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

To: Berk who wrote (3659)	6/25/2002 7:26:45 PM
From: Return to Sender	Respond to of 95609

More from Briefing.com: 6:26PM WorldCom engaged in accounting fraud: CNBC (WCOM) 0.83 -0.08: CNBC reporting that WCOM has engaged in fraudulent accounting over the past five quarters; says that company recorded many regular expenses as capital expenditures, boosting EBITDA by $3.6 bln over the past five quarters. CNBC also reports that the CFO has been dismissed in the last 48 hours. Though misreporting regular expenses as capex does not affect cash flow, it can affect estimates of a company's future earnings power; CNBC also adds that the company will soon restate its earnings to reflect these issues. WCOM plunges after hours to 0.38, off 0.50 from the close. 5:57PM Micron (MU) 19.75 +0.03: -- Update -- On call, company says capital spending should be about $900 mln - $1 bln in fiscal 02 (Aug). It should increase to $1 - $1.5 bln next year depending on market conditions... stock at 18. 5:50PM Micron (MU) 19.75 +0.03: -- Update -- On conference call, company does not provide specific guidance for Q4 (Aug)... Since early April, prices have been under pressure. For example, its 256 product has been reduced to $5 from $10 per unit.... stock at 18.17. 5:07PM Micron misses by ten cents (MU) 19.75 +0.03: Reports Q3 (May) loss of $0.04 per share, $0.10 worse than the Multex consensus of $0.06; revenues fell 3.9% year/year to $771.2 mln vs the $946.3 mln consensus; company closed out Q3 with approximately $1.3 billion in cash and liquid investments. 4:36PM 3Com beats by six cents (COMS) 4.03 -0.37: Reports Q4 (May) earnings of $0.04 per share, $0.06 better than the Multex consensus of ($0.02); revenues fell 27.7% year/year to $338.5 mln vs the $365.7 mln consensus; company ended the quarter with $1.38 billion in cash and short-term investments. 4:14PM Palm matches estimates (PALM) 1.59 -0.08: Reports Q4 (May) loss of $0.03 per share, in line with the Multex consensus of ($0.03); revenues rose 41.2% year/year to $233.0 mln vs the $230.3 mln consensus; company ended Q4 with $297 million in cash and short-term investments. 2:00PM EMC Corp credit rating cut by S&P to BBB (EMC) 6.55 -0.20: S&P reduces co's corporate credit rating to BBB from BBB+ to reflect ongoing profitability pressures. Notes that EMC's balance sheet continues to be a strong source of ratings support -- with no funded debt and $5.3 bln of cash and investments. 12:19PM ASM Intl NV raises expectations for Q2 and year (ASMI) 15.71 +0.70: Announces that it is increasingly confident about prospects and expected performance in the Q2 ending June 30th and subsequent quarters of 2002. ASMI now expects Q2 sales to exceed Euro 130 mln and anticipates that the consolidated Net Loss will be less than Euro 8 mln. ASMI expects the upward trend in its financial performance to continue in the remaining quarters of 2002. 11:27AM Motorola cut by Moody's (MOT) 14.63 +0.21: -- Update -- Moody's downgrades MOT's senior unsecured debt to Baa2 from A3 (among other cuts), reflecting 1) the pressure on operating performance in virtually every segment of MOT's business, 2) expectations of a protracted recovery and constrained returns, 3) sizable exposures to NXTL and the Chinese mkt, 4) elevated gross debt load, 5) the frequency of restructuring, 6) concentration of customers, and 7) the co's penchant for taking risk in its investment and vendor financing portfolios. Applied Materials (AMAT) 19.60 -0.27: Analysts continue to believe fundamentals remain on track despite a 34% stock fall in the past few weeks; Salomon Smith Barney named AMAT as a favorite in semi group on 5/24 and today, CIBC believes co will meet or beat q/q revenue growth of 12% and EPS of $0.05 vs $0.08; believes mkt share momentum remains robust on back of higher share of foundry spending, leading 300mm/.13mu technology, and new products such as Oasis platform. Firm rates shares as attractively valued with Semicon West Conference in late July and Q3 conf call on 8/13 as catalysts for appreciation; sets price target at $40. Zoran (ZRAN) 20.40 -0.55: Stock has fallen 10% YTD on sector-related weakness; analysts continue to regard co highly and recommend buying shares ahead of the seasonally strong H2. SG Cowen believes ZRAN is on track to meet their Q2 ests of $32.5 mln and $0.10; stresses co is well positioned to take advantage of the growing DVD mkt; believes ZRAN has already started sampling an integrated DVD solution to customers (front-end controller + video decompression), ahead of their expectation. QLogic (QLGC) 38.07 -3.29: During normal market conditions, buying the relative strength leaders (those stocks holding up better than the market/peer group) is often a good investment strategy... But in a market such as this, today's relative strength leader is tomorrow's market victim... Well, it looks like tomorrow has finally come for QLGC... Leading maker of Fibre Channel HBAs (host bus adapters) is breaking down badly in today's session, as stock recently fell through important support at 38.12, amid a sizable increase in volume... Though part of this afternoon's retreat can be attributed to overall weakness among storage-related stocks in response to EMC's debt downgrade, the technical breakdown will be an invitation to short-sellers to ride this relative strength leader down hard... We saw similar action in Mercury Interactive (MERQ) early this month, after that one-time leader broke down after a long sideways pattern... That stock fell nearly 21% after taking out major support... A comparable move by QLGC would put the stock in the 30 area... And if the stock were to follow the lead of the broader market and retest its post-9/11 low, we're talking a potential decline from current levels of roughly 55%... Stock's fundamentals offer little comfort in today's market either... Yes, QLGC has done a better job of meeting street estimates than most tech companies... But in a market as ugly as this one that still doesn't justify a trailing twelve month p/s ratio of 11.2x or a trailing p/e of 45.3x. -- Robert Walberg, Briefing.com 11:58AM Cabot Micro drops on Motorola/Dupont collaboration (CCMP) 40.23 -1.59: Motorola's Semiconductor Products Sector and DuPont Air Products NanoMaterials announced that they plan to collaborate on an advanced copper chemical mechanical planarization (CMP) formulation. The mkt seems to interpret this announcement as a negative for CCMP, which is a leader in CMP slurry technology and has dropped 3.8% on the news. finance.yahoo.com RtS