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To: Alastair McIntosh who wrote (6269)	10/18/2002 9:46:59 AM
From: Cary Salsberg	Respond to of 95472

Has anyone seen a front end/ back end breakout?

To: Alastair McIntosh who wrote (6269)	10/18/2002 10:09:27 AM
From: Return to Sender	Read Replies (1) \| Respond to of 95472

From Briefing.com: S&P 500 Intraday -- Technical -- Bias has weakened with GE, INTC, C and ORCL the weakest performers, MSFT slipped as much as 3% off its high before bouncing. Short term chart congestion in the 865 area has held thus far but need to see follow through upticks beyond intraday resistances at 873 and 875/876 to help neutralize the very short term tone. Failure exposes next supports in the 862/860 area and 856. Nasdaq Composite Intraday -- Technical -- Initial losses slightly extended with the index drifting just above support at 1253 (bottom Oct 17 gap). Short term need to see a rebound back through first level resistance at 1265/1267 to help improve tone. Failure leaves the door open to further downticks with initial support at 1249 followed by the 1240/1235 area. 9:31AM Cisco Systems estimates lowered at Pac Crest (CSCO) 10.24 +0.06: Pacific Crest cutting its revenue estimate for the current qtr and reducing FY03 EPS estimate to $0.50 from $0.54 (consensus $0.54); cites comments from PMCS, AMCC, XLNX, JNPR, and EXTR; also notes that BRCM said CSCO seeing weaker enterprise spending. 9:24AM Lucent seeks reverse stock split (LU) 0.75: Co's board of directors has authorized it to seek shareowner approval for a reverse stock split at its next annual meeting in Feb 2003. The ratio will be set at a level which would be expected to result in a common share price in the range of $15-$25. 8:52AM Sprint FON upgraded at Soundview (FON) 10.67: Soundview upgrades to NEUTRAL from Underperform due to improved pricing stability (long distance and ATM), solid financial performance Q3, and the co's ability to win customers from distressed carriers; raises price target to $13.50 from $10. 8:50AM Intl Rectifier downgraded at Soundview (IRF) 15.15: Soundview downgrades to NEUTRAL from Outperform based on the belief that excess capacity within the industry will provide additional pressure on avg selling prices next year, which will delay margin recovery from earlier expectations; cuts CY03 est to $0.79 from $1.08, and lowers price target to $16 from $22. 8:46AM LRCX & NANO upped to Outperform at Soundview on valuation: 8:39AM Scientific-Atlanta cut to Sell at Merrill Lynch (SFA) 13.33: -- Update -- Merrill Lynch downgrades to SELL from Neutral following last night's worse than expected results; firm questions the sustainability of Q1's depressed results, expects net adds to drop 8% next year, views the high shipment levels of high-end set top boxes as temporary, and believes MSOs will move toward low-end boxes and further pressure avg selling prices; slashes 2003 est to $0.37 from $0.72; sees fair value for SFA's operations of $2.50/share in addition to the co's $5.10 in cash/share. 8:32AM CPI near expectations, trade gap wider : The total CPI increase of 0.2% was right in line with expectations, while the core rate rose just 0.1%, slightly below the 0.2% consensus. These numbers confirm that there is no evidence of an inflation or deflation threat at present. The August trade gap was much wider than expected at $38.5 bln vs the $35.5 bln consensus, but the market might question this number as imports could have been boosted by pre-port closure inventory building. 8:22AM LM Ericsson misses by two cents (ERICY) 0.53: Reports Q3 (Sep) loss of $0.04 per share, $0.02 worse than the Multex consensus of ($0.02); revenues fell 28.2% year/year to $3.61 bln vs the $3.74 bln consensus. Company says that its mobile systems sales could "decline more than our revised estimate of an overall market decline of 20%"; company previously said sales would fall in line with a 15% market decline. Also announces intention to do a 1 to 10 reverse split of its ADS's. 8:15AM PMC-Sierra downgraded at Goldman Sachs (PMCS) 4.47: -- Update -- Goldman Sachs downgrading to MKT PERFORM from Mkt Outperform given the worse than expected outlook, much more distant path to profitability, and premium relative valuation; cuts FY02 rev/EPS ests to $217.4 mln/($0.28) from $230.0 mln/($0.26) and FY03 to $232.0 mln/($0.19) from $290.7 mln/($0.07). 8:06AM Check Point Sftwr downgraded by Goldman Sachs (CHKP) 16.73: -- Update -- Goldman Sachs downgrades to MKT OUTPERFORM from Recommended List due to a continued deterioration in license rev, lower than expected visibility into Q4 and beyond, and lagging near-term results and outlook relative to the rest of the security sector; cuts 2002 to $422 mln/$0.98 from $430 mln/$1.00 and 2003 to $447 mln/$1.01 from $485 mln/$1.10. 8:02AM Broadcom downgraded at Goldman Sachs (BRCM) 12.45: -- Update -- Goldman Sachs downgrades to MKT OUTPERFORM from Recommended List to reflect concern that the stock is likely to remain relatively rangebound until investors gain comfort that the next move to EPS ests is biased to the upside; cuts FY02 rev/EPS ests to $1.08 bln/($0.20) from $1.1 bln/($0.18) and cuts FY03 rev est to $1.26 bln from $1.36 bln. 7:55AM Oracle downgraded at First Albany (ORCL) 9.87: First Albany downgrades to NEUTRAL from Buy due to the following reasons: 1) checks suggest current quarter tracking slightly behind expectations, 2) valuation, 3) IBM and MSFT report database growth in Sept yet ORCL declines, 4) competition intensifying with MSFT, 5) trend change in ORCL's margins warrants caution. 7:33AM PeopleSoft upgraded at WR Hambrecht (PSFT) 16.36: WR Hambrecht upgrades to BUY from Hold based on the co's continued strong results and perception that the applications software sector has formed a near-term bottom; price target is $20. 7:26AM EMC Corp downgraded at CSFB (EMC) 4.60: CSFB downgrades to NEUTRAL from Outperform; although subsystem pricing has seemed to moderate over the past few qtrs, firm fears that a persistent scarcity of deals could spark another cycle of aggressive competition which EMC's model would be hard pressed to absorb; cuts 2003 rev/EPS ests to $5.2 bln/$0.01 from $5.7 bln/$0.08 (well below consensus), and lowers price target to $5 from $7. finance.yahoo.com^SOXX+ALTR+AMAT+AMCC+AMD+BRCM+C+CHKP+CSCO+EMC+ERICY+EXTR+FON+GE+INTC+IRF+JNPR+KLAC+LLTC+LRCX+LSCC+LSI+LU+MOT+MSFT+MU+MXIM+NANO+NSM+NVLS+ORCL+PMCS+PSFT+SFA+TER+TXN+XLNX+^VIX+^IXIC+^SPX&d=t Alastair, I was hoping that some of those who are still quite bullish would weigh in on their opinion(s) of the btb and perhaps admit to being shocked at the number. I know I was surprised even though I thought it would be lower I never thought it would be quite that low. RtS

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