From Briefing.com: 6:07PM Thursday After Hours price changes vs 4pm ET levels: Unlike the past two nights, the market hasn't had to deal with any earnings bombshells in the after hours session tonight. Accordingly, the action in the futures market is somewhat subdued with the S&P futures, at 843, trading one point below fair value while the Nasdaq 100 futures, at 877, are trading 7 points above fair value.
The positive disposition in the Nasdaq 100 futures can be traced to Qualcomm's (QCOM 27.81 +2.09) declaration that it is raising its MSM chip shipment expectations for fiscal Q4 (Sep) and fiscal Q1 (Dec) due to strong order input from its customers and increased demand for chips destined for China; related stocks include the likes of NOK, MOT, ERICY, TXN and LSI
Though not a component in the Nasdaq 100, TriQuint Semiconductor (TQNT 4.30 +0.44) has contributed to the positive tone after hours as it reaffirmed its Q3 revenue and operating income expectations. Additionally, TQNT indicated it expects Q4 earnings in the range of $0.00-0.01 vs the current consensus estimate of breakeven; related stocks include AMCC, CNXT, RFMD, ANAD and VTSS.
Jabil Circuit (00C 17.30 +0.63), meanwhile, reported a fiscal Q4 (Aug) profit of $0.15 per share that was a penny ahead of the consensus estimate on revenues of $988.2 mln, which surpassed the consensus estimate of $946.8 mln. Looking ahead, the contract manufacturer expects Q1 core EPS in the range of $0.14-0.16 (consensus $0.16). The company added that, entering FY03, it sees a continuation of improving customer, industry sector and geographic diversity; related companies include SLR, SANM, CLS and FLEX.
6:05PM Photronics repurchases $33.2 mln of 6% convertible subordinated notes (PLAB) 10.70 -0.55: Company repurchases $33.2 mln in principal amount of its 6% convertible subordinated notes due 2004 for a total consideration of $30.8 mln; debt repurchase transactions were funded through the use of working capital.
5:17PM TriQuint Semi updates guidance for Q3 and Q4 (TQNT) 3.86 -0.20: Company "reaffirms" its forecast of revenue for Q3 in the range of $69 million to $74 million and operating income before special charges "near break even" for the quarter -- current Multex consensus estimates are for a net loss of $0.01 per share on revenues of $70.7 million. Sees Q4 earnings in the range of "breakeven to positive $0.01" vs the current consensus estimate of breakeven.
4:54PM Qualcomm rises on chip guidance (QCOM) 25.72 -0.27: -- Update -- QCOM +2.08 vs the 4 pm ET close to 27.80
4:42PM Qualcomm updates outlook for Q4 chip demand (QCOM) 25.72 -0.27: Company expects to ship approximately 20 million MSM phone chips during Q4, including approximately 15 million third-generation (3G) CDMA2000 1X MSM phone chips. Also, based on orders received, the company expects shipments of MSM phone chips to be 'significantly higher' than 20 million in Q1of fiscal 2003.
4:38PM 3Com beats by a penny (COMS) 4.22 -0.34: -- Update -- Reports Q1 pro forma loss of $0.03, $0.01 better than the Multex consensus; revs were $304.7 mln, vs consensus of $315.5 mln. Expects Q2 sales to decline sequentially by 5-8%.
4:16PM Powerwave guides Q3 forecast lower (PWAV) 3.88 halted: -- Update -- Announces that it expects Q3 EPS of $0.00-$0.01 and revenue of $87-$90 mln, vs previous expectations of $0.01-$0.04 and $95-$105 mln.
4:11PM Tektronix beats by 8 cents (TEK) 15.79 -0.70: -- Update -- Reports Q1 pro forma EPS of $0.15, $0.08 better than the Multex consensus; revs were $206.3 mln, vs consensus of $193.2 mln. Expects Q2 sales of to be down about 5% YoY (roughly in line with consensus of $200.0 mln).
4:09PM Jabil Circuit beats by a penny; updates guidance (JBL) 16.67 -0.16: Reports Q4 (Aug) earnings of $0.15 per share, $0.01 better than the Multex consensus of $0.14; revenues rose 4.7% year/year to $988.2 mln vs the $946.8 mln consensus; the company estimates core earnings per share to be $0.14 to $0.16 for the first quarter vs the consensus estimate for earnings of $0.16 per share.
3:58PM Broadcom (BRCM) 14.01 -0.20: Stock slips in heavy sector selling despite research from UBS Warburg that indicates BRCM is enjoying ongoing mkt dominance in its core product lines and is executing well on bringing next-generation broadband and wireless networking technologies to mkt. Firm believes co is capable of generating $1.5 bln in revenue and $0.50 in EPS in 2004 or sooner; reiterates their Buy rating with a $25 price target and names BRCM as their exclusive recommendation for cyclical accumulation in an only gradually improving semi industry environment.
3:45PM Intersil rebounds on Microsoft news (ISIL) 14.30 -0.10: -- Update -- ISIL shares have seen a significant rebound in the last hour, due we're told to positive comments from UBS Warburg, which said that ISIL is poised to benefit now that MSFT is entering the wireless LAN mkt (MSFT is a customer of ISIL); it is unclear how large a customer MSFT will be, but firm believes this is positive news.
