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

To: Return to Sender who wrote (4210)	7/21/2002 11:22:53 PM
From: Return to Sender	Respond to of 95406

Friday's Briefing.com notes: 2:37PM Kulicke & Soffa corp credit cut to CCC+ from B- by S&P (KLIC) 9.10 -0.12: S&P's debt rating cut reflects continued declines in KLIC's cash position, as well as expectations that recovery in the semi packaging equipment industry is likely to be slower than previously expected. 9:28AM Atmel downgraded at Prudential (ATML) 5.02: -- Update -- Prudential downgrades to HOLD from Buy after the co reported a weaker-than-expected Q2; firm is concerned about how late ATML has been to adjust its costs, and believes it is prudent to remain on the sidelines until the co is able to reduce its costs; cuts price target to $6 from $12. 8:37AM Goldman Sachs downgrades select comm IC stocks : Goldman Sachs downgrades CNXT to MKT PERFORM from Rec List, PMCS and TUNE to MKT OUTPERFORM from Rec List, and AMCC and VTSS to MKT PERFORM from Mkt Outperform; firm cites troubles upstream and challenging market environment, as well as high valuations, still unclear paths to profitability, and differing product cycles. Maintains Rec List ratings on BRCM, MRVL, and QCOM to reflect potential product cycle momentum. 8:08AM DuPont Photomasks, Photronics downgraded at CIBC : CIBC downgrades DPMI and PLAB to UNDERPERFORM from Buy and Strong Buy, respectively, due to pricing pressure and softness in demand for photomasks; present concern is that price wars in photomask markets are notoriously difficult to quantify, both in their duration and magnitude. 8:07AM Dupont Photomask raises Q4 guidance; Q1 outlook below consensus (DPMI) 27.18: Expects to posts Q4 net of about break even (before items) on revenues of approx. $94.5 mln. DPMI had provided guidance of a $0.02-$0.10 loss on revs of $87-$92 mln. Multex consensus is -$0.04 and $89.98 mln. For Q1, co sees EPS ranging from ($0.20) to $0.02 on revs of $87-$94 mln (consensus $0.08 and $96.57 mln. 8:02AM Infineon reports smaller quarterly loss (IFX) 17.10: Chip maker advances 2.5% in Germany after reporting a Q3 loss of Euro 0.11 compared with a loss per share of Euro 0.16 in the previous qtr. Revs rose 1% sequentially and 10% yr/yr to Euro 1.4 bln. Sees signs of moderate improvement in demand for 2nd-half, but expects strong pricing pressure in most of its business groups. 3:55PM PMC-Sierra (PMCS) 10.54 +0.74: Despite Goldman Sachs's pre-open downgrade of co. to MKT OURPERFORM from Recommended List as part of broader ratings reset (see In-Play for details), PMCS remains firm's favorite among telecom-oriented peers. And it's no big surprise given last night's solid results of loss of $0.07, a penny better than consensus, on revs of $54.5 mln vs. consensus of $54.7 mln and upward sequential guidance for Q302. Frost Securities also continues to believe that PMC is one of premier network players; reiterates Strong Buy rating. Shares are 7.5% up, despite overall downward bias of today's market. 3:30PM UTStarcom (UTSI) 20.73 +0.06: Co the recipient of numerous analyst accolades following its earnings report last night: UTSI exceeded expectations for the 10th consecutive qtr, posting earnings $0.02 ahead of consensus and guiding Q3 higher to $0.27-0.28. CSFB raises their 2002 revenue and EPS ests to $930 mln and $1.01 (from $880 mln and $0.99) and reiterates their Strong Buy Rating and $40 price target. USB Piper Jaffray notes UTSI's growing intl presence (China represented ~79% of total sales) and believes shares are considerably undervalued relative to both its comparables and long-term growth rate of 30-35%. 2:59PM QLogic (QLGC) 41.72 +0.49: One of the few Nasdaq stocks of the day, QLGC trades higher following its strong Q1 report: co beat EPS and analyst ests and raised Q3 revenue guidance. Analysts remain enthusiastic about the storage networking standout: Goldman Sachs maintains their Mkt Outperform rating on their expectation all major business lines will continue to grow sequentially. SG Cowen believes QGLC should generate significant profits given its high level of profitability in an weak IT mkt. 10:48AM Broadcom (BRCM) 20.08 +1.08: Stock trading up 5.7% after posting upside Q2 earnings and affirmed Q3 revenues. Also providing positive support, Goldman Sachs reiterated Recommended List, believing company is on track to turn profitable this year and is delivering impressive results in light of a macro environment that remains challenging. Thomas Weisel, CE Unterberg Towbin, UBS Warburg, and CSFB all reiterated Buy. On negative note, Pacific Crest downgraded to NEUTRAL from Buy. finance.yahoo.com

To: Return to Sender who wrote (4210)	7/21/2002 11:56:34 PM
From: Donald Wennerstrom	Read Replies (2) \| Respond to of 95406

Yes, I had a feeling that is was "bad" by watching the comments the past couple of weeks, but I didn't know how bad until I totaled up the numbers. Looking at the next post where it shows the SOX down 1 percent over this period in July - if the 4 semi-equips had "stayed the same value" over the period, the SOX would not have been down 1 percent, but rather would have been up about 2 to 3 percent. Quite a difference! It will be interesting to see if the analysts keep "hacking away" at the semi-equips this coming week. Don