From Briefing.com: 4:44PM Intel Q3 guidance a bit below consensus (INTC) 18.36 -0.76: -- Update -- Working through the Sep qtr guidance, Intel's numbers point to EPS guidance of about $0.13 if you use the midpoint of the revenue guidance range; this is just a penny below the current Multex consensus of $0.14. So it appears that Intel met or just missed its Q2 numbers and is guiding slightly lower for Q3. Furthermore, the company announced job cuts of 4,000; some cuts had been expected. Stock trading down slightly to 18.05 after hours.
4:36PM Intel EPS confusion (INTC) 18.36 -0.76: -- Update -- Company reported a $0.09 profit excluding acquisition costs, but that still included a $106 mln charge related to the closing of its online services unit. Since estimates before and after they announced that charge in mid-June did not change, we had assumed that the charge was excluded from estimates and should therefore be excluded from today's number. Since it's not clear if that $106 mln charge is pre-tax or post-tax, the exact impact is unclear, but the result probably would have been $0.10-0.11 excluding that charge vs the $0.11 consensus. We will have to wait to hear more from the analysts about this charge before we can be sure.
4:35PM Apple Computer matches estimates; guides lower vs current consensus (AAPL) 17.86 -0.37: Reports Q3 (Jun) earnings of $0.09 per share, in line with the Multex consensus of $0.09; revenues fell 3.1% year/year to $1.43 bln vs the $1.42 bln consensus; "expects September quarter revenues to be approximately flat with the June quarter, and expects a slight profit for the quarter before any non-recurring items" -- current consensus estimates are for revs of $1.51 bln and earnings of $0.14 per share.
4:32PM INTC reverses losses; advances to $18.45 18.36 -0.76: Semiconductor equipment makers also rebound off lows, but continue to trade in negative territory.
4:28PM Intel (INTC) 18.36 -0.76: -- Update - Revenues fell 0.2% year/year to $6.32 bln vs the $6.34 bln consensus. Capital spending for 2002 is expected to be between $5.0 billion and $5.2 billion, lower than the previous expectation of $5.5 billion. Revenue in the third quarter is expected to be between $6.3 billion and $6.9 billion (consensus $6.71 bln). Still working on EPS figure. The 7 cent headline included a charge and does not appear to be comparable to the 11 cent consensus.
4:22PM Kulicke & Soffa issues cautious guidance (KLIC) 12.06 -0.20: Reports Q3 (Jun) loss of $0.37 which includes pre-tax charges and does not appear comparable to ($0.21) estimate. Revenues were $132.4 mln vs $134.3 mln consensus. Expects Sep qtr revenues flat to slightly up; consensus expected roughly 16% gain.
4:19PM VRTS falls 4% in reaction to guidance; RFMD rises 3% :
4:18PM Plantronics beats by three cents; updates guidance (PLT) 16.50 Unch : Reports Q1 (Jun) earnings of $0.21 per share, $0.03 better than the Multex consensus of $0.18; Q1 revenues totaled $80.3 million vs the consensus estimate of $79.9 million; sees Q2 revs in the range of $80 - $84 million vs the current consensus estimate for revs of $82.6 million; sees Q2 earnings in the range of $0.20 - $0.23 per share vs the current consensus estimate of $0.19 per share.
4:05PM RF Micro Device beats by a penny; updates guidance (RFMD) 9.10 -0.45: Reports Q1 (Jun) earnings of $0.01 per share, $0.01 better than the Multex consensus of $0.00; Q1 revs came in a $103.9 mln vs the consensus estimate of $98.8 mln; sees Q2 earnings of approximately $0.01 to $0.02 per share vs the current consensus estimate of $0.02 per share; sees sequential revenue growth of 5%-10% vs the current consensus estimate for revs of $107.3 mln.
3:21PM PHTN resumes trading 24.91 -3.11:
3:06PM INTC breaks to session low; chip equipment makers fall in sympathy : Rumors of potentially negative earnings guidance out of Intel (INTC -3.5%) this evening has weighed on stock. These concerns are also carrying over to the Semi Equipment group, as INTC comments usually impact trading in the sector. AMAT, NVLS, KLAC are trading at their lows of day.
2:58PM Photon Dynamics issues same press release (PHTN) 25.52 -2.50 (halted): -- Update -- Company finally makes earnings report official; though company had told Briefing.com that some numbers would be revised from the release that was mistakenly posted to their site earlier today, all of the numbers look the same, and certainly the most important numbers - Jun qtr results and Sep qtr guidance - matched the earlier release. The Jun qtr numbers fell shy of estimates, and Sep qtr guidance was below current consensus (see 10:04 comment for more).