3:35PM Dow Industrial Intraday : -- Technical -- Index attempted to bounce after edging below the 8000 level but is having difficulty building on this move. Short term takes a move back through 8020 and the 8050/8065 area to improve the bias. Failure leaves the index vulnerable with next supports in the 7950/7940 area followed by 7900/7885.
3:37PM Micron (MU) 15.26 -0.44: Merrill Lynch's Joe Osha believes MU is on track to hit firm's numbers when co reports Aug qtr results next week .. also expects MU to return to breakeven earnings in the Nov qtr. Firm believes stock offers ltd downside with the opportunity to participate in any improvement in PC demand; maintains their Buy rating and newly revised $22 price target.
2:55PM IBM (IBM) 65.75 -3.80: About 30% down YTD, IBM is no stranger to bad news. Just yesterday, co's server manufacturer Celestica (00C 15.55 -0.03) warned for Q302, sending IBM's shares 4% into negative territory; also, following last night's warning by service provider EDS (18.63 -17.83), stock is getting no respite in today's session, with shares having declined additional 5.5%. Adding fuel to the fire are analysts' ests cuts by J.P. Morgan (see In-Play for details), Merrill Lynch, and Buckingham Research to name a few. Although Merrill views IBM as strategically well positioned, believes spending environment is too weak for IBM to buck. Buckingham Research is concerned about competitive pricing for hardware and services, decline in pension plan contributions and yet to be defined dilution from acquisition of PricewaterhouseCoopers. Goldman Sachs looks on the bright side; thinks EDS's assessment of business environment coming to "virtual stop" is more extreme than applicable; believes IBM's business, although tough, is tracking close to expectations.
2:15PM New 52-Week Lows : Among the standout names on the 52-Week Low list today are EDS, CSC, KCIN, ALA, AMR, NTIQ, GP, BBOX, CRA, DO, PHG... Dissecting the list by sectors, semiconductor-related names continue to dominate: LRCX, TER, AMD, EGLS, PWAV, ISIL, VTSS, AMCC, BRKS, MCRL, TXCC.
1:33PM Analog Semis : Soundview follows the lead of other analysts and cuts Q4 ests on MXIM, LLTC, MCRL and IRF citing continuing price pressure and uncertainty on the part of OEMs regarding H2 demand; expects these factors will cause most cos to lower the bar further for H2 ests ... Firm believes OEMs are still reluctant to either place orders or build inventory for Q4, and expects pricing pressure to weigh in on group without a more significant increase in demand.
1:26PM Intel Intraday (INTC) 15.14 -0.14: -- Update -- -- Technical -- Has recently slipped back to the lower half of today's range after rebounding off support in the 15 area (Aug lows) this morning. Intraday failure to work back through the 15.30/15.35 area leaves the door open to a retest/breach. Initial supports on a sustained break are at 14.48 and 14.25/14.20.
9:59AM Nasdaq Composite Intraday : -- Technical -- Index slumps off the open but has thus far stabilized slightly above support in the 1225/1220 area. Sustained action above initial resistances at 1235 and the 1240 area is needed to argue for at least a near term corrective rally. Next intraday resistance is at 1248/1250. Failure leaves the door open to further downside probes with the next floor of significance at 1205 (Aug low).
9:49AM Applied Materials attempting to stabilize at $12.00 one-yr low (AMAT) 12.01 -0.21:
8:07AM Exar Corp reaffirms guidance, before charges (EXAR) 11.65: Co plans to take a Cost of Goods Sold a write-off of approx $2.5 mln in inventory due to ongoing weakness and limited visibility in the telecom market. Also plans to take an asset impairment charge to reflect equity investment write-down. Excluding items, EXAR sees EPS of $0.03-$0.04 (Multex consensus $0.04).
8:06AM Cisco Systems: cautious comments from Lehman (CSCO) 12.50: Lehman says that checks suggest that demand trends so far in Sept have remained somewhat soft, and general visibility has remained limited in the enterprise area; from a regional perspective, the US may be flattish to slightly softer with Europe weak and Asia flattish; while early in the qtr, guidance of flat-to-slightly up sales could slip to flat-to-slightly lower. Separately, firm says recent channel checks suggests EXTR's Q3 is tracking broadly inline with expectations of flattish to very slightly up.
finance.yahoo.com^SOXX+ALTR+AMAT+AMD+BRCM+COMS+CSCO+EXAR+FLEX+IBM+INTC+IRF+ISIL+JBL+KLAC+LLTC+LSCC+LSI+MCRL+MOT+MU+MXIM+NSM+NVLS+PLAB+PWAV+QCOM+SLR+TEK+TER+TQNT+TXN+XLNX+^VIX+^IXIC&d=t
Wow Don, they really have been busy cutting estimates. Tomorrow morning might be a little better than we have had lately. Of course we still have some rough sledding ahead but another short term bottom is near in my opinion. The QCOM news should help quite a bit.
RtS |
