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

To: Lizzie Tudor who wrote (6686)	11/4/2002 11:08:49 AM
From: Return to Sender	Read Replies (1) \| Respond to of 95536

From Briefing.com: 10:18AM Standout Percentage Gainers : Much of the action this morning is in the under-$5 category. Particularly noteworthy is the Telecom space, as a host of players show double-digit gains in reaction to Verizon new enterprise data services initiative. Movers include SONS +35%, AGR.A +25%, AFCI +11%, NT +10.5%, JNPR +10%... Standouts outside of Telecom include ITWO +22%, TUNE +22%, SLR +18%, TMTA +17%, NVDA +14.8%, GTW +13.5%, MCDT +12%, SEBL +8%. 9:46AM Verizon capex debate : There are many competing sell-side views of what the Verizon (VZ) initiative will mean for capital spending. Lehman said on Friday that the new plan would boost capex by $500 mln each in 2003 and 2004; AmTech Research speculates that it might mean a $1 bln increase in 2003 alone; Kaufman Brothers is less optimistic, saying that the $1 bln figure is total spending for 2003 and 2004 and includes roughly $700 mln in capex and $300 mln in opex - Kaufman sees only $200 mln of that capex portion being spent in 2003. 9:38AM Baird upgrades TOL, ADCT, AFCI : In pre-market note, Robert W. Baird upgrades TOL, ADCT, AFCI to OUTPERFORM from Neutral. Firm believes that Verizon's new strategic network initiative could ignite capital spending by up to $5 bln over five yrs. Combined with an expected FCC broadband decision, firm believes several telecom equipment vendors it covers will benefit. 9:31AM Lucent, others to benefit from new Verizon initiative 1.14: SG Cowen views VZ's announcement of a new enterprise data services initiative as another positive data point that telecom equipment is bottoming; near-term rev opportunities are likely first to go to incumbent legacy vendors such as LU, and longer-term to data-focused co's such as CSCO, JNPR, NT, and CIEN. 9:09AM Solly downgrades Semi Equipment sector : Salomon Smith Barney downgrades its Semiconductor Equipment sector rating to MKT WEIGHT from Overweight. Believes that from elevated prices group has achieved in recent wks, the stocks are more apt to move in-line with the market. 8:28AM Interdigital Comm guides Q3 top-line below consensus (IDCC) 13.03: Co expects to report Q3 revenues of approx. $14.7 mln (Multex consensus $18 mln). 8:24AM Microsemi estimates cut at Needham (MSCC) 7.23: Needham believes that FY03 will represent another challenging year for MSCC, as a number of its end-markets are likely to remain weak and the co will face continued gross margin pressure; cuts FY03 rev/EPS ests to $204.1 mln/$0.22 from $213.9 mln/$0.34 (now slightly below consensus). 7:57AM Alcatel downgraded at Merrill Lynch (ALA) 5.30: Merrill Lynch out of Europe downgrades to SELL from Neutral; while firm's view of ALA's cost cutting efforts has become more positive, they believe that the recent jump in the share price is already factoring in assumptions that are too optimistic and unlikely to happen given continued weakness in industry fundamentals. Fair value is about $2.70-$3.00. 7:46AM Goldman Sachs comments on Microsoft settlement (MSFT) 53.00: -- Update -- Rick Sherlund at Goldman Sachs says that the end of the MSFT antitrust case clears the way for the co to decide what to do with its $40 bln cash position, i.e. whether to be more aggressive in its share repurchase program, possibly pay a small cash dividend, or be more proactive with acquisitions; adds shares to firm's new Current Investment List with a price target of $65. 7:22AM Autodesk guides Q3 below consensus (ADSK) 12.51 +0.81: Company warns for Q3 (Oct), sees EPS of $0.04-0.05 vs Multex consensus of $0.06; revs $186-190 mln, vs Multex consensus of $202 mln 7:21AM Microsoft: EU maintains that probe differs from U.S. case (MSFT) 53.00: The European Commission issues statement that its case into co's anti-competitive behavior is factually and legally different from the U.S. case. According to EU spokeswoman Amelia Torres, "(EU Competition Commissioner Mario) Monti has been saying for months that our case is quite different from a factual point of view to the case in the United States." -- Reuters 6:59AM Qualcomm may face growth speedbump-- Barrons (QCOM) 35.67: An analyst for Arnhold & Bleichroeder thinks that QCOM shares could be worth as little as $17, reports Barron's. Philip Townsend gained notoriety for questioning bullish assumptions for Nokia and Erricson, and now weighs in on QCOM. According to Townsend, QCOM is currently benefiting from robust growth in S. Korea. However, he expects Korean market replacement to be completed by this time next yr and the company to see little growth in the U.S. market. 6:45AM Amazon.com 'could be cut in half...' -- Barrons (AMZN) 19.79: Barron's article questions the valuation of Amazon.com. At 139x projected 2002 earnings, Barron's considers the stock valuation-rich relative to far more successful Internet companies such as eBay and Expedia. Prudential analyst Mark Rowen, who recently downgraded AMZN to Sell, believes stock could fall to $10. finance.yahoo.com^SOXX+ALTR+AMAT+AMD+BRCM+CSCO+INTC+JNPR+KLAC+LLTC+LSCC+LSI+LU+MOT+MU+MXIM+NSM+NT+NVLS+TER+TXN+VZ+XLNX+^VIX+^IXIC+^SPX&d=t

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