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To: j g cordes who wrote (37632)	7/15/2002 11:19:10 AM
From: Return to Sender	Respond to of 68426

From Briefing.com: 10:56AM ADTRAN revises Q3 guidance below consensus (ADTN) 18.14 +0.33: -- Update -- We are hearing that ADTN during their conference call is revising their Q3 guidance to $0.12-$0.15 and $83-$87 mln in revs, below the Multex consensus of $0.16 and $91.4 mln; co attributes lowered guidance to a flat IT environment, and sees flat gross margins and operating expenses; in addition, co has reduced inventory and repurchased 374k shares for a total of 589k shares in their 2 mln share buyback program. 10:55AM Novellus Intraday (NVLS) 31.44 +0.45: -- Technical -- Stock demonstrating notable relative strength, trading in solidly positive territory. Currently pulling off its intraday high, look for notable support in the area of 31.30 to 31.35. To the upside, the shares face initial resistance at 31.65 followed by additional overhead at 32.00 and 33.00. 10:30AM Nasdaq holds support at 1350 : -- Technical -- Index continues to hold support in the general area of 1,350 -- at least to this point in the session. Look for initial resistance at 1357 followed by additional overhead at 1365 and a more important ceiling at 1380. To the downside, watch for initial support at 1352 followed by notable support at 1346 -- 10:19AM Intel margins could rise in 2nd half-- Solly (INTC) 18.03 +0.04: Salomon Smith Barney in a pre-open note issued a Q3 forecast of mid single-digit rev growth, as firm believes the co has probably begun to see signs of a modest seasonal upturn; also, since INTC's manufacturing is inherently a fixed-cost business, firm says higher revs will generate higher margins regardless of the product mix, and can see margins return to 50% in Q3 and to 52% in Q4. In addition, firm hears that CEO Craig Barrett plans to address INTC employees immediately following the analyst conference call on Tuesday, although the reason for the meeting is unknown. 9:31AM QLogic's Sept prospects improved in SoundView's eyes (QLGC) 39.26 -0.16: According to SoundView (in pre-market note), firm spoke on Friday of expecting QLGC to be less optimistic about its Sept outlook, due to potential slowdown from Sun Micro ahead of a new product launch. However, further conversations with mgmt since then lead firm to believe that Sept guidance will actually be stronger than firm had expected. 8:31AM BofA raises equity allocation : Banc of America raises their equity allocation for their recommended portfolio to 60% from 55% and cuts bond weighting to 30% from 35%; stocks have fallen sharply since last increase on June 10, and firm continues to see improvement in valuation and sentiment indicators. 8:27AM ADTRAN beats by $0.02; revs light (ADTN) 17.82: Reports Q2 earnings of $0.15 per share, $0.02 better than the Multex consensus. Revenues fell 11.7% year/year to $85.8 mln vs the $87 mln consensus. 8:10AM DSP Group upgraded at CIBC (DSPG) 17.27: CIBC upgrades to STRONG BUY from Buy based on strengthening fundamentals and low valuation; believes 2.4 Ghz handset chip and multihandset chip will gain strong acceptance in Q3, and would take advantage of recent weakness in stock to build positions prior to completion of ParthusCeva merger expected in Q3; raises 2002 est to $0.86 from $0.85 and 2003 to $0.98 from $0.95. Price target is $29. 8:08AM Rambus licenses RaSer technology to Intel (RMBS) 5.05: Announces that it has licensed its RaSer serial link technology to Intel for use in Ethernet network applications. 8:02AM Siebel Systems downgraded at Solly (SEBL) 11.53: Salomon Smith Barney downgrades to NEUTRAL from Buy and cuts price target to $13 from $21. 7:52AM PeopleSoft downgraded at Solly (PSFT) 14.73: Salomon Smith Barney downgrades to NEUTRAL from Outperform and cuts price target to $16 from $24. 7:46AM Veeco Instruments downgraded at Bear Stearns (VECO) 18.05: Bear Stearns downgrades to ATTRACTIVE from Buy and cuts price target to $30 from $60 after Friday's VECO/FEIC merger announcement; says the valuation premium of FEIC over VECO rather than a merger of equals calls into question the future value of some parts of VECO such as process equipment and data storage, and leads to considerable uncertainty in the short run. finance.yahoo.com

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