absence of HDDs, people/ facilities restructuring, and forex; cuts 2002 est to $4.00 from $4.05 and 2003 to $4.65 from $4.75; firm says valuation is low enough to suggest reasonable upside to a tgt price ranging from $80-100. 7:19AM Microsemi reduces Q3 outlook (MSCC) 13.23: Chip maker lowers Q4 earnings guidance to a range of $0.04-$0.05 from previous guidance of $0.09-$0.11 (Multex consensus $0.10); puts revs at $51-$52 mln (consensus $56.3 mln). 6:47AM ESS Tech updates guidance, again (ESST) 16.84: For the second time in a week, ESST is providing upward guidance. After increasing Q2 outlook on June 18, co is boosting Q3. For Q3, sees EPS of $0.35-$0.38 vs previous guidance of $0.25-$0.30 (Multex consensus $0.34); puts revs at $86-$90 mln vs previous guidance of $82-$87 mln (consensus $90.91 mln). finance.yahoo.com^SOXX+^IXIC+^VIX+^TIC.O&d=t Thanks for printing the Briefing.com outlook. Believe it or not I had not even read it. RtS

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