1:54PM SOX rolls into the red to a new session low : The Index has retreated 4% from its intraday high, which was set around noon. Several rumors being cited for sudden downturn: 1) speculation that Intel (INTC -2.9%) will provide lower guidance with its earnings report tonight; 2) talk of deteriorating motherboard orders out of Taiwan.
1:28PM BRCM makes fresh session low 21.40 -0.89: Trading 4% in the red on a day that most Comm IC stocks are posting sizeable gains. Contributing to weakness in stock is options overhang mentioned in 08:56 comment.
12:00PM Photon Dynamics retracts press release issued on website (PHTN) 25.51 -2.51: -- Update -- Company tells Briefing.com that the earnings press release made available on its website this morning (see 10:04 comment) was posted inadvertently due to a technical error; the company says a new press release will be issued at the originally scheduled time after the close, and that some numbers may be revised from the report issued on their website this morning, though they will not discuss the specific nature of any revisions.
11:05AM Semi HOLDRs attempting breakout (SMH) 32.08 +0.91: -- Technical -- The SMH HOLDRs now flirting with resistance at 31.95/32.1 (stymied advance late Jun/early Jul, equality target). Breakout initially would point to resistance at 32.70 with a stronger ceiling at 33.80/34. Important support is at 30.50/30.40.
10:06AM Nasdaq Composite slips after testing resistance : -- Technical -- Index runs to a resistance band in the 1382/1388 area and edges slightly lower. Losses relatively limited and while continues to hold above intraday support in the 1365/1360 area it will remain relatively well positioned. Next support is at 1352/1349. A breach and stabilization above the upper band of resistance (month long trendline) would open the door to the 1400/1404 area.
10:04AM Photon Dynamics releases early; misses Q3 and guides Q4 below consensus (PHTN) 26.63 -1.39: -- Update -- Co reports on their website Q3 EPS of $0.01, $0.04 worse than the Multex consensus; revs were $19.3 mln, vs consensus of $21.2 mln; co expects Q4 EPS of $0.01-$0.05 and revs up 10-15% from Q3 (about $21.2-$22.2 mln), vs consensus of $0.16 and $24.4 mln. (Co was originally scheduled to report today after the close.)
9:34AM Photon Dynamics seen as a buy ahead of earnings (PHTN) 27.40 -0.62: In pre-market note, CIBC World Mkts says buy ahead of tonight's earnings report. Firm expects guidance to be for more revenue and bookings expansion in Q4. Near term price target $36.
8:56AM CIBC on semi co's expensing stock options : CIBC says that any action forcing expensing of stock options would materially lower reported earnings and share prices for all semi co's, although firm is not adjusting ests or price targets; firm lists its estimates for the impact of options on 2001 results, with BRCM taking a particularly big hit to earnings (impact on 2001 EPS: $2.63), along with INTC, TXN, FCS, PSEM, AMKR, AMCC, EXAR, IDTI, MRVL, PMCS, TXCC, and ZL.
8:33AM Celestica: cautious comments from Soundview (CLS) 19.40: Soundview expects the co to report Q2 EPS and revs tomorrow at the low end of their guidance of $0.25-$0.31 and $2.1-$2.4 bln; firm has yet to see any signs of seasonal pickup, and demand for servers, workstations, and storage has remained anemic; believes CLS mgmt will remain conservative and point to limited visibility. Cuts price target to $25 from $30.
8:23AM Positive comments on EMC, other storage co's by Goldman Sachs (EMC) 9.10: Laura Conigliaro at Goldman Sachs believes that EMC should be able to modestly beat estimates in the June and Sept qtrs; sees EMC as a really positive story longer term, as it is still emerging as the solid storage franchise leader in a better IT spending environment, but thinks the stock is due for a rest after recent strength. In addition to positive data on EMC, firm says there were a number of pieces of evidence pointing to a noticeably better storage mkt in the June qtr: pricing wasn't as bad as the last qtr, BRCD should be strong, QLGC should be at the high end or above targeted ests, ELX should be able to make firm's above consensus ests, and SUNW storage is improving.
7:39AM Nextel tramples consensus estimates (NXTL) 5.00: Reports Q2 diluted earnings of $0.37 per share, $0.62 better than the Multex consensus. Revenues rose 25.1% to $2.15 bln vs the $2.11 bln consensus. NXTL raises guidance for domestic operating cash flow to at least $3 bln.
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