From Briefing.com: 5:46PM Xilinx (XLNX) 19.11 -0.22: -- Correction -- Our 7:40 story indicated that XLNX saw Virtex II revenues exceeding $150 mln this quarter; that was incorrect - the company sees cumulative sales for Virtex II exceeding $150 mln by quarter-end.
5:32PM TriQuint Semi says Q4 looking fine (TQNT) 5.45 -0.33: -- Update -- During Q3 mid-qtr update, company said, without giving any specific guidance, that Q4 is looking like its fine right now... notes bookings plan pretty much on schedule... TQNT +0.07 at 5.52
5:18PM TriQuint Semi maintains guidance (TQNT) 5.45 -0.33: -- Update -- During mid-qtr update, says it is sticking by Q3 guidance it provided in July for revenues in range of $69-74 mln, gross margins at approx. 35%, and earnings at breakeven to a loss of $0.02 per share (Multex consensus -$0.01)... on a GAAP basis, projects a loss of $0.07 per share.... TQNT +0.06 at 5.51
3:39PM Agilent falls to new 52-week low (A) 14.91 -0.40:
2:38PM Taiwan hit by moderate earthquake : An earthquake measuring 6 on the Richter scale hit Taiwan today, but there was no immediate report of injuries or damage. Little reaction in Taiwanese foundries TSM and UMC.
2:30PM Intersil (ISIL) 17.55 -1.23: Stock currently trading down 6.6% mainly due to Semtech's earnings conference call last night, in which co said orders for its seasonally weak Q2 (July) decreased about 14% from Q1. In intraday note, CSFB says weakness represents buying opportunity and remains comfortable with Q3 ISIL estimates of $186.5 mln and $0.18 with bulk of the 6% revenue forecast increase (70%) from Q2 driven by WLAN sales. Firm's checks continue to suggest demand for these products from ISIL's customers remains robust. For its power management business (where it competes with Semtech) firm forecasting low single digit growth. Trading at 17x 2003 EPS estimate of $1.00, believes stock represents compelling growth story at very attractive valuation... CSFB rates stock a Buy with $38 price target.
1:58PM TriQuint Semi (TQNT) 5.66 -0.12: Today after close, company will provide an update on its business conditions through the first two months of its 3Q02. Ahead of this, Merrill Lynch is reiterating near-term Neutral, saying checks indicate 3Q is tracking in line with previous expectations of revenues of $69-$74 mln and EPS of breakeven to $0.02 loss. Firm thinks valuation appears reasonable, but stock will be range-bound until a pick-up in the end markets occurs. Also, Pacific Crest reiterated Buy, citing $2.08 per share in net cash and an attractive market position; however, firm does not expect much in the way of new information from company... TQNT currently down 2%.
1:54PM Fairchild Semi estimates cut by Prudential (FCS) 12.48 -0.62: Prudential cuts ests for FCS, saying that checks indicate a build in distribution inventories since June, and that current inventory levels of discrete components could translate into pricing pressures and less visibility in the Dec qtr; cuts 2003 rev/EPS ests to $1.550 bln/$0.92 from $1.647 bln/$1.00 (well below consensus), and cuts price target to $14 from $22.
1:05PM Semi Equipment : An analyst call getting surprisingly little attention today is that of USB Piper Jaffray which expects Novellus Systems (NVLS 24.48 -0.66) to revise its order guidance outlook downward from -10% sequentially to down as much as 30% in its mid-qtr update after the close tomorrow. Could this be the last nail in the coffin for the battered semi equipment sector? Maybe we won't go that far, but there is still room to go lower for the group. The news is not expected to improve anytime soon. Many are expecting orders to fall again in Q4 with the best case scenario of an uptick in the first half of 2003. Kulicke & Soffa (KLIC 3.76 -0.14) makes equipment to put chips into their final packaging. These back-enders of the semi equipment industry typically lead coming out of a downturn and see changes in demand fairly quickly and before many others. KLIC recently guided even lower as demand remains sluggish. Also, just a couple of weeks ago, industry giant Applied Materials (AMAT 13.58 -0.35) finally guided lower as it was the last of the biggies to admit it's ugly out there. The equipment industry has been hammered by a fresh wave of cuts in capital spending by chip makers and weak demand for chip-hungry hardware such as personal computers. There is growing concern that Intel (INTC 17.01 -0.17) will lower cap-ex guidance in its mid-qtr call on Sep 5... There are also longer term concerns for some of these names. As Greg Jones recently wrote in a Story Stock, the move to more efficient technologies is occurring, but it is not occurring at a fast enough pace to sustain AMAT's revenues and the current technology is good enough already. Our point here is to be cautious heading into the NVLS and INTC calls over the next week. -- Robert J. Reid, Briefing.com
12:45PM Micron still expecting stronger second half - Soundview (MU) 17.96 -0.40: Following their bus tour with MU, Soundview commenting that demand for the co in July and August has been uneven, although customers are still buying parts with the expectation of some back-to-school strength and a stronger 2H02; co estimates capex this year to be $900 mln and $1.1 bln in 2003.
