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

To: SpecialK who wrote (7104)	11/26/2002 9:08:36 AM
From: Return to Sender	Respond to of 95531

From Briefing.com: 8:56AM JP Morgan starts coverage of Communications Equip Sector : JP Morgan initiates coverage of telecom/networking sector with Underweight ratings on LU and CIEN, Neutral ratings on TLAB, NT, JNPR, and an Overweight on CSCO... Firm is increasingly negative on the sector and does not expect to see many true value opportunities until end-user demand turns back up. 8:50AM Skyworks estimates and target raised at Soundview (SWKS) 11.52: Soundview raises Q4 and FY03 ests based on stronger sales of CDMA components; while handset sell-through is still yet to be determined, firm believes that the ramp of new handsets with SWKS silicon will cause Q1 to experience less seasonality than prior years; raises price target to $12 from $10, but maintains Neutral rating due to valuation. 8:38AM Vodafone PLC cut to Hold at Deutsche on valuation (VOD) 19.50: 8:35AM S&P futures vs fair value: -4.4. Nasdaq futures vs fair value: -4.0. Little reaction to GDP third quarter revision to 4.0% from advance report of 3.1%. 8:33AM GDP strong, profits rising : Q3 GDP was weaker than expected when first released last month, but with this second pass, the market's original estimates ultimately were too weak - GDP rose 4.0% vs the 3.8% consensus - an upward revision from the 3.1% advance estimate. The second release of GDP also features the first release of corporate profits for the quarter - they rose at a 2.1% annual rate - that is the third straight quarterly increase, indicating that profits are growing slowing, but at least they're growing. 8:32AM Actel cut to Buy at Needham on valuation; target $26 (ACTL) 21.28: 8:29AM Emulex downgraded at Deutsche (ELX) 25.55: Deutsche Securities believes that margins and pricing are favorable for the HBA vendors such as ELX and QLGC, but also thinks that these factors are currently reflected in valuations; downgrades ELX to Hold from Buy based on valuation and raises price target to $24 from $20, and maintains Hold rating on QLGC and raises price target to $42. 8:29AM Qualcomm cut to Hold at Legg Mason -- valuation (QCOM) 41.90: Legg Mason downgrades to HOLD from Buy on valuation. At 32.5x 2003 earnings, firm believes issue is fully valued. Thinks that some downside risk exists from current levels as the valuation is incorporating a very strong holiday selling season and discounting potential sell-through concerns. 7:46AM Intel estimates and target raised at Morgan Stanley (INTC) 20.48: Morgan Stanley raises INTC's Q4 est to $0.14 from $0.12 ($0.01 above consensus) and raises price target to $25 from $22; channel checks suggest that PC-based supply chain demand is exceeding expectations, and firm expects co to suggest at their Dec 5 mid-qtr update that revs will at least be at the upper end of their $6.5-$6.9 bln guidance, with potential for the range to be increased by $100-$200 mln. :27AM Tech Data cut to Neutral at First Albany (TECD) 33.27: First Albany downgrades to NEUTRAL from Buy following last night's release of Q3 results. Firm says it is somewhat unclear at this time if TECD's problems are mostly industry related or somewhat company specific. Firm reduces FY03 est to $2.33 from $2.38 and FY04 to $2.48 from $2.65. 7:22AM Mobile-phone sales rise 7.8% in sign industry is recovering - WSJ : The Wall Street Journal reports that mobile-phone sales worldwide rose 7.8% for Q3 YoY, signaling the industry's rebound is well under way, according to Gartner's Dataquest research unit; for the first time, NOK captured more than 50% of total sales for Europe, the Middle East, and Africa, helped by strong demand for higher-end handsets in Western Europe. finance.yahoo.com^SOXX+ACTL+ALTR+AMAT+AMD+BRCM+CIEN+CSCO+ELX+INTC+JNPR+KLAC+LLTC+LSCC+LSI+LU+MOT+MU+MXIM+NOK+NSM+NT+NVLS+QCOM+QLGC+SWKS+TECD+TER+TLAB+TXN+VOD+XLNX+^VIX+^IXIC+^SPX+SMH&d=t RtS