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

To: Return to Sender who wrote (6852)	11/11/2002 1:09:17 PM
From: Return to Sender	Read Replies (1) \| Respond to of 95609

From Briefing.com: 12:54PM Hewlett-Packard: Pru sees Capellas resignation as negative (HPQ) 15.03 -1.65: -- Update -- Prudential views the resignation of HPQ President Michael Capellas, and the statement that the position will not be filled, as negative developments; moreover, since Capellas had a loyal following among former Compaq staff, firm believes his resignation increases the risk that some of these people may leave too. Maintains Buy rating and $24 price target. 12:34PM Semiconductors hold towards session lows : -- Technical -- SOX holds towards session lows -- currently trading at 286 which approximates intraday support, watch for subsequent support at 279 followed by its 50-day simple moving average at 270. To the upside, look for initial overhead at 288 followed by additional overhead at 295. Sector components contributing to the move include: ALTR, NVLS, KLAC, AMAT, LLTC, AMD, MXIM, XLNX. 12:16PM Intel to cut chip prices - Merrill Lynch (INTC) 17.56 -0.59: Joe Osha at Merrill Lynch says that checks indicate INTC intends to implement a series of price cuts later today on their high-end processors, which is in-line with expectations; also, firm believes that the co intends to cut Celeron prices as well; reiterates Neutral rating. 12:05PM Juniper Networks estimates cut at Buckingham (JNPR) 6.08 -0.53: Buckingham cuts FY02-03 ests for JNPR, saying recent channel checks indicate that the co is unlikely to win sales from trialing Unisphere edge switches at VZ (which firm had valued at under $5 mln) due to compatibility issues; cuts FY02 rev/EPS est to $534 mln/($0.04) from $543 mln/($0.03) and FY03 to $530 mln/($0.08) from $568 mln/($0.04), both below consensus. CLTK Celeritek reduces Q3 outlook (7.04) Co reduces revenue expectations beginning in Q3 because Motorola, a primary buyer of Celeritek's power amplifier modules, has decided to discontinue its strategy of dual sourcing power amplifier modules. CLTK now sees Q3 revs of $10-$11 mln (Multex consensus $13.2 mln). CLTK expects the effect on revenues will be more significant beginning in Q4. MOT accounted for 43% of co's revs in 2002. DELL Dell Computer: Bear Stearns reiterates Outperform rating (29.79) Bear Stearns reiterates their Outperform rating on DELL, saying results should come in at or slightly better than its pre-announcement of $9.1 bln in rev and $0.21 in EPS; while the stock is not cheap relative to peer group, firm sees potential upside to $30-$35. NSM National Semi estimates raised at Solly (13.50) Salomon Smith Barney raises ests for NSM, saying turns business in the past month or so has improved meaningfully with a broad-based pickup in demand; raises FY03 est to breakeven from ($0.25) and FY04 to $0.45 from $0.15 (both in-line with consensus), and raises price target to $15 from $10. TSM Taiwan Semi downgraded at Goldman Sachs (8.68) Goldman Sachs out of Asia downgrades TSM to In-Line from Outperform, saying aggressive assumptions suggest there is further downside to the stock; raises price target to $6.60. Firm maintains Neutral stance on the sector, and would reduce holdings in Asian foundry, DRAM, and back-end stocks. 7:42AM Lehman raises IT sector weighting : Lehman increases their IT sector weighting for the first time in nearly a year, to 16% from 6% (vs the S&P 500 at 15%); thinks the major message of the Fed's surprise rate cut is that the new level of real short-term interest rates, -0.75%, is one associated with sustainable stock mkt rallies and profits recoveries. 7:18AM Oracle cut to Hold from Buy at Deutsche -- valuation (ORCL) 9.55: Deutsche Securities downgrades ORCL to Hold from Buy based on valuation, but raises price target to $9.70 from $9; if valuations for the group hold up heading into Q1, firm believes most stocks should pull back on a trading basis due to cautious 2003 guidance and the fact that March will be a seasonally weak qtr; recommends taking profits in SEBL, DCTM, MANU, and VAST; believes biz intelligence sector (COGN, BOBJ) will outperform over next 12 months. 7:17AM Infineon cut to Hold from Buy at Deutsche -- valuation (IFX) 9.51: finance.yahoo.com^SOXX+ALTR+AMAT+AMD+BRCM+CLTK+DELL+HPQ+IFX+INTC+JNPR+KLAC+LLTC+LSCC+LSI+MOT+MU+MXIM+NSM+NVLS+ORCL+TER+TSM+TXN+XLNX+^VIX+^IXIC+^SPX&d=t