12:25PM Centillium (CTLM) 3.70 +0.07: Before open, Adams Harkness initiated with Buy and price target of $7. Firm noting that company pioneered ADSL Annex C technology for Japanese marketplace, and as ADSL was rapidly adopted, co gained significant market share. Like the quick adoption of ADSL in Japan, thinks significant opportunities lie untapped in rest of Asia, North America and European markets. Firm believes CTLM will be successful in diversifying its sales geographically by leveraging its core technological expertise, and says Entropia voice over packet (VoP) solutions represent tremendous opportunity; market is severely discounting the business opportunity for CTLM, with the shares trading at 1.0X estimated CY03 sales. Although firm recognizes risks associated with DSL market, believes there are significant growth drivers that should enable valuation to rise.
11:24AM New 52-Week Lows : Chartered Semi (CHRT 13.22 -0.32)... Fairchild Semi (FCS 12.65 -0.45)... Semtech (SMTC 14.70 -
9:39AM Cirrus Logic reiterates SeptQ guidance (CRUS) 4.87 +0.25: Co expects to post a loss of $0.06-$0.10 (Multex consensus -$0.07) and sees revs at approx. $76 mln (consensus $76 mln). CRUS also reiterated that recent reports of a softening in consumer confidence indicate that a conservative outlook for the U.S. economy in the upcoming Christmas season remains appropriate.
TriQuint Semi (TQNT close 5.49) says it is maintaining Q3 guidance provided in July for revenues in a range of $69-74 mln and EPS at breakeven to a loss of $0.02 (consensus -$0.01). Would not give specific guidance for Q4 but said it is looking like its fine right now. In after hours trade the S&P futures, currently at 916.50, is trading 1.5 points below fair value, the Nasdaq 100 futures, currently at 944, is trading 2 points below fair value while the Nasdaq 100 AHI is down 0.41. For further details, be sure to visit Briefing.com's In Play, Guidance and Earnings Calendar pages. -- Jim Schroeder, Briefing.com
9:27AM TriQuint Semi reducing workforce by 7% (TQNT) 5.80: Notes that its SAW filter business in Florida and Costa Rica continues at record production and no reductions in force are planned for these locations.
9:08AM Novellus expected to cut Sept outlook to down 30% - Piper Jaffray (NVLS) 25.14: USB Piper Jaffray expects NVLS during their Aug 29 mid-qtr update to revise its order guidance outlook downward for the Sept qtr from -10% sequentially to down as much as 30%; in addition, firm also believes that the front-end semi equipment co's as a group will experience sequential order declines of 25%-30% in Q3 vs previous est of -20%; KLAC should fare better than the group avg, or possibly down 10%-15% sequentially, while LRCX and NVLS will likely perform at the low end of the range, or -30%. Believes that Q4 orders could be down sequentially from Sept and that the next uptick in orders could occur during 1H03.
8:55AM Hewlett-Packard estimates cut at Bear Stearns (HPQ) 14.21: Bear Stearns lowers ests for HPQ, saying they are taking a more conservative view given the lack of clear progress on the integration of the acquired operations as well as the challenges in turning around the enterprise and PC businesses; cuts FY03 est to $1.20 from $1.30 and FY04 to $1.40 from $1.60, maintains Neutral rating, and says stock is fairly valued at $14-$16.
8:31AM Semtech downgraded at BofA (SMTC) 18.91: -- Update -- Banc of America downgrades to MKT PERFORM from Buy based on the co's reduced guidance last night; cuts FY03 est to $0.53 from $0.57 and FY04 to $0.65 from $0.80; believes stock is fairly valued at $16-17.
finance.yahoo.com^SOXX+A+ALTR+AMAT+AMD+BRCM+CHRT+CRUS+CTLM+FCS+HPQ+INTC+KLAC+LLTC+LSCC+LSI+MOT+MU+MXIM+NSM+NVLS+SMTC+TER+TQNT+TSM+TXN+UMC+XLNX+^VIX+^IXIC&d=t
Gottfried, thanks for your help with the chart, all your charts of course as well.
RtS |
