From Briefing.com: After Hours Monday Price changes vs 4pm ET: Only a limited number of earnings reported as this season has yet to get into swing but several stocks did issue warnings: Anadigics (ANAD -33.9%) said it is still on track for Q2 (loss of $0.29 on revs of approx. $23 mln) but indicated that for Q3 now sees a loss of $0.33 on revenues of approx. $21 mln (consensus -$0.22 and $25.86 mln).
6:39PM MIPS Techs warns for Q4 (MIPS) 5.88 -0.29: Company warns that Q4 (Jun) EPS will be loss of $0.09-0.10 vs current Multex consensus of loss of $0.04, reflecting difficulty of current market environment and the time it is taking to close "identified opportunities."
4:07PM Anadigics reiterates Q2 guidance; warns for Q3 (ANAD) 7.27 -0.97: Co remains on track to post a Q2 loss of $0.29 on revs of approx. $23 mln (Multex consensus -$0.29 and $22.78 mln). However, for Q3, co sees a loss of $0.33 on revenues of approx. $21 mln (consensus -$0.22 and $25.86 mln).
3:12PM Nasdaq Composite Intraday : -- Technical -- Index has sold off to its worst levels of the session. Currently trading below important support at 1419/1423 -- this is a notable level which has served as closing support going back to both October 1998 and September 2001. From current levels, look for modest subsequent support at 1411 followed by an additional floor at 1400. To the upside, look for intraday resistance at 1419/1423 followed by additional overhead at 1429/1433.
1:35PM Intel Intraday (INTC) 18.37 +0.10: -- Update -- -- Technical -- Has edged back into positive ground after exhibiting early strength. From current levels, look for initial resistance in the area of 18.45/18.55 followed by subsequent resistance at 18.90. To the downside, watch for important support at 18.11.
NASDAQ support fails to hold:
10:08AM Technical Levels : For the better part of a week now, we've been looking for Nasdaq support in the area of 1,419 to 1,423. For those not familiar, this area is notable because it coincides with three points of interest over the prior five years -- 1) the September 11th-induced reaction lows which bottomed at 1,423, 2) the reaction lows of October 1998 which bottomed at 1,419 and 3) the ordinary course of its original uptrend during the Summer of 1997. While the index came about as close as it could to failure at this key area, it did manage to hold on both an opening and closing basis. Nonetheless, that area did receive a solid test over three consecutive sessions last week -- namely, the June 24th open at 1429, the June 25th close at 1,423 and the June 26th close at 1,429. With the index situated at 1,463 based on Friday's close, there seems to be a decent argument for a flat to higher bias this week. The Nasdaq has not put so much distance on its key support that it's overextended, and catalysts will be somewhat limited over the shortened holiday week. Looking out further towards the full month of July, the focus will begin to turn towards earnings reports rather than earnings warnings. Yet also keep in mind that the intermediate to longer-term trend remains lower unless, or until, we experience a meaningful push higher on strong volume and favorable market breadth. In terms of straight technical levels, look for notable overhead in the area of 1,497 to 1,500 which represents straight-line resistance going back to mid-June. That area is followed by more significant resistance in the range of 1,553 to 1,560. To the downside, watch for modest initial support at 1,440 followed by more significant support in the range of 1,429 to 1,433 and the well documented floor at 1,419 to 1,423. -- Mike Ashbaugh, Briefing.com
1:21PM Altera (ALTR) 13.07 -0.53: Over 50% down YTD, stock has lost additional 3.9% in today's session due to cautious comments by brokerages. JP Morgan's channel checks indicate moderate amount of excess inventories may have accumulated during Q202; firm downgrades to MKT PERFORM from Long-term Buy fearing order strength from wireless infrastructure and storage customers may abate meaningfully during Q302. Salomon Smith Barney reduces ests due to continued worsening conditions in wireline telecommunications end-markets, but continues to believe that PLD segment is one of most attractive in chip industry; maintains Buy rating and lowers price target to $25 from $30.
Advanced Power (APTI) 14.58 +0.09: Co expects Q2 revenues to come in at approx. $9.8 mln, above the upper end of the $8.8 to $9.3 mln range previously given (Multex consensus $9.23 mln).
SIA data : Bear Stearns says their interpretation of the SIA May data is that the semi industry is on fundamentally solid ground; 3-month moving avg unit shipments grew 11% YoY and 3-month moving avg revenue shipments declined by 10% YoY (vs April unit growth of 0% and a 19% rev decline); although sequential growth may be slowing temporarily, firm thinks the industry is poised for another period of very strong growth in the next several quarters; favorites include: CY, FCS, ICST, INTC, LSI, MU, TUNE, TXN, and VSH.
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