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

To: Proud_Infidel who wrote (5152)	8/29/2002 9:05:53 AM
From: Return to Sender	Read Replies (3) \| Respond to of 95487

From Briefing.com: 8:54AM Orders may be less than expected at KLA-Tencor, Teradyne - Soundview : Soundview says that checks indicate that KLAC's Sept qtr orders could decline 10% QoQ vs flattish guidance from the co; since co is the most expensive in the group, shares could see some near-term pressure until the fundamentals begin to show improvement. In addition, firm believes that TER is now expecting a flat qtr in new orders for its semi test equipment, which is much less than firm's previous est; however, co seems to be on track to make its qtr. 8:40AM S&P futures vs fair value: -6.6. Nasdaq futures vs fair value: -11.0. The tone of the market heading into the day is weak with a fair amount of negative news/commentary this morning. Semi/semi equip has seen further downgrades and estimate cuts but also seeing developments outside of tech. GE had its estimates cut, ROAD guided lower and retailers FTS and FINL have issued warnings. Treasury market doing well again with the dollar under pressure. 8:32AM Claims a bit higher than expected : Jobless claims rose 8K to 403K in the Aug 24 week, above the 385K consensus. Though a sustained increase above 400K would be a concern, one week above that level is not enough to prompt any serious concern about the job market. The second pass at Q2 GDP was unrevised at 1.1% and was of little interest. 8:30AM General Electric estimate cut by Lehman (GE) 31.30: Lehman cuts GE's 2003 est to $1.76 from $1.81 (below consensus of $1.81) based on the following items: believes co's pension income could be $300 mln lower in 2003, worth -$0.02; expensing stock options could cost another $0.01; and firm's updated Aircraft Engines and Power Systems 2003 forecast has a combined negative impact of $0.02 7:59AM Micron downgraded at Morgan Stanley (MU) 17.83: Morgan Stanley downgrades to UNDERWEIGHT from Equal-Weight; spot prices peaked in mid-July, and despite tight supply DDR contract prices did not increase in the second half of Aug and the premium may unwind; back-to-school PC demand has been lackluster, and while DRAM supply ests are increasing, PC demand and macroeconomic growth ests are declining. 7:51AM STMicroelectronics upgraded at Morgan Stanley (STM) 20.32: Morgan Stanley out of Europe says that expectations remain too high for the majority of European semi stocks, and will have to be significantly lowered moving through 2H02; however, one exception to this is STM, which firm upgrades to OVERWEIGHT from Equal-Weight; STM's proprietary product portfolio, blue-chip customer base, and proven ability to manage internal capacity suggests that the co will be consistently profitable and generate positive cash inflows in each of the next 6 qtrs. Firm has some generally cautious comments on ASML, IFX, and BESI. 7:37AM UBS downgrades 4 semi equipment stocks, cuts sector outlook : UBS Warburg downgrades 4 semi production equipment stocks, primarily on valuation: cuts NVLS and LGVN to BUY from Strong Buy, and LRCX and NEWP to HOLD from Buy; also, the recovery in the economy has remained lackluster and SPE order momentum has gone from slowing to declining; consequently, firm now believes that SPE revs will contract 20-25% in 2002 (vs 15-20% previously) and for 2003 are now looking for 15-25% growth (previously +30-35%). In addition, firm cuts ests and price targets for LSI, NSM, TXN, and CY based on lowered industry forecasts. finance.yahoo.com^SOXX+ALTR+AMAT+AMD+ASML+BESI+BRCM+CY+GE+IFX+INTC+KLAC+LGVN+LLTC+LRCX+LSCC+LSI+MOT+MU+MXIM+NEWP+NSM+NVLS+TER+TXN+XLNX+^VIX+^IXIC&d=t RtS